SECTIONS 26400.50-26400.53

26400.50.  This article applies only to the County of Orange and theCounty of Sacramento and is in addition to any other authoritycontained in this chapter.26400.51.  The board of supervisors may issue bonds pursuant to thischapter for the purpose of financing the acquisition, construction,maintenance, operation, improvement, and development of property,real and personal, including, but not limited to, buildings, grounds,facilities, utilities, and structures necessary or convenient forthe promotion or accommodation of air commerce and air navigation.These improvements, together with any existing or future airportfacilities of the county, as the board of supervisors may determine,may be designated as a project for purposes of this chapter, and inthat event Section 26400.4 does not apply to the issuance of bondsunder this chapter.26400.52.  Bonds may be issued pursuant to this article under termsand conditions that the board of supervisors determines to bereasonable and without compliance with Section 26338, 26343, 26361,26362, or 26389. Notwithstanding the noncompliance with Section26361, the lease of all or any portion or portions of the project orof any lands, improvements, concessions, facilities, or otherproperty comprising a part of the project, is subject to Article 8(commencing with Section 25520) of Chapter 5. These bonds may bearinterest at such rate or rates and be made payable at such times asthe board of supervisors may determine, except that the maximum rateof interest payable shall not exceed the maximum rate permitted forbonds of the county by Section 53531 or any other applicableprovision of law. In the case of bonds bearing a variable interestrate, the variable rate shall not on any day exceed the maximum ratepermitted for bonds of the county on that day by Section 53531 or anyother applicable provision of law, except that the variable interestrate may on any day exceed that maximum rate if the interest paid onthe bonds from their date of issuance to that day does not exceedthe total interest which would have been permitted to be paid on thebonds if the bonds had borne interest at all times from the date ofissuance to that day at the maximum rate permitted by Section 53531or any other applicable provision of law. Bonds issued pursuant to this article may be sold at public orprivate sale at not less than 95 percent of the aggregate principalamount of the bonds being sold.26400.53.  Notwithstanding the first two sentences of Section 26307,nothing in this chapter requires the board of supervisors to pledgefor the payment of any bonds issued pursuant to this article any realor personal property other than the revenues and other incomereceived from the operation of or arising from the project, whichshall be pledged to the payment of the bonds. Notwithstanding the fourth sentence of Section 26360 or Section26397, the board of supervisors may provide in the resolution orindenture authorizing the issuance of the bonds that any revenues andother income received from the operation of or arising from theproject and remaining after provision has been made for the paymentof the principal of and interest on the bonds, the creation of anyreserves, and the payment of necessary and reasonable maintenance andoperation costs of the project, including, but not limited to, thereasonable expenses of management, repair, and other expensesnecessary to maintain and preserve the project in good repair andworking order, may be used, subject to any limiting covenants in theresolution or indenture, for any lawful purpose of the county. The board may also provide in the resolution or indentureauthorizing issuance of the bonds that provisions for the payment ofreasonable and necessary costs of operation and maintenance for theproject may be made prior to providing for the payment of the bondsand any reserves therefor.