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. (a) The authority may issue bonds, from time to time,
payable from revenue of any facility or enterprise operated,
acquired, or constructed by the authority, for any of the purposes
authorized by this division 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), excluding 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 set forth in
subdivision (b) of Section 54402 of the Government Code which shall
not apply to the issuance and sale of bonds pursuant to this section.
(b) The authority is a local agency within the meaning of Section
54307 of the Government Code. The airport system or any or all
facilities and all additions and improvements that the authority's
governing board authorizes to be acquired or constructed and any
purpose, operation, facility, system, improvement, or undertaking of
the authority from which revenues are derived or otherwise allocable,
which revenues are, or may by resolution or ordinance be, required
to be separately accounted for from other revenues of the authority,
shall constitute an enterprise within the meaning of Section 54309 of
the Government Code.
(c) The authority's governing board shall authorize the issuance
of bonds pursuant to this section by resolution, which resolution
shall be adopted by a majority vote and shall specify all of the
following:
(1) The purposes for which the bonds are to be issued, which may
include any one or more purposes permitted by this division.
(2) The maximum principal amount of bonds.
(3) The maximum term of bonds.
(4) The maximum rate of interest, fixed or variable, to be payable
upon the bonds.
(5) The maximum discount or premium payable on sale of the bonds.
(d) For purposes of the issuance and sale of bonds pursuant to
this section, the following definitions shall be applicable to the
Revenue Bond Law of 1941:
(1) "Fiscal agent" means any fiscal agent, trustee, paying agent,
depository or other fiduciary provided for in the resolution
providing the terms and conditions for the issuance of the bonds,
which fiscal agent may be located within or without the state.
(2) "Resolution" means, unless the context otherwise requires, the
instrument providing the terms and conditions for the issuance of
bonds, which instrument may be an indenture, trust agreement,
installment sale agreement, lease, ordinance, or other instrument in
writing.
(e) Each resolution shall provide for the issuance of bonds in the
amounts as may be necessary, until the full amount of 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
bonds of each series. A bond need not mature on its anniversary date.
(f) The authority may issue refunding bonds to redeem or retire
any bonds issued by the authority upon the terms, at the times, and
in the manner which the authority's governing body determines by
resolution. Refunding bonds may be issued in a principal amount
sufficient to pay all, or any part of, the principal of the
outstanding bonds, the premium, if any due upon call redemption
thereof prior to maturity, all expenses of redemption and either of
the following:
(1) The interest upon the refunding bonds from the date of sale
thereof to the date of payment of the bonds to be refunded out of the
sale of the refunding bonds or to the date upon which the bonds to
be refunded will be paid pursuant to call or agreement with the
holders of the bonds.
(2) The interest upon the bonds to be refunded from the date of
sale of the refunding bonds to the date of payment of the bonds to be
refunded or to the date upon which the bonds to be refunded will be
paid pursuant to call or agreement with the holders of the bonds.
(g) The authority may enter into any liquidity or credit agreement
it may deem necessary in connection with the issuance of bonds
authorized by this section.
(h) This section provides a complete, additional, and alternative
method of performing the acts authorized by this section, and the
issuance of bonds, including refunding bonds, need not comply with
any other law applicable to borrowing or the issuance of bonds. Any
provision of the Revenue Bond Law of 1941 which is inconsistent with
this section or this division shall not be applicable.
(i) Nothing in this section prohibits the authority from availing
itself of any procedure provided in this chapter for the issuance of
bonds of any type or character for any of the authorized airport
facilities. All bond proceedings may be carried on simultaneously or,
in the alternative, as the authority may determine.