SECTIONS 102600-102603 - California Statutes

PUBLIC UTILITIES CODE

SECTION 102600-102603

102600. The district may bring an action to determine the validity
of any of its bonds, equipment trust certificates, warrants, notes or
other evidences of indebtedness pursuant to Chapter 9 (commencing
with Section 860), Title 10 of Part 2 of the Code of Civil Procedure.

102601. All bonds and other evidences of indebtedness issued by the
district under the provisions of this part, and the interest thereon
are free and exempt from all taxation within the State of
California, except for transfer, franchise, inheritance and estate
taxes.

102602. Notwithstanding any other provisions of this part or any
other law, the provisions of all ordinances, resolutions and other
proceedings in the issuance by the district of any bonds, bonds with
a pledge of revenues, bonds for improvement districts, revenue bonds,
equipment trust certificates, notes, or any and all evidences of
indebtedness or liability shall constitute a contract between the
district and the holders of such bonds, equipment trust certificates,
notes or evidences of indebtedness or liability, and the provisions
thereof shall be enforceable against the district, any or all of its
successors or assigns, the state, any department of the state, or any
officer thereof, by mandamus or any other appropriate suit, action,
or proceeding in law, or in equity, in any court of competent
jurisdiction. Nothing contained in this part, or in any other law,
shall be held to relieve the district, or the territory included
within it, from any bonded or other debt or liability contracted by
the district. Upon dissolution of the district or upon withdrawal of
territory therefrom, the property formerly included within the
district, or withdrawn therefrom, shall continue to be liable for the
payment of all bonded and other indebtedness or liabilities
outstanding at the time of such dissolution or withdrawal the same as
if the district had not been so dissolved, or the territory
withdrawn therefrom, and it shall be the duty of the state or other
successors or assigns to provide for the payment of such bonded and
other indebtedness and liabilities. Except as may be otherwise
provided in the proceedings for the authorization, issuance, and sale
of any revenue bonds, bonds secured by a pledge of revenues, or
bonds for improvement districts secured by a pledge of revenues,
revenues of any kind or nature derived from any revenue-producing
improvements, works, facilities, or property owned, operated, or
controlled by the district shall be pledged, charged, assigned and
have a lien thereon for the payment of such bonds as long as the same
are outstanding, regardless of any change in ownership, operation,
or control of such revenue-producing improvements, works, facilities,
or property and it shall, in such later event or events, be the duty
of the state or other successors or assigns to continue to maintain
and operate such revenue-producing improvements, works, facilities or
property as long as bonds are outstanding.

102603. The district shall not incur a total indebtedness under the
provisions of this chapter which exceeds 15 percent of the assessed
value of all taxable property within the district.