SECTIONS 130550-130553 - California Statutes

PUBLIC UTILITIES CODE

SECTION 130550-130553

130550. This chapter, being necessary for the welfare of the state
and its inhabitants, shall be liberally construed to effect the
purposes thereof.

130551. (a) This chapter provides a complete, additional, and
alternative method for the doing of the things authorized thereby,
and is supplemental and additional to powers conferred by other laws.
(b) The issuance of bonds and refunding bonds under this chapter
need not comply with the requirements of any other law applicable to
the issuance of bonds.

130552. The State of California does hereby pledge to, and agree
with, the holders of any bonds issued under this chapter and with
those parties who may enter into contracts with the commission
pursuant to this chapter that the state will not limit or alter the
rights hereby vested in the commission until the bonds, together with
the interest thereon, are fully met and discharged and the contracts
are fully performed on the part of the commission. However, nothing
in this section precludes that limitation or alteration if and when
adequate provision has been made by law for the protection of the
bondholder or those entering into contracts with the commission.
The commission, as agent for the state for this purpose only, may
include this pledge and undertaking for the state in issuing its
bonds and entering into contracts.

130553. To the extent that the provisions of this chapter, with
respect to the financing of transit systems or facilities, are
inconsistent with the provisions of any general statute or special
act or parts thereof, with respect to the financing of transit
systems or facilities, the provisions of this chapter are
controlling. This section does not affect the authority of the
Southern California Rapid Transit District to issue bonds, notes, or
other evidences of indebtedness under Chapter 7 (commencing with
Section 30900) of Part 3 of Division 10 or any other law.