State Codes and Statutes

Statutes > California > Gov > 26299.060-26299.083

GOVERNMENT CODE
SECTION 26299.060-26299.083



26299.060.  (a) As part of the ballot proposition to approve the
imposition of a retail transactions and use tax pursuant to this
chapter, authorization may be sought to issue bonds payable from the
proceeds of the tax to finance capital outlay expenditures as may be
provided for in the master plan for county regional justice
facilities adopted pursuant to Section 26299.009.
   (b) Limited tax bonds may not be issued unless the estimated
proceeds of the retail transactions and use tax for a period of 30
years after issuance of the bonds shall at least equal the aggregate
principal and interest payable with respect to all limited tax bonds
then outstanding plus the limited tax bonds proposed to be issued.
For purposes of determining the principal amount of limited tax bonds
outstanding, limited tax bonds shall be assumed to be paid at par
either at their respective maturities or pursuant to mandatory
sinking fund installments with respect thereto. For purposes of
determining the aggregate interest payable with respect to any issue
of limited tax bonds, bonds that bear interest at variable interest
rates shall be assumed to bear interest for the terms thereof equal
to the interest rate in effect on the date the bonds are issued or,
in the case of limited tax bonds already outstanding, equal to the
interest rate in effect on the date that the determination is made.
For purposes of determining the estimated proceeds of the retail
transactions and use tax for a period of 30 years, a finding made by
the agency, incidental to any prospective issuance of bonds,
regarding the amount of the estimated proceeds shall be binding and
conclusive for all purposes.


26299.061.  (a) The bonds authorized by the voters concurrently with
the approval of the retail transactions and use tax may be issued by
the agency at any time, and from time to time, payable from the
proceeds of the tax. The bonds shall be referred to as "limited tax
bonds."
   (b) The pledge of the retail transactions and use tax revenues for
the limited tax bonds authorized under this chapter shall have
priority over the use of any of the tax revenues for "pay-as-you-go"
financing, or any other purposes except to the extent that that
priority is expressly restricted in the resolution authorizing the
issuance of the bonds.


26299.062.  Limited tax bonds issued under this chapter may be used
only for the following purposes:
   (a) To finance the capital outlay expenditures for those
qualifying facilities which the agency is authorized to construct,
acquire, or furnish pursuant to Section 26299.032.
   (b) To pay costs incurred in the issuance of the limited tax
bonds.
   (c) To fund a reserve fund for the limited tax bonds.




26299.063.  Limited tax bonds shall be issued pursuant to a
resolution adopted at any time, and from time to time, by a
two-thirds vote of the board of directors of the agency. Each
resolution shall provide for the issuance of bonds in the amounts as
may be necessary, until the full amount of bonds authorized have been
issued. The full amount of bonds may be divided into two or more
series and different dates of payment fixed for the bonds of each
series. A bond need not mature on its anniversary date.



26299.064.  (a) A resolution providing for the issuance of bonds
pursuant to this chapter shall state all of the following:
   (1) The purposes for which the proposed debt is to be incurred,
which may include all costs and estimated costs incidental to, or
connected with, the accomplishment of those purposes, including
without limitation, engineering, inspection, legal, fiscal agents,
financial consultant and other fees, bond and other reserve funds,
working capital, bond interest estimated to accrue during the
construction period and for a period not to exceed three years
thereafter, and expenses of all proceedings for the authorization,
issuance, and sale of the bonds.
   (2) The estimated cost of accomplishing those purposes.
   (3) The amount of the principal of the indebtedness.
   (4) The maximum term the bonds proposed to be issued shall run
before maturity, which shall not be beyond the date of termination of
the imposition of the retail transactions and use tax.
   (5) The maximum rate of interest to be paid, which shall not
exceed the maximum rate allowed by Section 53531 of the Government
Code, payable at intervals determined by the agency.
   (6) The denomination or denominations of the bonds, which shall
not be less than five thousand dollars ($5,000).
   (7) The form of the bonds, including, without limitation,
registered bonds and coupon bonds, to the extent permitted by federal
law, and the form of any coupons to be attached thereto, the
registration, conversion, and exchange privileges, if any, pertaining
thereto, and the time when all, or any part, of the principal
becomes due and payable.
   (b) The resolution may also contain any other matters authorized
by this chapter or any other law.



26299.065.  The agency may provide for the limited tax bonds to bear
a variable or fixed interest rate, for the manner and intervals in
which the rate shall vary, and for the dates on which the interest
shall be payable.


26299.066.  (a) In the resolution authorizing the issuance of the
bonds, the agency may also provide for the call and redemption of the
bonds prior to maturity at the times and prices and upon other terms
as specified.
   (b) Notwithstanding the provisons of subdivision (a), no bond is
subject to call or redemption prior to maturity, unless it contains a
recital to that effect or unless a statement to that effect is
printed therein.



26299.067.  The principal of and interest on the bonds shall be
payable in lawful money of the United States at the office of the
treasurer of the agency, or at such other places as may be
designated, or at both the office and other places at the option of
the holders of the bonds.



26299.068.  (a) The bonds, or each series thereof, shall be dated
and numbered consecutively and shall be signed by the chairperson or
vicechairperson of the agency at the treasurer of the agency, and the
official seal, if any, of the agency shall be attached.
   (b) The interest coupons, if any, of the bonds shall be signed by
the treasurer of the agency. All of the signatures and the seal may
be printed, lithographed, or mechanically reproduced. However, the
bonds shall not be valid or become obligatory for any purpose until
manually signed by an authenticating agent duly appointed by the
agency or its authorized designee.
   (c) If any officer whose signature appears on the bonds or coupons
ceases to be that officer before the delivery of the bonds, the
officer's signature is as effective as if the officer had remained in
office.


26299.069.  The bonds may be sold as the agency determines by
resolution. The agency may sell the bonds at a price below par,
whether by negotiated or public sale.



26299.070.  Delivery of any bonds issued pursuant to this chapter
may be made at any place either inside or outside the state, and the
purchase price may be received in cash or bank credits.



26299.071.  All accrued interest and premiums received on the sale
of the bonds shall be placed in the fund to be used for the payment
of the principal of and interest on the bonds, and the remainder of
the proceeds of the bonds shall be placed in the treasury of the
agency and applied to secure the bonds or for the purposes for which
the debt was incurred. However, when the purposes have been
accomplished, any money remaining shall be either (a) transferred to
the fund to be used for the payment of principal of and interest on
the bonds, or (b) placed in a fund to be used for the purchase of the
outstanding bonds in the open market at prices and in the manner,
either at public or private sale or otherwise, as determined by the
agency. Bonds so purchased shall be cancelled immediately.



26299.072.  (a) The agency may provide for the issuance, sale, or
exchange of refunding bonds to redeem or retire any bonds issued by
the agency upon the terms, at the times and in the manner which it
determines.
   (b) The proceeds of any bonds issued for the purpose of refunding
outstanding bonds may, in the discretion of the agency, be applied to
the purchase or retirement at maturity or redemption of outstanding
bonds either on their earliest or any subsequent redemption date or
upon the purchase or retirement at the maturity thereof and may,
pending that application, be placed in escrow to be applied to the
purchase or retirement at maturity or redemption on the date as may
be determined by the agency.
   (c) Pending that use, the escrowed proceeds may be invested and
reinvested by the agency or its trustee in obligations of, or
guaranteed by, the United States of America, or in certificates of
deposit or time deposits secured by obligations of, or guaranteed by,
the United States of America, maturing at a time or times
appropriate to ensure the prompt payment of principal, interest, and
redemption premium, if any, of the outstanding bonds to be so
refunded. The interest, income, and profits, if any, earned or
realized on the investment may also be applied to the payment of the
outstanding bonds to be so refunded. After the terms of the escrow
have been fully satisfied and carried out, any balance of the
proceeds and interest, income, and profits, if any, earned or
realized on the investment thereof may be returned to the agency for
use by it in any lawful manner.
   (d) The provisions of this chapter for the issuance and sale of
bonds apply to the issuance and sale or refunding bonds.



26299.073.  Refunding bonds may be issued in a principal amount
sufficient to pay all, or any part of, the principal of the
outstanding bonds, the premiums, if any, due upon call and redemption
thereof prior to maturity, all expenses of the refunding, and either
of the following:
   (a) The interest upon the refunding bonds from the date of sale
thereof to the date of payment of the bonds to be refunded out of the
proceeds of the sale of the refunding bonds or to the date upon
which the bonds to be refunded will be paid pursuant to call or
agreement with the holder of the bonds.
   (b) The interest upon the bonds to be refunded from the date of
sale of the refunding bonds to the date of payment of the bonds to be
refunded or to the date upon which the bonds to be refunded will be
paid pursuant to call or agreement with the holder of the bonds.



26299.074.  (a) The agency may borrow money in anticipation of the
sale of bonds which have been authorized pursuant to this chapter,
but which have not been sold or delivered, and may issue negotiable
bond anticipation notes therefor and may renew the bond anticipation
notes from time to time, provided that the maximum maturity of any
bond anticipation notes, including the renewals thereof, shall not
exceed five years from the date of delivery of the original bond
anticipation notes.
   (b) The bond anticipation notes, and the interest thereon, may be
paid from any money of the agency available therefor, including the
revenues from the retail transactions and use tax which may be
imposed pursuant to this chapter. If not previously otherwise paid,
the bond anticipation notes, or any portion thereof, or the interest
thereon, shall be paid from the proceeds of the next sale of the
bonds of the agency in anticipation of which the notes were issued.
   (c) The bond anticipation notes shall not be issued in any amount
in excess of the aggregate amount of the bonds which the agency has
been authorized to issue, less the amount of any bonds therefor
issued and then outstanding. The bond anticipation notes shall be
issued and sold in the same manner as the bonds.
   (d) The bond anticipation notes and the resolutions authorizing
them may contain any provisions, conditions, or limitations which a
resolution of the agency authorizing the issuance of bonds may
contain.


26299.075.  Any limited tax bonds issued pursuant to this chapter
are a legal investment for all trust funds; for the funds of
insurance companies, commercial and savings banks, and trust
companies; and for state school funds. Whenever any money or funds
may, by any law now or hereafter enacted, be invested in bonds of
cities, cities and counties, counties, school districts, or other
districts within the state, that money or funds may be invested in
the bonds issued pursuant to this chapter. Whenever bonds of cities,
cities and counties, counties, school districts, or other districts
within this state may, by any law now or hereafter enacted, be used
as security for the performance of any act or the deposit of any
public moneys, the bonds issued pursuant to this chapter may be so
used. The provisions of this chapter are in addition to all other
laws relating to legal investments and shall be controlling as the
latest expression of the Legislature with respect thereto.



26299.076.  Notwithstanding any other provision of law:
   (a) The agency and its revenues are exempt from all taxes on, or
measured by, income.
   (b) Bonds issued by the agency are exempt from all property
taxation, and the interest on the bonds is exempt from all taxes on
income.
   (c) All property owned by the agency is exempt from property
taxes, assessments, and other public charges secured by liens.




26299.077.  (a) Bonds issued pursuant to this chapter do not
constitute a debt or liability of the state or of any other public
agency, other than the county regional justice facilities financing
agency issuing the bonds, or a pledge of the faith and credit of the
state or of any other public agency, other than the issuing agency,
but shall be payable solely from the funds provided therefor. All of
the bonds shall contain on the face thereof a statement to the
following effect:
   "Neither the faith and credit nor the taxing power of the State of
California or any public agency, other than the ____ County Regional
Justice Facilities Financing Agency, is pledged to the payment of
the principal of or interest on this bond."
   (b) The issuance of bonds pursuant to this chapter does not in any
manner obligate the state or any other public agency thereof to
levy, or to pledge, any form of taxation therefor or to make any
appropriation for their payment.



26299.078.  Neither the members of the board of directors of the
agency, nor any person executing the bonds, are liable personally on
the bonds, or are subject to any personal liability or accountability
by reason of the issuance thereof.


26299.079.  Any action or proceeding wherein the validity of the
adoption of the retail transactions and use tax ordinance provided
for in this chapter or the issuance of any bonds thereunder or any of
the proceedings in relation thereto is contested, questioned, or
denied, shall be commenced pursuant to Chapter 9 (commencing with
Section 860) of Title 10 of Part 2 of the Code of Civil Procedure
within six months from the date of the election at which the
ordinance is approved. Otherwise, the bonds and all proceedings in
relation thereto, including the adoption and approval of the
ordinance and the retail transactions and use tax provided for
therein, shall be held to be valid and in every respect legal and
incontestable.



26299.080.  The county and each city within the county is authorized
to contribute to the agency such amounts as the county and each
city, in their discretion, deem appropriate. These amounts may be
used by the agency for any lawful purpose. The agency may commit to
repay all or any portion of the amounts contributed, together with
interest thereon at a rate not exceeding the interest rate specified
from time to time in Section 53531 of the Government Code, from any
lawful source, including, but not limited to, revenues derived from
the retail transactions and use tax which may be imposed pursuant to
this chapter.


26299.081.  The agency has no power to impose any tax other than the
transactions and use tax imposed upon approval of the voters in
accordance with this chapter.



26299.082.  It is the intent of the Legislature in enacting this
chapter to ensure that counties are not deprived of state funds which
might be made available to finance needed regional justice
facilities, including adult and juvenile detention facilities,
countywide law enforcement facilities, court facilities, other
structures necessary or convenient thereto, and prevention programs
subsequent to the enactment of this chapter, whether those funds be
provided by statute or constitutional amendment.



26299.083.  If any provision of this chapter or the application
thereof to any person or circumstance is held invalid, that
invalidity shall not affect other provisions or applications of the
chapter which can be given effect without the invalid provision or
application, and to this end the provisions of this chapter are
severable.


State Codes and Statutes

Statutes > California > Gov > 26299.060-26299.083

GOVERNMENT CODE
SECTION 26299.060-26299.083



26299.060.  (a) As part of the ballot proposition to approve the
imposition of a retail transactions and use tax pursuant to this
chapter, authorization may be sought to issue bonds payable from the
proceeds of the tax to finance capital outlay expenditures as may be
provided for in the master plan for county regional justice
facilities adopted pursuant to Section 26299.009.
   (b) Limited tax bonds may not be issued unless the estimated
proceeds of the retail transactions and use tax for a period of 30
years after issuance of the bonds shall at least equal the aggregate
principal and interest payable with respect to all limited tax bonds
then outstanding plus the limited tax bonds proposed to be issued.
For purposes of determining the principal amount of limited tax bonds
outstanding, limited tax bonds shall be assumed to be paid at par
either at their respective maturities or pursuant to mandatory
sinking fund installments with respect thereto. For purposes of
determining the aggregate interest payable with respect to any issue
of limited tax bonds, bonds that bear interest at variable interest
rates shall be assumed to bear interest for the terms thereof equal
to the interest rate in effect on the date the bonds are issued or,
in the case of limited tax bonds already outstanding, equal to the
interest rate in effect on the date that the determination is made.
For purposes of determining the estimated proceeds of the retail
transactions and use tax for a period of 30 years, a finding made by
the agency, incidental to any prospective issuance of bonds,
regarding the amount of the estimated proceeds shall be binding and
conclusive for all purposes.


26299.061.  (a) The bonds authorized by the voters concurrently with
the approval of the retail transactions and use tax may be issued by
the agency at any time, and from time to time, payable from the
proceeds of the tax. The bonds shall be referred to as "limited tax
bonds."
   (b) The pledge of the retail transactions and use tax revenues for
the limited tax bonds authorized under this chapter shall have
priority over the use of any of the tax revenues for "pay-as-you-go"
financing, or any other purposes except to the extent that that
priority is expressly restricted in the resolution authorizing the
issuance of the bonds.


26299.062.  Limited tax bonds issued under this chapter may be used
only for the following purposes:
   (a) To finance the capital outlay expenditures for those
qualifying facilities which the agency is authorized to construct,
acquire, or furnish pursuant to Section 26299.032.
   (b) To pay costs incurred in the issuance of the limited tax
bonds.
   (c) To fund a reserve fund for the limited tax bonds.




26299.063.  Limited tax bonds shall be issued pursuant to a
resolution adopted at any time, and from time to time, by a
two-thirds vote of the board of directors of the agency. Each
resolution shall provide for the issuance of bonds in the amounts as
may be necessary, until the full amount of bonds authorized have been
issued. The full amount of bonds may be divided into two or more
series and different dates of payment fixed for the bonds of each
series. A bond need not mature on its anniversary date.



26299.064.  (a) A resolution providing for the issuance of bonds
pursuant to this chapter shall state all of the following:
   (1) The purposes for which the proposed debt is to be incurred,
which may include all costs and estimated costs incidental to, or
connected with, the accomplishment of those purposes, including
without limitation, engineering, inspection, legal, fiscal agents,
financial consultant and other fees, bond and other reserve funds,
working capital, bond interest estimated to accrue during the
construction period and for a period not to exceed three years
thereafter, and expenses of all proceedings for the authorization,
issuance, and sale of the bonds.
   (2) The estimated cost of accomplishing those purposes.
   (3) The amount of the principal of the indebtedness.
   (4) The maximum term the bonds proposed to be issued shall run
before maturity, which shall not be beyond the date of termination of
the imposition of the retail transactions and use tax.
   (5) The maximum rate of interest to be paid, which shall not
exceed the maximum rate allowed by Section 53531 of the Government
Code, payable at intervals determined by the agency.
   (6) The denomination or denominations of the bonds, which shall
not be less than five thousand dollars ($5,000).
   (7) The form of the bonds, including, without limitation,
registered bonds and coupon bonds, to the extent permitted by federal
law, and the form of any coupons to be attached thereto, the
registration, conversion, and exchange privileges, if any, pertaining
thereto, and the time when all, or any part, of the principal
becomes due and payable.
   (b) The resolution may also contain any other matters authorized
by this chapter or any other law.



26299.065.  The agency may provide for the limited tax bonds to bear
a variable or fixed interest rate, for the manner and intervals in
which the rate shall vary, and for the dates on which the interest
shall be payable.


26299.066.  (a) In the resolution authorizing the issuance of the
bonds, the agency may also provide for the call and redemption of the
bonds prior to maturity at the times and prices and upon other terms
as specified.
   (b) Notwithstanding the provisons of subdivision (a), no bond is
subject to call or redemption prior to maturity, unless it contains a
recital to that effect or unless a statement to that effect is
printed therein.



26299.067.  The principal of and interest on the bonds shall be
payable in lawful money of the United States at the office of the
treasurer of the agency, or at such other places as may be
designated, or at both the office and other places at the option of
the holders of the bonds.



26299.068.  (a) The bonds, or each series thereof, shall be dated
and numbered consecutively and shall be signed by the chairperson or
vicechairperson of the agency at the treasurer of the agency, and the
official seal, if any, of the agency shall be attached.
   (b) The interest coupons, if any, of the bonds shall be signed by
the treasurer of the agency. All of the signatures and the seal may
be printed, lithographed, or mechanically reproduced. However, the
bonds shall not be valid or become obligatory for any purpose until
manually signed by an authenticating agent duly appointed by the
agency or its authorized designee.
   (c) If any officer whose signature appears on the bonds or coupons
ceases to be that officer before the delivery of the bonds, the
officer's signature is as effective as if the officer had remained in
office.


26299.069.  The bonds may be sold as the agency determines by
resolution. The agency may sell the bonds at a price below par,
whether by negotiated or public sale.



26299.070.  Delivery of any bonds issued pursuant to this chapter
may be made at any place either inside or outside the state, and the
purchase price may be received in cash or bank credits.



26299.071.  All accrued interest and premiums received on the sale
of the bonds shall be placed in the fund to be used for the payment
of the principal of and interest on the bonds, and the remainder of
the proceeds of the bonds shall be placed in the treasury of the
agency and applied to secure the bonds or for the purposes for which
the debt was incurred. However, when the purposes have been
accomplished, any money remaining shall be either (a) transferred to
the fund to be used for the payment of principal of and interest on
the bonds, or (b) placed in a fund to be used for the purchase of the
outstanding bonds in the open market at prices and in the manner,
either at public or private sale or otherwise, as determined by the
agency. Bonds so purchased shall be cancelled immediately.



26299.072.  (a) The agency may provide for the issuance, sale, or
exchange of refunding bonds to redeem or retire any bonds issued by
the agency upon the terms, at the times and in the manner which it
determines.
   (b) The proceeds of any bonds issued for the purpose of refunding
outstanding bonds may, in the discretion of the agency, be applied to
the purchase or retirement at maturity or redemption of outstanding
bonds either on their earliest or any subsequent redemption date or
upon the purchase or retirement at the maturity thereof and may,
pending that application, be placed in escrow to be applied to the
purchase or retirement at maturity or redemption on the date as may
be determined by the agency.
   (c) Pending that use, the escrowed proceeds may be invested and
reinvested by the agency or its trustee in obligations of, or
guaranteed by, the United States of America, or in certificates of
deposit or time deposits secured by obligations of, or guaranteed by,
the United States of America, maturing at a time or times
appropriate to ensure the prompt payment of principal, interest, and
redemption premium, if any, of the outstanding bonds to be so
refunded. The interest, income, and profits, if any, earned or
realized on the investment may also be applied to the payment of the
outstanding bonds to be so refunded. After the terms of the escrow
have been fully satisfied and carried out, any balance of the
proceeds and interest, income, and profits, if any, earned or
realized on the investment thereof may be returned to the agency for
use by it in any lawful manner.
   (d) The provisions of this chapter for the issuance and sale of
bonds apply to the issuance and sale or refunding bonds.



26299.073.  Refunding bonds may be issued in a principal amount
sufficient to pay all, or any part of, the principal of the
outstanding bonds, the premiums, if any, due upon call and redemption
thereof prior to maturity, all expenses of the refunding, and either
of the following:
   (a) The interest upon the refunding bonds from the date of sale
thereof to the date of payment of the bonds to be refunded out of the
proceeds of the sale of the refunding bonds or to the date upon
which the bonds to be refunded will be paid pursuant to call or
agreement with the holder of the bonds.
   (b) The interest upon the bonds to be refunded from the date of
sale of the refunding bonds to the date of payment of the bonds to be
refunded or to the date upon which the bonds to be refunded will be
paid pursuant to call or agreement with the holder of the bonds.



26299.074.  (a) The agency may borrow money in anticipation of the
sale of bonds which have been authorized pursuant to this chapter,
but which have not been sold or delivered, and may issue negotiable
bond anticipation notes therefor and may renew the bond anticipation
notes from time to time, provided that the maximum maturity of any
bond anticipation notes, including the renewals thereof, shall not
exceed five years from the date of delivery of the original bond
anticipation notes.
   (b) The bond anticipation notes, and the interest thereon, may be
paid from any money of the agency available therefor, including the
revenues from the retail transactions and use tax which may be
imposed pursuant to this chapter. If not previously otherwise paid,
the bond anticipation notes, or any portion thereof, or the interest
thereon, shall be paid from the proceeds of the next sale of the
bonds of the agency in anticipation of which the notes were issued.
   (c) The bond anticipation notes shall not be issued in any amount
in excess of the aggregate amount of the bonds which the agency has
been authorized to issue, less the amount of any bonds therefor
issued and then outstanding. The bond anticipation notes shall be
issued and sold in the same manner as the bonds.
   (d) The bond anticipation notes and the resolutions authorizing
them may contain any provisions, conditions, or limitations which a
resolution of the agency authorizing the issuance of bonds may
contain.


26299.075.  Any limited tax bonds issued pursuant to this chapter
are a legal investment for all trust funds; for the funds of
insurance companies, commercial and savings banks, and trust
companies; and for state school funds. Whenever any money or funds
may, by any law now or hereafter enacted, be invested in bonds of
cities, cities and counties, counties, school districts, or other
districts within the state, that money or funds may be invested in
the bonds issued pursuant to this chapter. Whenever bonds of cities,
cities and counties, counties, school districts, or other districts
within this state may, by any law now or hereafter enacted, be used
as security for the performance of any act or the deposit of any
public moneys, the bonds issued pursuant to this chapter may be so
used. The provisions of this chapter are in addition to all other
laws relating to legal investments and shall be controlling as the
latest expression of the Legislature with respect thereto.



26299.076.  Notwithstanding any other provision of law:
   (a) The agency and its revenues are exempt from all taxes on, or
measured by, income.
   (b) Bonds issued by the agency are exempt from all property
taxation, and the interest on the bonds is exempt from all taxes on
income.
   (c) All property owned by the agency is exempt from property
taxes, assessments, and other public charges secured by liens.




26299.077.  (a) Bonds issued pursuant to this chapter do not
constitute a debt or liability of the state or of any other public
agency, other than the county regional justice facilities financing
agency issuing the bonds, or a pledge of the faith and credit of the
state or of any other public agency, other than the issuing agency,
but shall be payable solely from the funds provided therefor. All of
the bonds shall contain on the face thereof a statement to the
following effect:
   "Neither the faith and credit nor the taxing power of the State of
California or any public agency, other than the ____ County Regional
Justice Facilities Financing Agency, is pledged to the payment of
the principal of or interest on this bond."
   (b) The issuance of bonds pursuant to this chapter does not in any
manner obligate the state or any other public agency thereof to
levy, or to pledge, any form of taxation therefor or to make any
appropriation for their payment.



26299.078.  Neither the members of the board of directors of the
agency, nor any person executing the bonds, are liable personally on
the bonds, or are subject to any personal liability or accountability
by reason of the issuance thereof.


26299.079.  Any action or proceeding wherein the validity of the
adoption of the retail transactions and use tax ordinance provided
for in this chapter or the issuance of any bonds thereunder or any of
the proceedings in relation thereto is contested, questioned, or
denied, shall be commenced pursuant to Chapter 9 (commencing with
Section 860) of Title 10 of Part 2 of the Code of Civil Procedure
within six months from the date of the election at which the
ordinance is approved. Otherwise, the bonds and all proceedings in
relation thereto, including the adoption and approval of the
ordinance and the retail transactions and use tax provided for
therein, shall be held to be valid and in every respect legal and
incontestable.



26299.080.  The county and each city within the county is authorized
to contribute to the agency such amounts as the county and each
city, in their discretion, deem appropriate. These amounts may be
used by the agency for any lawful purpose. The agency may commit to
repay all or any portion of the amounts contributed, together with
interest thereon at a rate not exceeding the interest rate specified
from time to time in Section 53531 of the Government Code, from any
lawful source, including, but not limited to, revenues derived from
the retail transactions and use tax which may be imposed pursuant to
this chapter.


26299.081.  The agency has no power to impose any tax other than the
transactions and use tax imposed upon approval of the voters in
accordance with this chapter.



26299.082.  It is the intent of the Legislature in enacting this
chapter to ensure that counties are not deprived of state funds which
might be made available to finance needed regional justice
facilities, including adult and juvenile detention facilities,
countywide law enforcement facilities, court facilities, other
structures necessary or convenient thereto, and prevention programs
subsequent to the enactment of this chapter, whether those funds be
provided by statute or constitutional amendment.



26299.083.  If any provision of this chapter or the application
thereof to any person or circumstance is held invalid, that
invalidity shall not affect other provisions or applications of the
chapter which can be given effect without the invalid provision or
application, and to this end the provisions of this chapter are
severable.



State Codes and Statutes

State Codes and Statutes

Statutes > California > Gov > 26299.060-26299.083

GOVERNMENT CODE
SECTION 26299.060-26299.083



26299.060.  (a) As part of the ballot proposition to approve the
imposition of a retail transactions and use tax pursuant to this
chapter, authorization may be sought to issue bonds payable from the
proceeds of the tax to finance capital outlay expenditures as may be
provided for in the master plan for county regional justice
facilities adopted pursuant to Section 26299.009.
   (b) Limited tax bonds may not be issued unless the estimated
proceeds of the retail transactions and use tax for a period of 30
years after issuance of the bonds shall at least equal the aggregate
principal and interest payable with respect to all limited tax bonds
then outstanding plus the limited tax bonds proposed to be issued.
For purposes of determining the principal amount of limited tax bonds
outstanding, limited tax bonds shall be assumed to be paid at par
either at their respective maturities or pursuant to mandatory
sinking fund installments with respect thereto. For purposes of
determining the aggregate interest payable with respect to any issue
of limited tax bonds, bonds that bear interest at variable interest
rates shall be assumed to bear interest for the terms thereof equal
to the interest rate in effect on the date the bonds are issued or,
in the case of limited tax bonds already outstanding, equal to the
interest rate in effect on the date that the determination is made.
For purposes of determining the estimated proceeds of the retail
transactions and use tax for a period of 30 years, a finding made by
the agency, incidental to any prospective issuance of bonds,
regarding the amount of the estimated proceeds shall be binding and
conclusive for all purposes.


26299.061.  (a) The bonds authorized by the voters concurrently with
the approval of the retail transactions and use tax may be issued by
the agency at any time, and from time to time, payable from the
proceeds of the tax. The bonds shall be referred to as "limited tax
bonds."
   (b) The pledge of the retail transactions and use tax revenues for
the limited tax bonds authorized under this chapter shall have
priority over the use of any of the tax revenues for "pay-as-you-go"
financing, or any other purposes except to the extent that that
priority is expressly restricted in the resolution authorizing the
issuance of the bonds.


26299.062.  Limited tax bonds issued under this chapter may be used
only for the following purposes:
   (a) To finance the capital outlay expenditures for those
qualifying facilities which the agency is authorized to construct,
acquire, or furnish pursuant to Section 26299.032.
   (b) To pay costs incurred in the issuance of the limited tax
bonds.
   (c) To fund a reserve fund for the limited tax bonds.




26299.063.  Limited tax bonds shall be issued pursuant to a
resolution adopted at any time, and from time to time, by a
two-thirds vote of the board of directors of the agency. Each
resolution shall provide for the issuance of bonds in the amounts as
may be necessary, until the full amount of bonds authorized have been
issued. The full amount of bonds may be divided into two or more
series and different dates of payment fixed for the bonds of each
series. A bond need not mature on its anniversary date.



26299.064.  (a) A resolution providing for the issuance of bonds
pursuant to this chapter shall state all of the following:
   (1) The purposes for which the proposed debt is to be incurred,
which may include all costs and estimated costs incidental to, or
connected with, the accomplishment of those purposes, including
without limitation, engineering, inspection, legal, fiscal agents,
financial consultant and other fees, bond and other reserve funds,
working capital, bond interest estimated to accrue during the
construction period and for a period not to exceed three years
thereafter, and expenses of all proceedings for the authorization,
issuance, and sale of the bonds.
   (2) The estimated cost of accomplishing those purposes.
   (3) The amount of the principal of the indebtedness.
   (4) The maximum term the bonds proposed to be issued shall run
before maturity, which shall not be beyond the date of termination of
the imposition of the retail transactions and use tax.
   (5) The maximum rate of interest to be paid, which shall not
exceed the maximum rate allowed by Section 53531 of the Government
Code, payable at intervals determined by the agency.
   (6) The denomination or denominations of the bonds, which shall
not be less than five thousand dollars ($5,000).
   (7) The form of the bonds, including, without limitation,
registered bonds and coupon bonds, to the extent permitted by federal
law, and the form of any coupons to be attached thereto, the
registration, conversion, and exchange privileges, if any, pertaining
thereto, and the time when all, or any part, of the principal
becomes due and payable.
   (b) The resolution may also contain any other matters authorized
by this chapter or any other law.



26299.065.  The agency may provide for the limited tax bonds to bear
a variable or fixed interest rate, for the manner and intervals in
which the rate shall vary, and for the dates on which the interest
shall be payable.


26299.066.  (a) In the resolution authorizing the issuance of the
bonds, the agency may also provide for the call and redemption of the
bonds prior to maturity at the times and prices and upon other terms
as specified.
   (b) Notwithstanding the provisons of subdivision (a), no bond is
subject to call or redemption prior to maturity, unless it contains a
recital to that effect or unless a statement to that effect is
printed therein.



26299.067.  The principal of and interest on the bonds shall be
payable in lawful money of the United States at the office of the
treasurer of the agency, or at such other places as may be
designated, or at both the office and other places at the option of
the holders of the bonds.



26299.068.  (a) The bonds, or each series thereof, shall be dated
and numbered consecutively and shall be signed by the chairperson or
vicechairperson of the agency at the treasurer of the agency, and the
official seal, if any, of the agency shall be attached.
   (b) The interest coupons, if any, of the bonds shall be signed by
the treasurer of the agency. All of the signatures and the seal may
be printed, lithographed, or mechanically reproduced. However, the
bonds shall not be valid or become obligatory for any purpose until
manually signed by an authenticating agent duly appointed by the
agency or its authorized designee.
   (c) If any officer whose signature appears on the bonds or coupons
ceases to be that officer before the delivery of the bonds, the
officer's signature is as effective as if the officer had remained in
office.


26299.069.  The bonds may be sold as the agency determines by
resolution. The agency may sell the bonds at a price below par,
whether by negotiated or public sale.



26299.070.  Delivery of any bonds issued pursuant to this chapter
may be made at any place either inside or outside the state, and the
purchase price may be received in cash or bank credits.



26299.071.  All accrued interest and premiums received on the sale
of the bonds shall be placed in the fund to be used for the payment
of the principal of and interest on the bonds, and the remainder of
the proceeds of the bonds shall be placed in the treasury of the
agency and applied to secure the bonds or for the purposes for which
the debt was incurred. However, when the purposes have been
accomplished, any money remaining shall be either (a) transferred to
the fund to be used for the payment of principal of and interest on
the bonds, or (b) placed in a fund to be used for the purchase of the
outstanding bonds in the open market at prices and in the manner,
either at public or private sale or otherwise, as determined by the
agency. Bonds so purchased shall be cancelled immediately.



26299.072.  (a) The agency may provide for the issuance, sale, or
exchange of refunding bonds to redeem or retire any bonds issued by
the agency upon the terms, at the times and in the manner which it
determines.
   (b) The proceeds of any bonds issued for the purpose of refunding
outstanding bonds may, in the discretion of the agency, be applied to
the purchase or retirement at maturity or redemption of outstanding
bonds either on their earliest or any subsequent redemption date or
upon the purchase or retirement at the maturity thereof and may,
pending that application, be placed in escrow to be applied to the
purchase or retirement at maturity or redemption on the date as may
be determined by the agency.
   (c) Pending that use, the escrowed proceeds may be invested and
reinvested by the agency or its trustee in obligations of, or
guaranteed by, the United States of America, or in certificates of
deposit or time deposits secured by obligations of, or guaranteed by,
the United States of America, maturing at a time or times
appropriate to ensure the prompt payment of principal, interest, and
redemption premium, if any, of the outstanding bonds to be so
refunded. The interest, income, and profits, if any, earned or
realized on the investment may also be applied to the payment of the
outstanding bonds to be so refunded. After the terms of the escrow
have been fully satisfied and carried out, any balance of the
proceeds and interest, income, and profits, if any, earned or
realized on the investment thereof may be returned to the agency for
use by it in any lawful manner.
   (d) The provisions of this chapter for the issuance and sale of
bonds apply to the issuance and sale or refunding bonds.



26299.073.  Refunding bonds may be issued in a principal amount
sufficient to pay all, or any part of, the principal of the
outstanding bonds, the premiums, if any, due upon call and redemption
thereof prior to maturity, all expenses of the refunding, and either
of the following:
   (a) The interest upon the refunding bonds from the date of sale
thereof to the date of payment of the bonds to be refunded out of the
proceeds of the sale of the refunding bonds or to the date upon
which the bonds to be refunded will be paid pursuant to call or
agreement with the holder of the bonds.
   (b) The interest upon the bonds to be refunded from the date of
sale of the refunding bonds to the date of payment of the bonds to be
refunded or to the date upon which the bonds to be refunded will be
paid pursuant to call or agreement with the holder of the bonds.



26299.074.  (a) The agency may borrow money in anticipation of the
sale of bonds which have been authorized pursuant to this chapter,
but which have not been sold or delivered, and may issue negotiable
bond anticipation notes therefor and may renew the bond anticipation
notes from time to time, provided that the maximum maturity of any
bond anticipation notes, including the renewals thereof, shall not
exceed five years from the date of delivery of the original bond
anticipation notes.
   (b) The bond anticipation notes, and the interest thereon, may be
paid from any money of the agency available therefor, including the
revenues from the retail transactions and use tax which may be
imposed pursuant to this chapter. If not previously otherwise paid,
the bond anticipation notes, or any portion thereof, or the interest
thereon, shall be paid from the proceeds of the next sale of the
bonds of the agency in anticipation of which the notes were issued.
   (c) The bond anticipation notes shall not be issued in any amount
in excess of the aggregate amount of the bonds which the agency has
been authorized to issue, less the amount of any bonds therefor
issued and then outstanding. The bond anticipation notes shall be
issued and sold in the same manner as the bonds.
   (d) The bond anticipation notes and the resolutions authorizing
them may contain any provisions, conditions, or limitations which a
resolution of the agency authorizing the issuance of bonds may
contain.


26299.075.  Any limited tax bonds issued pursuant to this chapter
are a legal investment for all trust funds; for the funds of
insurance companies, commercial and savings banks, and trust
companies; and for state school funds. Whenever any money or funds
may, by any law now or hereafter enacted, be invested in bonds of
cities, cities and counties, counties, school districts, or other
districts within the state, that money or funds may be invested in
the bonds issued pursuant to this chapter. Whenever bonds of cities,
cities and counties, counties, school districts, or other districts
within this state may, by any law now or hereafter enacted, be used
as security for the performance of any act or the deposit of any
public moneys, the bonds issued pursuant to this chapter may be so
used. The provisions of this chapter are in addition to all other
laws relating to legal investments and shall be controlling as the
latest expression of the Legislature with respect thereto.



26299.076.  Notwithstanding any other provision of law:
   (a) The agency and its revenues are exempt from all taxes on, or
measured by, income.
   (b) Bonds issued by the agency are exempt from all property
taxation, and the interest on the bonds is exempt from all taxes on
income.
   (c) All property owned by the agency is exempt from property
taxes, assessments, and other public charges secured by liens.




26299.077.  (a) Bonds issued pursuant to this chapter do not
constitute a debt or liability of the state or of any other public
agency, other than the county regional justice facilities financing
agency issuing the bonds, or a pledge of the faith and credit of the
state or of any other public agency, other than the issuing agency,
but shall be payable solely from the funds provided therefor. All of
the bonds shall contain on the face thereof a statement to the
following effect:
   "Neither the faith and credit nor the taxing power of the State of
California or any public agency, other than the ____ County Regional
Justice Facilities Financing Agency, is pledged to the payment of
the principal of or interest on this bond."
   (b) The issuance of bonds pursuant to this chapter does not in any
manner obligate the state or any other public agency thereof to
levy, or to pledge, any form of taxation therefor or to make any
appropriation for their payment.



26299.078.  Neither the members of the board of directors of the
agency, nor any person executing the bonds, are liable personally on
the bonds, or are subject to any personal liability or accountability
by reason of the issuance thereof.


26299.079.  Any action or proceeding wherein the validity of the
adoption of the retail transactions and use tax ordinance provided
for in this chapter or the issuance of any bonds thereunder or any of
the proceedings in relation thereto is contested, questioned, or
denied, shall be commenced pursuant to Chapter 9 (commencing with
Section 860) of Title 10 of Part 2 of the Code of Civil Procedure
within six months from the date of the election at which the
ordinance is approved. Otherwise, the bonds and all proceedings in
relation thereto, including the adoption and approval of the
ordinance and the retail transactions and use tax provided for
therein, shall be held to be valid and in every respect legal and
incontestable.



26299.080.  The county and each city within the county is authorized
to contribute to the agency such amounts as the county and each
city, in their discretion, deem appropriate. These amounts may be
used by the agency for any lawful purpose. The agency may commit to
repay all or any portion of the amounts contributed, together with
interest thereon at a rate not exceeding the interest rate specified
from time to time in Section 53531 of the Government Code, from any
lawful source, including, but not limited to, revenues derived from
the retail transactions and use tax which may be imposed pursuant to
this chapter.


26299.081.  The agency has no power to impose any tax other than the
transactions and use tax imposed upon approval of the voters in
accordance with this chapter.



26299.082.  It is the intent of the Legislature in enacting this
chapter to ensure that counties are not deprived of state funds which
might be made available to finance needed regional justice
facilities, including adult and juvenile detention facilities,
countywide law enforcement facilities, court facilities, other
structures necessary or convenient thereto, and prevention programs
subsequent to the enactment of this chapter, whether those funds be
provided by statute or constitutional amendment.



26299.083.  If any provision of this chapter or the application
thereof to any person or circumstance is held invalid, that
invalidity shall not affect other provisions or applications of the
chapter which can be given effect without the invalid provision or
application, and to this end the provisions of this chapter are
severable.