This law requires government agencies to use the additional money they receive from this chapter to enhance their current transportation budgets, not replace them. Agencies must keep up their local funding for streets, highways, and public transit, and there's a rule set by the commission to make sure this happens.

This law allows a commission to propose a sales tax in a county, which applies to both city and county areas. The tax can only be implemented if two-thirds of the commission members vote for it and two-thirds of voters approve it in an election. The tax revenue can only pay for up to 1% of the commission's staff salaries and benefits. The tax begins after election day if approved. If voters reject the proposal, the board of supervisors can try again with the same or a new measure after another commission two-thirds vote.

This law outlines how a local commission must create a tax ordinance. The ordinance should specify the type of tax, rate, purpose of revenue, and duration. The tax revenue can be used for administration, road and transit projects, and the planning and construction costs associated with these projects. The ordinance must include a spending plan, detailing how funds will be divided among projects, including specific road projects, and how city and county funds are distributed. Once passed by voters, changing this plan requires a specific process, including commission initiation, county supervisor approval, and agreement from city populations.

This law section states that when a board of supervisors calls for an election under a specific section, it's the county's responsibility to organize and carry it out. The process for this election must follow the same procedures that are normally used for county-run elections.

This section explains when a transaction and use tax ordinance becomes effective and what must happen before it starts. Once the ordinance is adopted, it will take effect on the first day of the first calendar quarter that begins at least 120 days afterwards. Before that date, the commission must arrange for the State Board of Equalization to handle the administrative tasks related to the ordinance.

This section says that taxes collected under this chapter must be used for transportation projects. These projects should align with the regional transportation improvement program and plan approved by the commission.

This law allows a commission to impose a tax rate of up to 1.5% with voter approval. The tax rate must be a multiple of 0.25% unless stated otherwise by law, and it does not interfere with other taxes.

The tax rate from this section is not counted toward the combined tax rate limit set by another part of the law. The tax rate can be increased if the commission follows certain procedures and gets the approval of two-thirds of voters in an election specifically for this purpose.

This law states that any change in the tax rate, whether an increase or decrease, that is related to Sections 240306 or 240307 will start on the first day of the calendar quarter, but only if this day is at least 120 days after the commission votes to approve the new rate.

This law outlines how the board of supervisors can seek voter approval to issue bonds for projects funded by a proposed retail transactions and use tax. The bond amount must not exceed the estimated tax proceeds. The ballot proposition must include details like the tax percentage, duration, bond amount, and specify the commission as the taxing agency. It also requires a complete presentation of the proposition and ordinance expenditure plan in voter materials.

This law section explains that bonds, which are financial instruments for borrowing money, can be issued by the commission at any time if the voters have approved a related tax. These bonds, named 'limited tax bonds,' will be paid off using the money collected from the tax.

The law prioritizes using tax proceeds to pay for these bonds over funding projects directly with tax money, unless a different order is specified in the resolution when the bonds are issued.

This law specifies that limited tax bonds can be issued by the commission through a resolution that requires a two-thirds majority approval. The resolution can authorize the bonds to be issued in several series with different payment dates, and the bonds do not need to mature exactly on their anniversary dates.

This part of the California Public Utilities Code explains what a resolution must include when authorizing the issuance of bonds. It needs to detail why the debt is being incurred, including all related costs like engineering, legal, and financial consulting fees. The resolution should state the estimated total cost, principal amount, bond maturity term, maximum interest rate, bond denominations, which must be at least $5,000, and the form the bonds will take, like registered or coupon bonds. It can also include any other relevant details authorized by law.

This section states that bonds can have interest rates, but they cannot exceed the legal maximum. The interest payments will be made at times decided by the commission. The first interest payment on the bonds can cover a period of up to one year as determined by the commission.

This law states that when bonds are issued, the commission can decide if those bonds can be called or redeemed before they mature. However, for a bond to be eligible for early call or redemption, it must clearly state this possibility either in a recital or printed statement on the bond itself.

This law states that the main amount (principal) and the interest owed on certain bonds must be paid in U.S. dollars. These payments can be made at the office of the commission's treasurer or at other specified locations, depending on what the bondholders prefer.

This section explains how the bonds issued by a commission should be handled in terms of dating, numbering, signing, and sealing. Each series of bonds must be dated, numbered in order, and have signatures from the commission's chairperson or vice chairperson and the auditor-controller. The commission's official seal should also be attached if there is one.

The interest coupons on the bonds must be signed by the auditor-controller. These signatures and the seal can be printed or reproduced mechanically, not necessarily handwritten. If an officer leaves their position before the bonds are delivered, their printed signature is still valid as if they stayed in the role.

This law section allows the commission to decide how to sell bonds, either through negotiation or a public sale. The bonds can even be sold for less than their face value, known as below par.

This law states that bonds can be delivered anywhere, whether inside or outside of California. Additionally, the payment for these bonds can be made in cash or through bank credits.

This law specifies how money made from selling bonds should be managed. When bonds are sold, the interest and premiums earned must be used to pay back the bond's principal and interest. Any leftover money must either be used to further secure these bonds or for the original purpose for which the bond debt was taken on. Once those purposes are fulfilled, any remaining funds can be used to either pay off additional bond debt or buy back the bonds on the market, after which those repurchased bonds must be canceled.

This law allows the commission to issue new bonds, called refunding bonds, to replace existing bonds. These refunding bonds can be used to pay off the original bonds either before or when they are due, including any extra costs or premiums. The amount of these new bonds can cover not just the principal of the old bonds, but also any interest accrued during the transition and related expenses. The rules for issuing and selling these new bonds are the same as those for the original bonds.

This law allows the commission to borrow money by issuing temporary notes in anticipation of selling bonds that have been authorized but not yet sold. These temporary notes, called bond anticipation notes, can be renewed but must not have a total maturity longer than five years from when they were first issued. The money to pay back these notes, including interest, can come from the commission's available funds or revenues, like tax revenues. If not paid earlier, they will be paid from the proceeds when the bonds are eventually sold. The law also states that the notes should not exceed the total amount of the authorized bonds, minus any bonds already sold or other notes issued. Additionally, the commission can set terms, conditions, and restrictions on these notes similar to those for actual bonds.

This section of the law allows bonds issued under this chapter to be used as legal investments for various funds, such as insurance, commercial and savings banks, trust companies, and state school funds. It states that if other laws permit funds to be invested in city, county, or school district bonds, those funds can also be invested in these bonds. Additionally, these bonds can be used as security for fulfilling obligations or depositing public money. The law specifies that these provisions override and add to existing laws about legal investments, reflecting the latest legislative intent.

If you want to challenge or question the legality of a retail tax ordinance, the related bond issuance, or any steps taken towards them, you need to do so within six months of the election when the ordinance was approved. If you miss this window, the ordinance, bonds, and all related actions will be considered entirely legal and indisputable.

This law states that the commission cannot create any taxes except for a transaction and use tax, which must be approved by voters as described in this division.