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Section 31481 Of Chapter 7. Otay Mesa East Toll Facility Act From California Streets And Highways Code >> Division 17. >> Chapter 7.
31481
. (a) SANDAG 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 any of the purposes authorized by this chapter. SANDAG
shall constitute a "local agency" within the meaning of Section 54307
of the Government Code. The operation of SANDAG projects or any
grouping or units thereof shall constitute an "enterprise" within the
meaning of that section.
(b) Article 3 (commencing with Section 54380) of Chapter 6 of Part 1 of Division 2 of Title 5 of the Government Code does not apply to the issuance and sale of bonds pursuant to this chapter and SANDAG shall authorize the issuance of such bonds by resolution of its board.
(c) Any bond issued pursuant to this section shall contain on its face a statement to the following effect: "Neither the full faith and credit nor the taxing power of the State of California is pledged to the payment of principal of, or the interest of this bond."
(d) SANDAG may bring an action to determine the validity of any of its bonds pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of the Code of Civil Procedure.
(e) Before issuing any new or increased toll revenue bonds, the board shall conduct at least one public meeting following at least 30 days' notice to the public at which public testimony shall be taken regarding the proposed bond issuance. Issuance of new or increased toll revenue bonds pursuant to this act shall require approval by at least two-thirds of the board's voting members.
(b) Article 3 (commencing with Section 54380) of Chapter 6 of Part 1 of Division 2 of Title 5 of the Government Code does not apply to the issuance and sale of bonds pursuant to this chapter and SANDAG shall authorize the issuance of such bonds by resolution of its board.
(c) Any bond issued pursuant to this section shall contain on its face a statement to the following effect: "Neither the full faith and credit nor the taxing power of the State of California is pledged to the payment of principal of, or the interest of this bond."
(d) SANDAG may bring an action to determine the validity of any of its bonds pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of the Code of Civil Procedure.
(e) Before issuing any new or increased toll revenue bonds, the board shall conduct at least one public meeting following at least 30 days' notice to the public at which public testimony shall be taken regarding the proposed bond issuance. Issuance of new or increased toll revenue bonds pursuant to this act shall require approval by at least two-thirds of the board's voting members.
