As used in this chapter, “board of supervisors” means the board of supervisors of the principal county.
BondsGeneral
Section § 22701
In this law, whenever it refers to a 'board of supervisors,' it specifically means the board of supervisors for the main county involved.
board of supervisors principal county main county
Section § 22702
This law explains that district bonds can be issued and sold for various purposes related to airports and spaceports. These purposes include purchasing real estate, constructing or repairing buildings like hangars, and restoring structures damaged by disasters. Bonds can also be used to supply necessary furnishings and equipment, improve airport and spaceport grounds, and acquire lighting and other essential facilities. Furthermore, they can help pay off existing debts or cover costs related to bond elections and construction, including professional fees and interest for up to a year after construction ends.
District bonds may be issued and sold pursuant to this chapter for all of the following purposes:
(a)CA Public Utilities Code § 22702(a) Raising money for purchasing real property for airport and spaceport purposes.
(b)CA Public Utilities Code § 22702(b) Building and purchasing buildings or structures including hangars, or making alterations, additions, or repairs to the buildings or structures.
(c)CA Public Utilities Code § 22702(c) Restoring or rebuilding buildings or structures damaged or destroyed by fire or other public calamity.
(d)CA Public Utilities Code § 22702(d) Supplying buildings, structures, and hangars with furnishings and necessary apparatus.
(e)CA Public Utilities Code § 22702(e) Improving the grounds of airports and spaceports.
(f)CA Public Utilities Code § 22702(f) Acquiring and maintaining lighting equipment and all other equipment, devices, and facilities necessary or convenient for the airports and spaceports.
(g)CA Public Utilities Code § 22702(g) Liquidating any indebtedness incurred for these purposes or refunding any valid outstanding indebtedness of the district evidenced by bonds or warrant.
(h)CA Public Utilities Code § 22702(h) Paying all costs and expenses incident to the bond election, including engineering, architectural, legal charges, fiscal agent’s charges and interest during construction and for a period of not to exceed 12 months after the date of completion of construction.
district bonds airport purposes spaceport purposes
Section § 22703
This law section states that the board in charge of a district can decide to hold an election to ask voters if they should issue and sell district bonds. Additionally, the board is required to organize a bond election if they receive a petition signed by at least 10 percent of the district's registered voters.
If the board deems it advisable it may call an election and submit to the electors of the district the question whether district bonds shall be issued and sold. The board shall call a bond election upon the filing with the board of a petition signed by 10 percent of the registered voters of the district.
district bonds issue bonds sell bonds
Section § 22704
This law section requires the board to organize and run a bond election according to rules outlined in the chapter.
The board shall call and conduct the bond election in the manner prescribed by this chapter.
bond election board responsibilities election procedures
Section § 22705
For a bond election to be valid, it must be approved and signed off by more than half of the board of directors. This means that not just one director can call for a bond election—it requires a group decision.
The order calling the bond election shall be signed by a majority of the directors.
bond election board of directors majority approval
Section § 22706
This section explains that when a board calls a bond election, it has flexibility in how it presents the voting choices. It can ask voters to approve issuing bonds for various projects all together as a single proposal, or it can split them into separate questions. The board decides the format in the order it issues for the election.
In the order calling the bond election, the board may submit to the electors as one proposal the question of issuing bonds for all or any of the purposes described in this article, or it may submit as separate questions the issuance of bonds for any of these purposes, singly or in such combinations as it directs in the order.
bond election voter proposal issuing bonds
Section § 22707
This law states that if state-authorized officers investigate and certify certain bonds and declare them legal investments for savings banks, these bonds can then be bought or used as collateral for loans by a variety of financial institutions and officers. Specifically, savings banks, building and loan companies, trust companies, insurance companies, guardians, conservators, executors, administrators, and state or municipal bodies that manage funds suitable for investment or lending may utilize these bonds.
When bonds issued pursuant to this part have been investigated and certified by any authorized officer of the state and are declared to be legal investments for savings banks, they may be purchased or received in pledge for loans by savings banks, building and loan companies, trust companies, insurance companies, guardians, conservators, executors, administrators, and special administrators, or by any public officer of the state or of any county or other municipal or corporate body in the state having or holding funds which they may legally invest or loan.
bonds legal investments savings banks
Section § 22708
This law explains that if an officer's signature is on bonds or coupons, it remains valid even if that officer leaves their position before the bonds are delivered to the buyer. Furthermore, even if a different auditor signs the coupons at the time of delivery, the original auditor's signature remains legally binding.
If any officer whose signature, countersignature, or attestation appears on the bonds or coupons ceases to be such officer before the delivery of the bonds to the purchaser, the signature, countersignature, or attestation is valid and sufficient for all purposes as if he had remained in office until the delivery of the bonds. The signature on the coupons of the person who is auditor at the date of the bonds is valid although the bonds may be attested by a different person who is auditor at the time of their delivery.
bonds signature validity officer resignation coupons signature
