SECTIONS 30700-30706 - California Statutes

PUBLIC UTILITIES CODE

SECTION 30700-30706

30700. The district may issue any bonds, borrow money and incur
indebtedness as authorized by law or in this part provided.

30701. The district may accept contributions or loans from the
United States, or any department, instrumentality, or agency thereof,
for the purpose of financing the acquisition, construction,
development, joint development, maintenance, and operation of transit
facilities, and may enter into contracts and cooperate with, and
accept cooperation from, the United States, or any department,
instrumentality, or agency thereof, in the acquisition, construction,
development, joint development, maintenance, and operation of any
transit facilities in accordance with any legislation which Congress
may have adopted or may hereafter adopt, under which aid, assistance,
and cooperation may be furnished by the United States in the
acquisition, construction, development, joint development,
maintenance, and operation or in financing the acquisition,
construction, development, joint development, maintenance, and
operation of any transit facilities. The district may do any and all
things necessary, within the limitations imposed by this part or by
any indebtedness created pursuant to this part, in order to avail
itself of the aid, assistance, and cooperation under any federal
legislation now or hereafter enacted. Any bonds, notes, equipment
trust certificates, or like evidences of indebtedness issued for a
purpose authorized by this section shall be issued in accordance with
Chapter 7 (commencing with Section 30900).

30702. The district may cooperate with and enter into agreements
with the State of California or any public agency for the
acquisition, construction, development, joint development,
completion, maintenance, operation, or repair, joint or otherwise,
and in whole or in part, of transit facilities. In connection with
any such cooperation or contract, the state or any public agency may
make public contributions to the district as in the judgment of the
Legislature, or the governing board of the agency, are necessary or
proper for its undertaking, and the district may reimburse the state
or public agency for any advance or contribution from the proceeds of
the sale of bonds or any other funds available to the district. The
state or any public agency may also authorize, aid, and assist the
district to carry out any activity which the state or public agency
is authorized to perform and carry out on its own behalf. Any bonds,
notes, equipment trust certificates, or like evidences of
indebtedness issued for a purpose authorized by this section shall be
issued in accordance with Chapter 7 (commencing with Section 30900).

30703. The district may accept contributions or loans from the
State of California or any public agency, for the purpose of
planning, acquiring, constructing, developing, jointly developing,
operating, or maintaining a rapid transit system, including, without
limitation, the payment of principal and interest and providing
security funds for bonds or notes of the district issued for any of
those purposes, and may enter into contracts and cooperate with, and
accept cooperation from, the state or any public agency therefor. The
district is a public rapid transit district, rapid transit district,
or any other type of public agency which is authorized by any other
law to receive those contributions, loans, or cooperation, including,
without limitation, Sections 11005.1 and 11104 of the Revenue and
Taxation Code. The district may do any and all things necessary,
within the limitations imposed by this part or by any indebtedness
created pursuant to this part, in order to avail itself of those
contributions, loans, or cooperation.

30703.1. The district may make an irrevocable pledge or contract in
connection with the payment of the principal and the interest,
sinking or reserve funds, or other obligation of any bonded
indebtedness created under this part of any transit funds or other
continuing or annual appropriations, contributions, grants, or loans
by the United States or any department, instrumentality, or agency
thereof, the State of California, a county, a city, or any other
public agency, or any other individual or entity, public or private,
pursuant to law or this article. The irrevocability of any pledge or
contract hereunder shall be binding on the district to the full
extent authorized or permitted by the laws governing or applicable to
the source of those transit funds, appropriations, contributions,
grants, or loans, or by this article. This article shall include, but
not be limited to, appropriations or other funds authorized or
allocated under Chapter 138 of the Statutes of 1964, First
Extraordinary Session, and Chapter 155 of the Statutes of 1966, First
Extraordinary Session, or as they may hereafter be amended.
No transit funds, appropriations, contributions, grants, or loans
received by the district shall be pledged or by contract be obligated
to the payment of any district bonded indebtedness or the principal,
interest, sinking or reserve fund payments of that indebtedness
unless the pledge or contract is authorized or permitted by the laws
governing or applicable to those transit funds, appropriations,
contributions, grants, or loans including any official action that
may be required of any federal, state, local, or public agency, or
any other individual or entity, public or private, and, in the case
of incurring indebtedness by the issuance of bonds, the proposition
has been approved by 60 percent of those qualified electors of the
district voting on the proposition to create the indebtedness at an
election called for that purpose pursuant to this part. A vote in
favor of the issuance of the bonds shall authorize the use of those
transit funds, appropriations, contributions, grants, or loans for
those purposes and no other or further elections need be held to
authorize the board to collect or provide for the collection of and
to make that use of those funds or moneys. The authority to use those
funds or moneys shall continue until the bonds and the interest
thereon are paid or until a fund sufficient for the payment thereof
or of the redemption thereof prior to maturity, with any premiums
required therefor, has been created and set aside for that purpose.
"Transit funds," as used in this part, means any funds or moneys
payable to or received by the district from any California transit
funds or any funds which the United States or any department,
instrumentality, or agency thereof, the State of California, a
county, a city, or any other public agency, or any other individual
or entity, public or private, has or is authorized by any law or by
official action thereunder to appropriate, contribute, grant, or loan
to the district to be used for the payment of any indebtedness,
including, but not limited to, any bonded indebtedness of the
district in accordance with this part or any other law.

30703.2. To the extent permitted by the law governing the source of
any transit funds, appropriations, contributions, grants or loans
received pursuant to this article or under any other law or
otherwise, such funds or moneys may also be used to pay construction
costs directly and reduce expenditures to be financed from bonds of
the district, and in such event, the total amount of the bonds
approved by the voters may be reduced to the extent that such transit
funds, appropriations, contributions, grants or loans are so applied
directly to construction costs.

30704. The district shall not incur an indebtedness which exceeds
in the aggregate 15 percent of the assessed value of all real and
personal property in the district. Within the meaning of this
section, "indebtedness" includes, without limitation, any and all
forms thereof which the district is authorized to issue by this part
or by any other law.

30705. The district may also refund any indebtedness as provided in
this part or in any other applicable law. The board may provide for
the issuance, sale or exchange of refunding bonds to redeem or retire
any bonds issued by the district upon the terms, at the times and in
the manner which it determines. Refunding bonds may be issued in a
principal amount sufficient to pay all or any part of the principal
of any bonds outstanding, the interest thereon and the premiums, if
any, due upon call and redemption thereof prior to maturity and all
expenses of such refunding. The provisions of this part for issuance
and sale of any bonds apply to the issuance and sale of such
refunding bonds; except that (i) the issuance of refunding bonds
shall be approved by 60 percent of the votes cast by the qualified
electors of the distict voting at an election called and held for
that purpose except that an election is not required if the refunding
is by the same type of bonds and payable from the same sources, and
(ii) when refunding bonds are to be exchanged for any bonds
outstanding the methods of exchange shall be as determined by the
board.

30706. Unless the context otherwise requires, the definitions of
the following terms shall apply to indebtedness under this part:
(a) "Any bond" or "any bonded indebtedness" means bonds or
indebtedness of any kind or nature issued or authorized,
respectively, pursuant to Chapter 7 (commencing with Section 30900).
(b) "Bond" means the bond authorized pursuant to Article 1
(commencing with Section 30900) of Chapter 7.
(c) "Limited tax bond" means the bond issued pursuant to Article
1.5 (commencing with Section 30920) of Chapter 7.
(d) "Revenue bond" means the bond issued pursuant to Article 2
(commencing with Section 30930) of Chapter 7.
(e) "Improvement district bond" means the bond issued pursuant to
Article 5 (commencing with Section 30960) of Chapter 7.
(f) "Revenues" means any funds of the district, including transit
funds other than property taxes levied under Section 30802 and
special taxes levied under Section 30820.