Section 29142 Of Article 2. Retail Transactions And Use Tax From California Public Utilities Code >> Division 10. >> Part 2. >> Chapter 7. >> Article 2.
29142
. (a) Revenues derived from the transactions and use taxes,
not to exceed an aggregate principal amount of one hundred fifty
million dollars ($150,000,000), plus the costs payable by the
district to the State Board of Equalization for preparatory costs and
for its services in connection with such taxes and plus the costs of
issuance of, and interest payments on, bonds or notes secured by
such revenues, shall be used for the planning, acquiring, and
constructing of the district's approximately 75-mile system,
including the San Francisco-Oakland Rapid Transit Tube and any and
all works, structures, property, rolling stock, or other facilities
of any kind which the district is authorized to acquire, construct,
or complete.
(b) Revenues in excess of the amount specified in subdivision (a)
shall be used for purposes specified in Section 29142.2, operational
purposes, the liquidation of operational deficits, and the payment of
principal and interest on negotiable bonds issued pursuant to
subdivision (c).
(c) To finance the operation of its rapid transit system during
the 1974-75 fiscal year, the district may issue negotiable bonds in
an amount not to exceed sixteen million dollars ($16,000,000) in
anticipation of the revenues specified in subdivision (b). However,
upon a determination by the board that the issuance of sixteen
million dollars ($16,000,000) in negotiable bonds, together with
other funds available to the district, provide insufficient funds for
the operation of the district during the 1975-76 fiscal year, the
district may issue additional negotiable bonds in an amount not
exceeding eight million dollars ($8,000,000). The district may also
issue additional negotiable bonds in an amount not exceeding one
million three hundred thousand dollars ($1,300,000) if the board
determines that otherwise insufficient funds are available to the
district for its operation during the 1976-77 fiscal year. The
district shall pay the principal and interest on such bonds only from
such revenues. Interest on such bonds may be funded, and paid from
the proceeds of such bonds, for period of not to exceed two years
from the date of such bonds. The board, by resolution shall determine
the form, denomination, maturities, interest rates, and all other
terms and conditions relative to the issuance of such negotiable
bonds.