Article 2. Revenue Bonds of California Harbors And Navigation Code >> Division 8. >> Part 4. >> Chapter 4. >> Article 2.
Pursuant to this article a district may create a revenue bond
indebtedness for the acquisition and construction, or acquisition or
construction of any improvements or property or facilities contained
within its powers.
The issuance of said bonds shall be authorized by ordinance
adopted by two-thirds of all the members of the board, to take effect
upon its publication.
The secretary shall publish said ordinance once in a
newspaper of general circulation printed in said district, and if
there is none, then in such newspaper published in the county in
which said district is located.
Said ordinance shall specify the total amount, denomination,
method of maturity, and the rate or maximum rate of interest of said
bonds, and in general terms, the acquisitions and improvements to be
constructed thereby; and, in addition, shall contain such other and
further provisions as in the judgment of the board are deemed
The proceeds of said bonds shall be placed in an account in
the treasury of the district to be entitled ____ Port District
Revenue Construction Fund No. ____ and used exclusively for the
objects and purposes mentioned in the ordinance.
The lien of said bonds of the same issue shall be prior and
superior to all revenue bonds subsequently issued.
Proceedings for the issuance of said bonds shall be had, the
board shall have such powers and duties, and the bondholders shall
have such rights and remedies, all in substantial accordance with and
with like legal effect as provided in Sections 54344 to 54346,
inclusive, 54347, 54348, 54350, 54351, 54352, and in Articles 4
(commencing at Section 54400) to 11 (commencing at Section 54660),
inclusive, of Chapter 6, Part 1, Division 2, Title 5 of the
Government Code. As used therein the word "resolution" shall mean
ordinance, the word "local agency" shall mean district, and the words
"legislative body" shall mean board.