53506. (a) This article is full authority for the issuance of bonds
or refunding bonds by any city, county, city and county, school
district, community college district, or special district, secured by
the levy of ad valorem taxes, authorized in accordance with the
Constitution and, in the case of a chartered city, county, or city
and county, with the charter thereof, or in the case of a special
district, with the district's principal act.
(b) This article is intended to provide a complete additional and
alternative method for doing the things authorized by this article.
The powers conferred by this article are supplemental and additional
to the powers conferred by any other laws, and the limitations
imposed by this article do not affect the powers conferred by any
other law.
53506.5. This article shall be liberally construed to promote its
objectives. If inconsistent with any other law, this article shall be
controlling.
53507. As used in this article, the following terms shall have the
meanings assigned to them in this section.
(a) "Bonds" means bonds, notes, warrants, or other evidence of
indebtedness payable, both principal and interest, from the proceeds
of ad valorem taxes that may be levied without limitation as to rate
or amount upon property subject to taxation by the legislative body.
(b) "Issuer" means a city, county, city and county, school
district, community college district, or special district, secured by
the levy of ad valorem taxes, authorized to issue bonds pursuant to
this article.
(c) "Legislative body" means the governing body of the issuer.
53507.5. (a) The legislative body may, by resolution, provide for
the issuance of bonds pursuant to this article.
(b) The resolution shall state that the bonds are being issued
pursuant to this article.
53508. The resolution authorizing any bonds or any issue of bonds
may provide for any of the following:
(a) The form of the bonds to be issued as serial bonds, or sinking
fund bonds, with serial or term maturities, or any combination
thereof.
(b) The number of series in which the bonds are to be issued.
(c) The form of the bonds as coupon, registered, or book entry.
(d) The interest on the bonds, either fixed or variable, and the
interest rate or rates, payable at the times and in the manner
specified therein, and whether all or part of any series of the bonds
shall be issued as zero coupon or capital appreciation bonds;
provided, however, that under no conditions may the annual interest
rate, whether fixed or variable, exceed the maximum rate permitted by
Section 53531 or 53532.
(e) The time, medium, and place or places of payment.
(f) The time or times of maturity of the bonds, not exceeding 40
years from their respective dates.
(g) The date or dates to be borne by the bonds of each series.
(h) The denomination of the bonds.
(i) The registration and conversion privileges of the bonds.
(j) The manner in which the bonds are to be executed.
(k) The terms of redemption, with or without premium.
(l) Other terms and conditions of the bonds and of their
execution, issuance, and sale deemed necessary and appropriate by the
legislative body.
53508.3. (a) No bond shall be subject to mandatory tender for
purchase or redemption prior to its fixed maturity date unless it
contains a recital to that effect.
(b) Any bond protected by its terms or by the terms of this
section from mandatory tender for purchase or redemption prior to its
fixed maturity date or for a specified period of time after
issuance, may specify terms upon which the issuer may sell or
transfer its right to require the bond to be tendered for purchase or
redemption prior to its fixed maturity date.
53508.7. (a) The bonds shall be sold at a public or private sale
and at a price at, above, or below par, as the legislative body
determines.
(b) Any bonds sold at a discount below the par value of the bonds
shall be sold in compliance with the provisions of Section 53532.
(c) The private sale of bonds is limited to the sale of school
districts' and community college districts' bonds pursuant to
Sections 15140 or 15146 of the Education Code.
53508.9. (a) Notwithstanding Section 53508.7, a local agency may
sell bonds at a negotiated sale for a price at, above, or below par
value, as authorized by the legislative body, without further
approval, if the legislative body adopts a resolution before the
negotiated sale, as an agenda item at a public meeting, that includes
all of the following:
(1) Express approval of the negotiated method of sale.
(2) Statement of the reasons for selecting the negotiated method
of sale.
(3) Disclosure of the identity of the bond counsel.
(4) Disclosure of the identity of the bond underwriter and the
financial adviser, if used for the negotiated bond sale. If a bond
underwriter or financial adviser has not been selected at the time
the legislative body adopts the resolution, the legislative body
shall disclose the identity at the public meeting first occurring
after the bond underwriter or financial adviser has been selected.
(5) Estimate of the costs associated with the bond issuance.
(b) For purposes of this section, the following definitions shall
apply:
(1) "Legislative body" means the governing body of a local agency.
(2) "Local agency" means a city, county, city and county, and
special district. "Special district" means an agency of the state
formed for the performance of governmental or proprietary functions
within limited geographic boundaries, and shall not include a school
district or community college district.
53509. (a) Any bond issued under the authority of this article may
be refunded pursuant to this or any other applicable law. Any bond
may be refunded pursuant to this article regardless of whether the
bond or the legislation under which its issuance was authorized
explicitly provides that the bond may be refunded.
(b) Refunding bonds shall not be issued if the total net interest
cost to maturity on the refunding bonds plus the principal amount of
the refunding bonds exceeds the total net interest cost to maturity
on the bonds to be refunded plus the principal amount of the bonds to
be refunded. Subject to that limitation, the principal amount of the
refunding bonds may be more than, less than, or the same as the
principal amount of the bonds to be refunded.
53509.3. Nothing in this article shall limit the authority of the
legislative body to enter into any contract in connection with the
issuance of the bonds which it is permitted by Section 5922 to enter
into.
53509.5. After the sale of bonds issued under the authority of this
article, the legislative body shall do both of the following:
(a) Present actual cost information for the sale at its next
scheduled public meeting.
(b) Submit an itemized summary of the costs of the bond sale to
the California Debt and Investment Advisory Commission.
53506. (a) This article is full authority for the issuance of bonds
or refunding bonds by any city, county, city and county, school
district, community college district, or special district, secured by
the levy of ad valorem taxes, authorized in accordance with the
Constitution and, in the case of a chartered city, county, or city
and county, with the charter thereof, or in the case of a special
district, with the district's principal act.
(b) This article is intended to provide a complete additional and
alternative method for doing the things authorized by this article.
The powers conferred by this article are supplemental and additional
to the powers conferred by any other laws, and the limitations
imposed by this article do not affect the powers conferred by any
other law.
53506.5. This article shall be liberally construed to promote its
objectives. If inconsistent with any other law, this article shall be
controlling.
53507. As used in this article, the following terms shall have the
meanings assigned to them in this section.
(a) "Bonds" means bonds, notes, warrants, or other evidence of
indebtedness payable, both principal and interest, from the proceeds
of ad valorem taxes that may be levied without limitation as to rate
or amount upon property subject to taxation by the legislative body.
(b) "Issuer" means a city, county, city and county, school
district, community college district, or special district, secured by
the levy of ad valorem taxes, authorized to issue bonds pursuant to
this article.
(c) "Legislative body" means the governing body of the issuer.
53507.5. (a) The legislative body may, by resolution, provide for
the issuance of bonds pursuant to this article.
(b) The resolution shall state that the bonds are being issued
pursuant to this article.
53508. The resolution authorizing any bonds or any issue of bonds
may provide for any of the following:
(a) The form of the bonds to be issued as serial bonds, or sinking
fund bonds, with serial or term maturities, or any combination
thereof.
(b) The number of series in which the bonds are to be issued.
(c) The form of the bonds as coupon, registered, or book entry.
(d) The interest on the bonds, either fixed or variable, and the
interest rate or rates, payable at the times and in the manner
specified therein, and whether all or part of any series of the bonds
shall be issued as zero coupon or capital appreciation bonds;
provided, however, that under no conditions may the annual interest
rate, whether fixed or variable, exceed the maximum rate permitted by
Section 53531 or 53532.
(e) The time, medium, and place or places of payment.
(f) The time or times of maturity of the bonds, not exceeding 40
years from their respective dates.
(g) The date or dates to be borne by the bonds of each series.
(h) The denomination of the bonds.
(i) The registration and conversion privileges of the bonds.
(j) The manner in which the bonds are to be executed.
(k) The terms of redemption, with or without premium.
(l) Other terms and conditions of the bonds and of their
execution, issuance, and sale deemed necessary and appropriate by the
legislative body.
53508.3. (a) No bond shall be subject to mandatory tender for
purchase or redemption prior to its fixed maturity date unless it
contains a recital to that effect.
(b) Any bond protected by its terms or by the terms of this
section from mandatory tender for purchase or redemption prior to its
fixed maturity date or for a specified period of time after
issuance, may specify terms upon which the issuer may sell or
transfer its right to require the bond to be tendered for purchase or
redemption prior to its fixed maturity date.
53508.7. (a) The bonds shall be sold at a public or private sale
and at a price at, above, or below par, as the legislative body
determines.
(b) Any bonds sold at a discount below the par value of the bonds
shall be sold in compliance with the provisions of Section 53532.
(c) The private sale of bonds is limited to the sale of school
districts' and community college districts' bonds pursuant to
Sections 15140 or 15146 of the Education Code.
53508.9. (a) Notwithstanding Section 53508.7, a local agency may
sell bonds at a negotiated sale for a price at, above, or below par
value, as authorized by the legislative body, without further
approval, if the legislative body adopts a resolution before the
negotiated sale, as an agenda item at a public meeting, that includes
all of the following:
(1) Express approval of the negotiated method of sale.
(2) Statement of the reasons for selecting the negotiated method
of sale.
(3) Disclosure of the identity of the bond counsel.
(4) Disclosure of the identity of the bond underwriter and the
financial adviser, if used for the negotiated bond sale. If a bond
underwriter or financial adviser has not been selected at the time
the legislative body adopts the resolution, the legislative body
shall disclose the identity at the public meeting first occurring
after the bond underwriter or financial adviser has been selected.
(5) Estimate of the costs associated with the bond issuance.
(b) For purposes of this section, the following definitions shall
apply:
(1) "Legislative body" means the governing body of a local agency.
(2) "Local agency" means a city, county, city and county, and
special district. "Special district" means an agency of the state
formed for the performance of governmental or proprietary functions
within limited geographic boundaries, and shall not include a school
district or community college district.
53509. (a) Any bond issued under the authority of this article may
be refunded pursuant to this or any other applicable law. Any bond
may be refunded pursuant to this article regardless of whether the
bond or the legislation under which its issuance was authorized
explicitly provides that the bond may be refunded.
(b) Refunding bonds shall not be issued if the total net interest
cost to maturity on the refunding bonds plus the principal amount of
the refunding bonds exceeds the total net interest cost to maturity
on the bonds to be refunded plus the principal amount of the bonds to
be refunded. Subject to that limitation, the principal amount of the
refunding bonds may be more than, less than, or the same as the
principal amount of the bonds to be refunded.
53509.3. Nothing in this article shall limit the authority of the
legislative body to enter into any contract in connection with the
issuance of the bonds which it is permitted by Section 5922 to enter
into.
53509.5. After the sale of bonds issued under the authority of this
article, the legislative body shall do both of the following:
(a) Present actual cost information for the sale at its next
scheduled public meeting.
(b) Submit an itemized summary of the costs of the bond sale to
the California Debt and Investment Advisory Commission.
53506. (a) This article is full authority for the issuance of bonds
or refunding bonds by any city, county, city and county, school
district, community college district, or special district, secured by
the levy of ad valorem taxes, authorized in accordance with the
Constitution and, in the case of a chartered city, county, or city
and county, with the charter thereof, or in the case of a special
district, with the district's principal act.
(b) This article is intended to provide a complete additional and
alternative method for doing the things authorized by this article.
The powers conferred by this article are supplemental and additional
to the powers conferred by any other laws, and the limitations
imposed by this article do not affect the powers conferred by any
other law.
53506.5. This article shall be liberally construed to promote its
objectives. If inconsistent with any other law, this article shall be
controlling.
53507. As used in this article, the following terms shall have the
meanings assigned to them in this section.
(a) "Bonds" means bonds, notes, warrants, or other evidence of
indebtedness payable, both principal and interest, from the proceeds
of ad valorem taxes that may be levied without limitation as to rate
or amount upon property subject to taxation by the legislative body.
(b) "Issuer" means a city, county, city and county, school
district, community college district, or special district, secured by
the levy of ad valorem taxes, authorized to issue bonds pursuant to
this article.
(c) "Legislative body" means the governing body of the issuer.
53507.5. (a) The legislative body may, by resolution, provide for
the issuance of bonds pursuant to this article.
(b) The resolution shall state that the bonds are being issued
pursuant to this article.
53508. The resolution authorizing any bonds or any issue of bonds
may provide for any of the following:
(a) The form of the bonds to be issued as serial bonds, or sinking
fund bonds, with serial or term maturities, or any combination
thereof.
(b) The number of series in which the bonds are to be issued.
(c) The form of the bonds as coupon, registered, or book entry.
(d) The interest on the bonds, either fixed or variable, and the
interest rate or rates, payable at the times and in the manner
specified therein, and whether all or part of any series of the bonds
shall be issued as zero coupon or capital appreciation bonds;
provided, however, that under no conditions may the annual interest
rate, whether fixed or variable, exceed the maximum rate permitted by
Section 53531 or 53532.
(e) The time, medium, and place or places of payment.
(f) The time or times of maturity of the bonds, not exceeding 40
years from their respective dates.
(g) The date or dates to be borne by the bonds of each series.
(h) The denomination of the bonds.
(i) The registration and conversion privileges of the bonds.
(j) The manner in which the bonds are to be executed.
(k) The terms of redemption, with or without premium.
(l) Other terms and conditions of the bonds and of their
execution, issuance, and sale deemed necessary and appropriate by the
legislative body.
53508.3. (a) No bond shall be subject to mandatory tender for
purchase or redemption prior to its fixed maturity date unless it
contains a recital to that effect.
(b) Any bond protected by its terms or by the terms of this
section from mandatory tender for purchase or redemption prior to its
fixed maturity date or for a specified period of time after
issuance, may specify terms upon which the issuer may sell or
transfer its right to require the bond to be tendered for purchase or
redemption prior to its fixed maturity date.
53508.7. (a) The bonds shall be sold at a public or private sale
and at a price at, above, or below par, as the legislative body
determines.
(b) Any bonds sold at a discount below the par value of the bonds
shall be sold in compliance with the provisions of Section 53532.
(c) The private sale of bonds is limited to the sale of school
districts' and community college districts' bonds pursuant to
Sections 15140 or 15146 of the Education Code.
53508.9. (a) Notwithstanding Section 53508.7, a local agency may
sell bonds at a negotiated sale for a price at, above, or below par
value, as authorized by the legislative body, without further
approval, if the legislative body adopts a resolution before the
negotiated sale, as an agenda item at a public meeting, that includes
all of the following:
(1) Express approval of the negotiated method of sale.
(2) Statement of the reasons for selecting the negotiated method
of sale.
(3) Disclosure of the identity of the bond counsel.
(4) Disclosure of the identity of the bond underwriter and the
financial adviser, if used for the negotiated bond sale. If a bond
underwriter or financial adviser has not been selected at the time
the legislative body adopts the resolution, the legislative body
shall disclose the identity at the public meeting first occurring
after the bond underwriter or financial adviser has been selected.
(5) Estimate of the costs associated with the bond issuance.
(b) For purposes of this section, the following definitions shall
apply:
(1) "Legislative body" means the governing body of a local agency.
(2) "Local agency" means a city, county, city and county, and
special district. "Special district" means an agency of the state
formed for the performance of governmental or proprietary functions
within limited geographic boundaries, and shall not include a school
district or community college district.
53509. (a) Any bond issued under the authority of this article may
be refunded pursuant to this or any other applicable law. Any bond
may be refunded pursuant to this article regardless of whether the
bond or the legislation under which its issuance was authorized
explicitly provides that the bond may be refunded.
(b) Refunding bonds shall not be issued if the total net interest
cost to maturity on the refunding bonds plus the principal amount of
the refunding bonds exceeds the total net interest cost to maturity
on the bonds to be refunded plus the principal amount of the bonds to
be refunded. Subject to that limitation, the principal amount of the
refunding bonds may be more than, less than, or the same as the
principal amount of the bonds to be refunded.
53509.3. Nothing in this article shall limit the authority of the
legislative body to enter into any contract in connection with the
issuance of the bonds which it is permitted by Section 5922 to enter
into.
53509.5. After the sale of bonds issued under the authority of this
article, the legislative body shall do both of the following:
(a) Present actual cost information for the sale at its next
scheduled public meeting.
(b) Submit an itemized summary of the costs of the bond sale to
the California Debt and Investment Advisory Commission.
