66540.41. The authority shall prepare and implement annual
operating budgets for the operation of the San Francisco Bay Area
water transportation services system, associated terminals, and
related feeder transportation and support services.
66540.42. The authority shall set fares for travel on the water
transportation services system that it operates, and define and set
other fares and fees for services related to the water transportation
system.
66540.43. (a) The authority may issue bonds, from time to time,
payable from revenue of any facility or enterprise operated,
acquired, or constructed by the authority, for any of the purposes
authorized by this title in accordance with the Revenue Bond Law of
1941 (Chapter 6 (commencing with Section 54300) of Part 1 of Division
2 of Title 5), excluding Article 3 (commencing with Section 54380)
of Chapter 6 of Part 1 of Division 2 of Title 5 and the limitations
set forth in subdivision (b) of Section 54402 which shall not apply
to the issuance and sale of bonds pursuant to this section.
(b) The authority is a local agency within the meaning of Section
54307. The water transportation services system or any or all
facilities and all additions and improvements that the authority's
governing board authorizes to be acquired or constructed and any
purpose, operation, facility, system, improvement, or undertaking of
the authority from which revenues are derived or otherwise allocable,
which revenues are, or may by resolution or ordinance be, required
to be separately accounted for from other revenues of the authority,
shall constitute an enterprise within the meaning of Section 54309.
(c) The board shall authorize the issuance of bonds pursuant to
this section by resolution, which resolution shall be adopted by a
majority vote and shall specify all of the following:
(1) The purposes for which the bonds are to be issued, which may
include one or more purposes permitted by this title.
(2) The maximum principal amount of bonds.
(3) The maximum term of bonds.
(4) The maximum rate of interest, fixed or variable, to be payable
upon the bonds.
(5) The maximum discount or premium payable on sale of the bonds.
(d) For purposes of the issuance and sale of bonds pursuant to
this section, the following definitions shall be applicable to the
Revenue Bond Law of 1941:
(1) "Fiscal agent" means any fiscal agent, trustee, paying agent,
depository, or other fiduciary provided for in the resolution
providing the terms and conditions for the issuance of the bonds,
which fiscal agent may be located within or without the state.
(2) "Resolution" means, unless the context otherwise requires, the
instrument providing the terms and conditions for the issuance of
bonds, which instrument may be an indenture, trust agreement,
installment sale agreement, lease, ordinance, or other instrument in
writing.
(e) Each resolution shall provide for the issuance of bonds in the
amounts as may be necessary, until the full amount of bonds
authorized has been issued. The full amount of bonds may be divided
into two or more series with different dates of payment fixed for
bonds of each series. A bond need not mature on its anniversary date.
(f) The authority may issue refunding bonds to redeem or retire
any bonds issued by the authority upon the terms, at the times, and
in the manner which the authority's governing body determines by
resolution. Refunding bonds may be issued in a principal amount
sufficient to pay all, or any part of, the principal of the
outstanding bonds, the premium, if any due upon call redemption
thereof prior to maturity, all expenses of redemption, and either of
the following:
(1) 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
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
holders of the bonds.
(2) 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 holders of the bonds.
(g) The authority may enter into any liquidity or credit agreement
it may deem necessary in connection with the issuance of bonds
authorized by this section.
(h) This section provides a complete, additional, and alternative
method of performing the acts authorized by this article, and the
issuance of bonds, including refunding bonds, need not comply with
any other law applicable to borrowing or the issuance of bonds. Any
provision of the Revenue Bond Law of 1941 which is inconsistent with
this section or this title shall not be applicable.
(i) Nothing in this section prohibits the authority from availing
itself of any procedure provided in this article for the issuance of
bonds of any type or character for any of the authorized water
transportation facilities. All bond proceedings may be carried on
simultaneously or, in the alternative, as the authority may
determine.
66540.44. The authority may levy special benefit assessments
consistent with the requirements of Article XIII D of the California
Constitution for operating expenses and to finance capital
improvements, including, but not limited to, special benefit
assessments levied pursuant to any of the following:
(a) The Improvement Act of 1911 (Division 7 (commencing with
Section 5000) of the Streets and Highways Code).
(b) The Improvement Bond Act of 1915 (Division 15 (commencing with
Section 8500) of the Streets and Highways Code).
(c) The Municipal Improvement Act of 1913 (Division 12 (commencing
with Section 10000) of the Streets and Highways Code).
(d) The Landscaping and Lighting Act of 1972 (Part 2 (commencing
with Section 22500) of Division 15 of the Streets and Highways Code).
66540.45. The authority may borrow money in accordance with Article
7 (commencing with Section 53820) of, Article 7.6 (commencing with
Section 53850) of, or Article 7.7 (commencing with Section 53859) of,
Chapter 4 of Part 1 of Division 2 of Title 5.
66540.46. (a) The authority may borrow money in anticipation of the
sale of any bonds that have been authorized to be issued, but have
not been sold and delivered, and may issue negotiable bond
anticipation notes therefor, and may renew the bond anticipation
notes from time to time, but the maximum maturity of any bond
anticipation notes, including the renewals thereof, may not exceed
five years from the date of delivery of the original bond
anticipation notes. The bond anticipation notes may be paid from any
money of the authority available therefor and not otherwise pledged.
(b) If not previously otherwise paid, the bond anticipation notes
shall be paid from the proceeds of the next sale of the bonds of the
authority in anticipation of which they were issued. The bond
anticipation notes may not be issued in any amount in excess of the
aggregate amount of bonds that the authority has been authorized to
issue, less the amount of any bonds of the authorized issue
previously sold, and also less the amount of other bond anticipation
notes therefore issued and then outstanding. The bond anticipation
notes shall be issued and sold in the same manner as the bonds. The
bond anticipation notes and the resolution or resolutions authorizing
them may contain any provisions, conditions, or limitations that a
resolution of the authority authorizing the issuance of bonds may
contain.
(c) Exclusively for the purpose of securing financing or
refinancing for any of the purposes permitted by this title through
the issuance of bonds, notes, or other obligations, including
certificates of participation, by a joint powers authority, and,
notwithstanding any other provision contained in this title or any
other law, the authority may borrow money or purchase or lease
property from a joint powers authority and, in connection therewith,
may sell or lease property to the joint powers authority, in each
case at the interest rate or rates, maturity date or dates,
installment payment or rental provisions, security, pledge of
revenues and other assets, covenants to increase rates and charges,
default, remedy, and other terms or provisions as may be specified in
the installment sale, lease, loan, loan purchase, or other agreement
or agreements between the authority and the joint powers authority.
The authority may enter into any liquidity or credit agreement it may
deem necessary or appropriate in connection with any financing or
refinancing authorized by this section. This section provides a
complete, additional, and alternative method of performing the acts
authorized by this section, and the borrowing of money, incurring
indebtedness, sale, purchase, or lease of property from or to a joint
powers authority, and any agreement for liquidity or credit
enhancement entered into in connection therewith, pursuant to this
section, need not comply with the requirements of any other law
applicable to borrowing, incurring indebtedness, sale, purchase,
lease, or credit except for compliance with this section.
66540.47. The authority may bring an action to determine the
validity of any of its bonds, equipment trust certificates, warrants,
notes, or other evidences of indebtedness or any of its revenues,
rates, or charges pursuant to Chapter 9 (commencing with Section 860)
of Title 10 of Part 2 of the Code of Civil Procedure.
66540.48. (a) Notwithstanding any other provisions of this title or
any other law, the provisions of all ordinances, resolutions, and
other proceedings in the issuance by the authority of any bonds,
bonds with a pledge of revenues, bonds for improvement districts,
revenue bonds, equipment trust certificates, notes, or any and all
evidences of indebtedness or liability constitute a contract between
the authority and the holders of the bonds, equipment trust
certificates, notes, or evidences of indebtedness or liability, and
the provisions thereof are enforceable against the authority or any
or all of its successors or assigns, by mandamus or any other
appropriate suit, action, or proceeding in law or in equity in any
court of competent jurisdiction.
(b) Nothing in this title or in any other law shall be held to
relieve the authority or the territory included within it from any
bonded or other debt or liability contracted by the authority.
(c) Upon dissolution of the authority or upon withdrawal of
territory therefrom, that territory formerly included within the
authority, or withdrawn therefrom, shall continue to be liable for
the payment of all bonded and other indebtedness or liabilities
outstanding at the time of the dissolution or withdrawal as if the
authority had not been so dissolved nor the territory withdrawn
therefrom, and it shall be the duty of the successors or assigns to
provide for the payment of the bonded and other indebtedness and
liabilities.
(d) To the extent provided in the proceedings for the
authorization, issuance, and sale of any revenue bonds, bonds secured
by a pledge of revenues, or bonds for improvement districts secured
by a pledge of revenues, revenues of any kind or nature derived from
any revenue-producing improvements, works, facilities, or property
owned, operated, or controlled by the authority may be pledged,
charged, assigned, and have a lien thereon for the payment of the
bonds as long as the same are outstanding, regardless of any change
in ownership, operation, or control of the revenue-producing
improvements, works, facilities, or property and it shall, in any
later event or events, be the duty of the successors or assigns to
continue to maintain and operate the revenue-producing improvements,
works, facilities, or property as long as bonds are outstanding.
66540.49. The authority may apply for and receive grants from any
and all state and federal agencies.
66540.50. The authority may deposit or invest any moneys of the
authority in banks or financial institutions in the state in
accordance with state law.
66540.51. The authority may insure against any accident to or
destruction of the public transportation ferry system or any part
thereof.
66540.52. The authority may insure against loss of revenues from
any cause whatsoever.
66540.53. The authority may insure against public liability or
property damage, or both. It may provide in the proceedings
authorizing the issuance of any bonds for the carrying of such or any
other insurance, in such amount and of such character as may be
specified, and for the payment of the premiums thereon.
66540.54. (a) The authority shall maintain accounting records and
shall report accounting transactions in accordance with generally
accepted accounting principles as adopted by the Governmental
Accounting Standards Board (GASB) of the Financial Accounting
Foundation for both public reporting purposes and for reporting of
activities to the Controller.
(b) The authority shall contract with an independent certified
public accountant for an annual audit of the financial records,
books, and performance of the authority. The accountant shall submit
a report of the audit to the board and the board shall make copies of
the report available to the public and the appropriate policy and
fiscal committees of the Legislature.
66540.41. The authority shall prepare and implement annual
operating budgets for the operation of the San Francisco Bay Area
water transportation services system, associated terminals, and
related feeder transportation and support services.
66540.42. The authority shall set fares for travel on the water
transportation services system that it operates, and define and set
other fares and fees for services related to the water transportation
system.
66540.43. (a) The authority may issue bonds, from time to time,
payable from revenue of any facility or enterprise operated,
acquired, or constructed by the authority, for any of the purposes
authorized by this title in accordance with the Revenue Bond Law of
1941 (Chapter 6 (commencing with Section 54300) of Part 1 of Division
2 of Title 5), excluding Article 3 (commencing with Section 54380)
of Chapter 6 of Part 1 of Division 2 of Title 5 and the limitations
set forth in subdivision (b) of Section 54402 which shall not apply
to the issuance and sale of bonds pursuant to this section.
(b) The authority is a local agency within the meaning of Section
54307. The water transportation services system or any or all
facilities and all additions and improvements that the authority's
governing board authorizes to be acquired or constructed and any
purpose, operation, facility, system, improvement, or undertaking of
the authority from which revenues are derived or otherwise allocable,
which revenues are, or may by resolution or ordinance be, required
to be separately accounted for from other revenues of the authority,
shall constitute an enterprise within the meaning of Section 54309.
(c) The board shall authorize the issuance of bonds pursuant to
this section by resolution, which resolution shall be adopted by a
majority vote and shall specify all of the following:
(1) The purposes for which the bonds are to be issued, which may
include one or more purposes permitted by this title.
(2) The maximum principal amount of bonds.
(3) The maximum term of bonds.
(4) The maximum rate of interest, fixed or variable, to be payable
upon the bonds.
(5) The maximum discount or premium payable on sale of the bonds.
(d) For purposes of the issuance and sale of bonds pursuant to
this section, the following definitions shall be applicable to the
Revenue Bond Law of 1941:
(1) "Fiscal agent" means any fiscal agent, trustee, paying agent,
depository, or other fiduciary provided for in the resolution
providing the terms and conditions for the issuance of the bonds,
which fiscal agent may be located within or without the state.
(2) "Resolution" means, unless the context otherwise requires, the
instrument providing the terms and conditions for the issuance of
bonds, which instrument may be an indenture, trust agreement,
installment sale agreement, lease, ordinance, or other instrument in
writing.
(e) Each resolution shall provide for the issuance of bonds in the
amounts as may be necessary, until the full amount of bonds
authorized has been issued. The full amount of bonds may be divided
into two or more series with different dates of payment fixed for
bonds of each series. A bond need not mature on its anniversary date.
(f) The authority may issue refunding bonds to redeem or retire
any bonds issued by the authority upon the terms, at the times, and
in the manner which the authority's governing body determines by
resolution. Refunding bonds may be issued in a principal amount
sufficient to pay all, or any part of, the principal of the
outstanding bonds, the premium, if any due upon call redemption
thereof prior to maturity, all expenses of redemption, and either of
the following:
(1) 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
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
holders of the bonds.
(2) 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 holders of the bonds.
(g) The authority may enter into any liquidity or credit agreement
it may deem necessary in connection with the issuance of bonds
authorized by this section.
(h) This section provides a complete, additional, and alternative
method of performing the acts authorized by this article, and the
issuance of bonds, including refunding bonds, need not comply with
any other law applicable to borrowing or the issuance of bonds. Any
provision of the Revenue Bond Law of 1941 which is inconsistent with
this section or this title shall not be applicable.
(i) Nothing in this section prohibits the authority from availing
itself of any procedure provided in this article for the issuance of
bonds of any type or character for any of the authorized water
transportation facilities. All bond proceedings may be carried on
simultaneously or, in the alternative, as the authority may
determine.
66540.44. The authority may levy special benefit assessments
consistent with the requirements of Article XIII D of the California
Constitution for operating expenses and to finance capital
improvements, including, but not limited to, special benefit
assessments levied pursuant to any of the following:
(a) The Improvement Act of 1911 (Division 7 (commencing with
Section 5000) of the Streets and Highways Code).
(b) The Improvement Bond Act of 1915 (Division 15 (commencing with
Section 8500) of the Streets and Highways Code).
(c) The Municipal Improvement Act of 1913 (Division 12 (commencing
with Section 10000) of the Streets and Highways Code).
(d) The Landscaping and Lighting Act of 1972 (Part 2 (commencing
with Section 22500) of Division 15 of the Streets and Highways Code).
66540.45. The authority may borrow money in accordance with Article
7 (commencing with Section 53820) of, Article 7.6 (commencing with
Section 53850) of, or Article 7.7 (commencing with Section 53859) of,
Chapter 4 of Part 1 of Division 2 of Title 5.
66540.46. (a) The authority may borrow money in anticipation of the
sale of any bonds that have been authorized to be issued, but have
not been sold and delivered, and may issue negotiable bond
anticipation notes therefor, and may renew the bond anticipation
notes from time to time, but the maximum maturity of any bond
anticipation notes, including the renewals thereof, may not exceed
five years from the date of delivery of the original bond
anticipation notes. The bond anticipation notes may be paid from any
money of the authority available therefor and not otherwise pledged.
(b) If not previously otherwise paid, the bond anticipation notes
shall be paid from the proceeds of the next sale of the bonds of the
authority in anticipation of which they were issued. The bond
anticipation notes may not be issued in any amount in excess of the
aggregate amount of bonds that the authority has been authorized to
issue, less the amount of any bonds of the authorized issue
previously sold, and also less the amount of other bond anticipation
notes therefore issued and then outstanding. The bond anticipation
notes shall be issued and sold in the same manner as the bonds. The
bond anticipation notes and the resolution or resolutions authorizing
them may contain any provisions, conditions, or limitations that a
resolution of the authority authorizing the issuance of bonds may
contain.
(c) Exclusively for the purpose of securing financing or
refinancing for any of the purposes permitted by this title through
the issuance of bonds, notes, or other obligations, including
certificates of participation, by a joint powers authority, and,
notwithstanding any other provision contained in this title or any
other law, the authority may borrow money or purchase or lease
property from a joint powers authority and, in connection therewith,
may sell or lease property to the joint powers authority, in each
case at the interest rate or rates, maturity date or dates,
installment payment or rental provisions, security, pledge of
revenues and other assets, covenants to increase rates and charges,
default, remedy, and other terms or provisions as may be specified in
the installment sale, lease, loan, loan purchase, or other agreement
or agreements between the authority and the joint powers authority.
The authority may enter into any liquidity or credit agreement it may
deem necessary or appropriate in connection with any financing or
refinancing authorized by this section. This section provides a
complete, additional, and alternative method of performing the acts
authorized by this section, and the borrowing of money, incurring
indebtedness, sale, purchase, or lease of property from or to a joint
powers authority, and any agreement for liquidity or credit
enhancement entered into in connection therewith, pursuant to this
section, need not comply with the requirements of any other law
applicable to borrowing, incurring indebtedness, sale, purchase,
lease, or credit except for compliance with this section.
66540.47. The authority may bring an action to determine the
validity of any of its bonds, equipment trust certificates, warrants,
notes, or other evidences of indebtedness or any of its revenues,
rates, or charges pursuant to Chapter 9 (commencing with Section 860)
of Title 10 of Part 2 of the Code of Civil Procedure.
66540.48. (a) Notwithstanding any other provisions of this title or
any other law, the provisions of all ordinances, resolutions, and
other proceedings in the issuance by the authority of any bonds,
bonds with a pledge of revenues, bonds for improvement districts,
revenue bonds, equipment trust certificates, notes, or any and all
evidences of indebtedness or liability constitute a contract between
the authority and the holders of the bonds, equipment trust
certificates, notes, or evidences of indebtedness or liability, and
the provisions thereof are enforceable against the authority or any
or all of its successors or assigns, by mandamus or any other
appropriate suit, action, or proceeding in law or in equity in any
court of competent jurisdiction.
(b) Nothing in this title or in any other law shall be held to
relieve the authority or the territory included within it from any
bonded or other debt or liability contracted by the authority.
(c) Upon dissolution of the authority or upon withdrawal of
territory therefrom, that territory formerly included within the
authority, or withdrawn therefrom, shall continue to be liable for
the payment of all bonded and other indebtedness or liabilities
outstanding at the time of the dissolution or withdrawal as if the
authority had not been so dissolved nor the territory withdrawn
therefrom, and it shall be the duty of the successors or assigns to
provide for the payment of the bonded and other indebtedness and
liabilities.
(d) To the extent provided in the proceedings for the
authorization, issuance, and sale of any revenue bonds, bonds secured
by a pledge of revenues, or bonds for improvement districts secured
by a pledge of revenues, revenues of any kind or nature derived from
any revenue-producing improvements, works, facilities, or property
owned, operated, or controlled by the authority may be pledged,
charged, assigned, and have a lien thereon for the payment of the
bonds as long as the same are outstanding, regardless of any change
in ownership, operation, or control of the revenue-producing
improvements, works, facilities, or property and it shall, in any
later event or events, be the duty of the successors or assigns to
continue to maintain and operate the revenue-producing improvements,
works, facilities, or property as long as bonds are outstanding.
66540.49. The authority may apply for and receive grants from any
and all state and federal agencies.
66540.50. The authority may deposit or invest any moneys of the
authority in banks or financial institutions in the state in
accordance with state law.
66540.51. The authority may insure against any accident to or
destruction of the public transportation ferry system or any part
thereof.
66540.52. The authority may insure against loss of revenues from
any cause whatsoever.
66540.53. The authority may insure against public liability or
property damage, or both. It may provide in the proceedings
authorizing the issuance of any bonds for the carrying of such or any
other insurance, in such amount and of such character as may be
specified, and for the payment of the premiums thereon.
66540.54. (a) The authority shall maintain accounting records and
shall report accounting transactions in accordance with generally
accepted accounting principles as adopted by the Governmental
Accounting Standards Board (GASB) of the Financial Accounting
Foundation for both public reporting purposes and for reporting of
activities to the Controller.
(b) The authority shall contract with an independent certified
public accountant for an annual audit of the financial records,
books, and performance of the authority. The accountant shall submit
a report of the audit to the board and the board shall make copies of
the report available to the public and the appropriate policy and
fiscal committees of the Legislature.
66540.41. The authority shall prepare and implement annual
operating budgets for the operation of the San Francisco Bay Area
water transportation services system, associated terminals, and
related feeder transportation and support services.
66540.42. The authority shall set fares for travel on the water
transportation services system that it operates, and define and set
other fares and fees for services related to the water transportation
system.
66540.43. (a) The authority may issue bonds, from time to time,
payable from revenue of any facility or enterprise operated,
acquired, or constructed by the authority, for any of the purposes
authorized by this title in accordance with the Revenue Bond Law of
1941 (Chapter 6 (commencing with Section 54300) of Part 1 of Division
2 of Title 5), excluding Article 3 (commencing with Section 54380)
of Chapter 6 of Part 1 of Division 2 of Title 5 and the limitations
set forth in subdivision (b) of Section 54402 which shall not apply
to the issuance and sale of bonds pursuant to this section.
(b) The authority is a local agency within the meaning of Section
54307. The water transportation services system or any or all
facilities and all additions and improvements that the authority's
governing board authorizes to be acquired or constructed and any
purpose, operation, facility, system, improvement, or undertaking of
the authority from which revenues are derived or otherwise allocable,
which revenues are, or may by resolution or ordinance be, required
to be separately accounted for from other revenues of the authority,
shall constitute an enterprise within the meaning of Section 54309.
(c) The board shall authorize the issuance of bonds pursuant to
this section by resolution, which resolution shall be adopted by a
majority vote and shall specify all of the following:
(1) The purposes for which the bonds are to be issued, which may
include one or more purposes permitted by this title.
(2) The maximum principal amount of bonds.
(3) The maximum term of bonds.
(4) The maximum rate of interest, fixed or variable, to be payable
upon the bonds.
(5) The maximum discount or premium payable on sale of the bonds.
(d) For purposes of the issuance and sale of bonds pursuant to
this section, the following definitions shall be applicable to the
Revenue Bond Law of 1941:
(1) "Fiscal agent" means any fiscal agent, trustee, paying agent,
depository, or other fiduciary provided for in the resolution
providing the terms and conditions for the issuance of the bonds,
which fiscal agent may be located within or without the state.
(2) "Resolution" means, unless the context otherwise requires, the
instrument providing the terms and conditions for the issuance of
bonds, which instrument may be an indenture, trust agreement,
installment sale agreement, lease, ordinance, or other instrument in
writing.
(e) Each resolution shall provide for the issuance of bonds in the
amounts as may be necessary, until the full amount of bonds
authorized has been issued. The full amount of bonds may be divided
into two or more series with different dates of payment fixed for
bonds of each series. A bond need not mature on its anniversary date.
(f) The authority may issue refunding bonds to redeem or retire
any bonds issued by the authority upon the terms, at the times, and
in the manner which the authority's governing body determines by
resolution. Refunding bonds may be issued in a principal amount
sufficient to pay all, or any part of, the principal of the
outstanding bonds, the premium, if any due upon call redemption
thereof prior to maturity, all expenses of redemption, and either of
the following:
(1) 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
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
holders of the bonds.
(2) 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 holders of the bonds.
(g) The authority may enter into any liquidity or credit agreement
it may deem necessary in connection with the issuance of bonds
authorized by this section.
(h) This section provides a complete, additional, and alternative
method of performing the acts authorized by this article, and the
issuance of bonds, including refunding bonds, need not comply with
any other law applicable to borrowing or the issuance of bonds. Any
provision of the Revenue Bond Law of 1941 which is inconsistent with
this section or this title shall not be applicable.
(i) Nothing in this section prohibits the authority from availing
itself of any procedure provided in this article for the issuance of
bonds of any type or character for any of the authorized water
transportation facilities. All bond proceedings may be carried on
simultaneously or, in the alternative, as the authority may
determine.
66540.44. The authority may levy special benefit assessments
consistent with the requirements of Article XIII D of the California
Constitution for operating expenses and to finance capital
improvements, including, but not limited to, special benefit
assessments levied pursuant to any of the following:
(a) The Improvement Act of 1911 (Division 7 (commencing with
Section 5000) of the Streets and Highways Code).
(b) The Improvement Bond Act of 1915 (Division 15 (commencing with
Section 8500) of the Streets and Highways Code).
(c) The Municipal Improvement Act of 1913 (Division 12 (commencing
with Section 10000) of the Streets and Highways Code).
(d) The Landscaping and Lighting Act of 1972 (Part 2 (commencing
with Section 22500) of Division 15 of the Streets and Highways Code).
66540.45. The authority may borrow money in accordance with Article
7 (commencing with Section 53820) of, Article 7.6 (commencing with
Section 53850) of, or Article 7.7 (commencing with Section 53859) of,
Chapter 4 of Part 1 of Division 2 of Title 5.
66540.46. (a) The authority may borrow money in anticipation of the
sale of any bonds that have been authorized to be issued, but have
not been sold and delivered, and may issue negotiable bond
anticipation notes therefor, and may renew the bond anticipation
notes from time to time, but the maximum maturity of any bond
anticipation notes, including the renewals thereof, may not exceed
five years from the date of delivery of the original bond
anticipation notes. The bond anticipation notes may be paid from any
money of the authority available therefor and not otherwise pledged.
(b) If not previously otherwise paid, the bond anticipation notes
shall be paid from the proceeds of the next sale of the bonds of the
authority in anticipation of which they were issued. The bond
anticipation notes may not be issued in any amount in excess of the
aggregate amount of bonds that the authority has been authorized to
issue, less the amount of any bonds of the authorized issue
previously sold, and also less the amount of other bond anticipation
notes therefore issued and then outstanding. The bond anticipation
notes shall be issued and sold in the same manner as the bonds. The
bond anticipation notes and the resolution or resolutions authorizing
them may contain any provisions, conditions, or limitations that a
resolution of the authority authorizing the issuance of bonds may
contain.
(c) Exclusively for the purpose of securing financing or
refinancing for any of the purposes permitted by this title through
the issuance of bonds, notes, or other obligations, including
certificates of participation, by a joint powers authority, and,
notwithstanding any other provision contained in this title or any
other law, the authority may borrow money or purchase or lease
property from a joint powers authority and, in connection therewith,
may sell or lease property to the joint powers authority, in each
case at the interest rate or rates, maturity date or dates,
installment payment or rental provisions, security, pledge of
revenues and other assets, covenants to increase rates and charges,
default, remedy, and other terms or provisions as may be specified in
the installment sale, lease, loan, loan purchase, or other agreement
or agreements between the authority and the joint powers authority.
The authority may enter into any liquidity or credit agreement it may
deem necessary or appropriate in connection with any financing or
refinancing authorized by this section. This section provides a
complete, additional, and alternative method of performing the acts
authorized by this section, and the borrowing of money, incurring
indebtedness, sale, purchase, or lease of property from or to a joint
powers authority, and any agreement for liquidity or credit
enhancement entered into in connection therewith, pursuant to this
section, need not comply with the requirements of any other law
applicable to borrowing, incurring indebtedness, sale, purchase,
lease, or credit except for compliance with this section.
66540.47. The authority may bring an action to determine the
validity of any of its bonds, equipment trust certificates, warrants,
notes, or other evidences of indebtedness or any of its revenues,
rates, or charges pursuant to Chapter 9 (commencing with Section 860)
of Title 10 of Part 2 of the Code of Civil Procedure.
66540.48. (a) Notwithstanding any other provisions of this title or
any other law, the provisions of all ordinances, resolutions, and
other proceedings in the issuance by the authority of any bonds,
bonds with a pledge of revenues, bonds for improvement districts,
revenue bonds, equipment trust certificates, notes, or any and all
evidences of indebtedness or liability constitute a contract between
the authority and the holders of the bonds, equipment trust
certificates, notes, or evidences of indebtedness or liability, and
the provisions thereof are enforceable against the authority or any
or all of its successors or assigns, by mandamus or any other
appropriate suit, action, or proceeding in law or in equity in any
court of competent jurisdiction.
(b) Nothing in this title or in any other law shall be held to
relieve the authority or the territory included within it from any
bonded or other debt or liability contracted by the authority.
(c) Upon dissolution of the authority or upon withdrawal of
territory therefrom, that territory formerly included within the
authority, or withdrawn therefrom, shall continue to be liable for
the payment of all bonded and other indebtedness or liabilities
outstanding at the time of the dissolution or withdrawal as if the
authority had not been so dissolved nor the territory withdrawn
therefrom, and it shall be the duty of the successors or assigns to
provide for the payment of the bonded and other indebtedness and
liabilities.
(d) To the extent provided in the proceedings for the
authorization, issuance, and sale of any revenue bonds, bonds secured
by a pledge of revenues, or bonds for improvement districts secured
by a pledge of revenues, revenues of any kind or nature derived from
any revenue-producing improvements, works, facilities, or property
owned, operated, or controlled by the authority may be pledged,
charged, assigned, and have a lien thereon for the payment of the
bonds as long as the same are outstanding, regardless of any change
in ownership, operation, or control of the revenue-producing
improvements, works, facilities, or property and it shall, in any
later event or events, be the duty of the successors or assigns to
continue to maintain and operate the revenue-producing improvements,
works, facilities, or property as long as bonds are outstanding.
66540.49. The authority may apply for and receive grants from any
and all state and federal agencies.
66540.50. The authority may deposit or invest any moneys of the
authority in banks or financial institutions in the state in
accordance with state law.
66540.51. The authority may insure against any accident to or
destruction of the public transportation ferry system or any part
thereof.
66540.52. The authority may insure against loss of revenues from
any cause whatsoever.
66540.53. The authority may insure against public liability or
property damage, or both. It may provide in the proceedings
authorizing the issuance of any bonds for the carrying of such or any
other insurance, in such amount and of such character as may be
specified, and for the payment of the premiums thereon.
66540.54. (a) The authority shall maintain accounting records and
shall report accounting transactions in accordance with generally
accepted accounting principles as adopted by the Governmental
Accounting Standards Board (GASB) of the Financial Accounting
Foundation for both public reporting purposes and for reporting of
activities to the Controller.
(b) The authority shall contract with an independent certified
public accountant for an annual audit of the financial records,
books, and performance of the authority. The accountant shall submit
a report of the audit to the board and the board shall make copies of
the report available to the public and the appropriate policy and
fiscal committees of the Legislature.
