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Section 150211 Of Chapter 5. Transactions And Use Tax From California Public Utilities Code >> Division 15.5. >> Chapter 5.
150211
. Limited tax bonds shall be issued pursuant to a resolution
adopted at any time, and from time to time, by the authority by a
four-fifths vote of all of its members.
The authority may, from time to time, issue bonds in accordance
with the Revenue Bond Law of 1941 (Chapter 6 (commencing with Section
54300) of Part 1 of Division 2 of Title 5 of the Government Code),
for the purposes set forth in the ordinance adopted pursuant to
Section 150202, which shall constitute an "enterprise" within the
meaning of Section 54309 of the Government Code. Article 3
(commencing with Section 54380) of Chapter 6 of Part 1 of Division 2
of Title 5 of the Government Code and the limitations on the rate of
interest set forth in subdivision (b) of Section 54402 of the
Government Code do not apply to the issuance of the sale of bonds
pursuant to this division. Instead, the authority shall authorize the
issuance of bonds by resolution, which shall specify all of the
following:
(a) The purposes for which the bonds are to be issued.
(b) The maximum principal amount of the bonds.
(c) The maximum term for the bonds.
(d) The maximum rate of interest to be payable upon the bonds shall not exceed the maximum rate permitted by Section 53531 of the Government Code or any other applicable provisions of law. In the case of bonds bearing a variable interest rate, the variable rate shall on no day exceed the maximum rate permitted on that day by Section 53531 of the Government Code or any other applicable provisions of law.
(e) The maximum discount on the sale of the bonds. However, the bonds shall not be sold at less than 95 percent of the principal amount in the manner determined by the authority. Each resolution shall provide for the issuance of bonds in the amounts as may be necessary, until the full amount of the bonds authorized has been issued. The full amount of bonds may be divided into two or more series with different dates of payment fixed for the bonds of each series. A bond need not mature on its anniversary date.
(a) The purposes for which the bonds are to be issued.
(b) The maximum principal amount of the bonds.
(c) The maximum term for the bonds.
(d) The maximum rate of interest to be payable upon the bonds shall not exceed the maximum rate permitted by Section 53531 of the Government Code or any other applicable provisions of law. In the case of bonds bearing a variable interest rate, the variable rate shall on no day exceed the maximum rate permitted on that day by Section 53531 of the Government Code or any other applicable provisions of law.
(e) The maximum discount on the sale of the bonds. However, the bonds shall not be sold at less than 95 percent of the principal amount in the manner determined by the authority. Each resolution shall provide for the issuance of bonds in the amounts as may be necessary, until the full amount of the bonds authorized has been issued. The full amount of bonds may be divided into two or more series with different dates of payment fixed for the bonds of each series. A bond need not mature on its anniversary date.
