As an alternative procedure for the raising of funds, the district may issue bonds, payable from revenues of any facility or enterprise to be acquired or constructed by the district, in the manner provided by 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), all of the provisions of which are applicable to the district.
BondsRevenue Bonds
Section § 70265
This law allows a district to raise money by issuing bonds. These bonds are a type of loan that will be repaid with the income generated from a facility or project that the district will either build or buy. The process for issuing these bonds follows specific rules outlined in another law called the Revenue Bond Law of 1941.
district bonds revenue bonds facility financing
Section § 70266
This law states that a district, considered a local agency, can use the Revenue Bond Law of 1941 to fund transit-related projects. It clarifies that transit facilities and any associated improvements qualify as an 'enterprise' under the law. Districts can issue revenue bonds to pay for these projects, either individually or collectively, using the procedures outlined in the law. The district can also use other available processes to issue different types of bonds for these facilities, and these actions can occur simultaneously or separately, depending on the district's decisions.
The district is a local agency within the meaning of 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). The term “enterprise” as used in the Revenue Bond Law of 1941 shall, for all purposes of this part, include transit facilities and any and all parts thereof and all additions, extensions and improvements thereto and all other facilities authorized to be acquired, constructed or completed by the district. A district may issue revenue bonds under the Revenue Bond Law of 1941, for any one or more facilities or enterprises authorized to be acquired, constructed, or completed by a district or,
in the alternative, may issue revenue bonds under the Revenue Bond Law of 1941, for the acquisition, construction and completion of any one of such facilities. Nothing in this article shall prevent the district from availing itself of, or making use of, any procedure provided in this part for the issuance of bonds of any type or character for any of the facilities or works authorized hereunder, and all proceedings may be carried on simultaneously or, in the alternative, as the directors may determine.
local agency transit facilities revenue bonds
