SECTIONS 30950-30952 - California Statutes

PUBLIC UTILITIES CODE

SECTION 30950-30952

30950. Prior to the time moneys authorized by special taxes under
Part 16 (commencing with Section 36000) of Division 2 of the Revenue
and Taxation Code and already levied by the county are available or
funds are allocated to the district under said part or other state or
federal laws, the district may borrow money to provide funds for the
purposes provided in Section 30636 of this code, and for the
expenses of the calling, giving notice of, holding and conducting of
any bond election under this part.
The amount to be borrowed pursuant to this section shall be
evidenced by notes bearing interest at a rate of not to exceed 6
percent per annum, payable annually or semiannually, maturing not
more than two years from their date and subject to call and
redemption at the option of the district at any time prior to their
stated maturity dates on the terms and conditions specified by the
board and stated in the notes. The amount to be borrowed pursuant to
this section (including both the principal of and interest to
maturity on the notes evidencing such borrowing) shall not exceed
eighty-five percent (85%) of the special tax or said other moneys to
be used to repay said notes and interest thereon and to be received
by the district between the date of borrowing and the final maturity
date of the notes, as estimated by the auditor at the time of the
borrowing. The notes shall be payable only from special taxes
authorized under Part 16 (commencing with Section 36000) of Division
2 of the Revenue and Taxation Code and already levied by the county,
or from other moneys allocated under state laws other than this part,
or federal laws. The form of the notes and the provisions of the
resolution or resolutions of the board providing for their issuance
and sale shall be governed by the applicable provisions of this
article.

30951. The district may borrow money in anticipation of the sale of
bonds which have been authorized to be issued, but which have not
been sold and delivered, and may issue negotiable bond anticipation
notes therefor for the same purposes and may renew the same from time
to time, but the maximum maturity of any such notes, including the
renewals thereof, shall not exceed five years from the date of
delivery of such original notes. Such notes shall be paid from any
moneys of the district from which said bonds would be payable. If not
so paid the notes shall be paid from the proceeds of the next sale
of the bonds of the district in anticipation of which they were
issued, and if said bonds are not issued, then taxes may be levied
for their payment in the same manner as taxes are levied for said
bonds. Such notes shall not be issued in an amount in excess of the
aggregate amount of authorized bonds of the district remaining, less
the amount of bond anticipation notes outstanding. Such notes shall
be in such form as the board of directors of the district may select
and may include any applicable provisions of the bonds in
anticipation of which they were issued. The notes may be sold as the
board of directors of the district determines by resolution but not
for less than par. Before selling the notes or any part thereof the
board of directors shall give notice inviting sealed bids in such
manner as it may prescribe. If satisfactory bids are received the
notes offered for sale shall be awarded to the highest responsible
bidder. If no bids are received or if the board of directors
determines that the bids received are not satisfactory as to price or
responsibility of the bidders, the board of directors may reject all
bids received, if any, and readvertise for sealed bids.

30952. (a) Notwithstanding any provision of Article 7.7 (commencing
with Section 53859) of Chapter 4 of Part 1 of Division 2 of Title 5
of the Government Code, the district may borrow money for the
purchase of buses and rolling stock, or transportation facilities, or
for capital improvement, by the issuance of grant anticipation notes
issued pursuant to that article that are payable on the basis of any
of the following:
(1) From appropriated state funds.
(2) From other funds committed, but not appropriated, and
evidenced by an appropriate document of intent.
(3) On specific dates or events and evidenced by an appropriate
document of intent.
(b) In addition to the grant money that may be pledged for the
payment of the notes pursuant to Section 53859.06 of the Government
Code, the district may pledge as security, on terms that it deems
appropriate, the buses, rolling stock, or other transportation
facilities acquired with the proceeds of the notes.