SECTIONS 30700-30706

30700.  The district may issue any bonds, borrow money and incurindebtedness as authorized by law or in this part provided.30701.  The district may accept contributions or loans from theUnited States, or any department, instrumentality, or agency thereof,for the purpose of financing the acquisition, construction,development, joint development, maintenance, and operation of transitfacilities, and may enter into contracts and cooperate with, andaccept cooperation from, the United States, or any department,instrumentality, or agency thereof, in the acquisition, construction,development, joint development, maintenance, and operation of anytransit facilities in accordance with any legislation which Congressmay have adopted or may hereafter adopt, under which aid, assistance,and cooperation may be furnished by the United States in theacquisition, construction, development, joint development,maintenance, and operation or in financing the acquisition,construction, development, joint development, maintenance, andoperation of any transit facilities. The district may do any and allthings necessary, within the limitations imposed by this part or byany indebtedness created pursuant to this part, in order to availitself of the aid, assistance, and cooperation under any federallegislation now or hereafter enacted. Any bonds, notes, equipmenttrust certificates, or like evidences of indebtedness issued for apurpose authorized by this section shall be issued in accordance withChapter 7 (commencing with Section 30900).30702.  The district may cooperate with and enter into agreementswith the State of California or any public agency for theacquisition, construction, development, joint development,completion, maintenance, operation, or repair, joint or otherwise,and in whole or in part, of transit facilities. In connection withany such cooperation or contract, the state or any public agency maymake public contributions to the district as in the judgment of theLegislature, or the governing board of the agency, are necessary orproper for its undertaking, and the district may reimburse the stateor public agency for any advance or contribution from the proceeds ofthe sale of bonds or any other funds available to the district. Thestate or any public agency may also authorize, aid, and assist thedistrict to carry out any activity which the state or public agencyis authorized to perform and carry out on its own behalf. Any bonds,notes, equipment trust certificates, or like evidences ofindebtedness issued for a purpose authorized by this section shall beissued in accordance with Chapter 7 (commencing with Section 30900).30703.  The district may accept contributions or loans from theState of California or any public agency, for the purpose ofplanning, acquiring, constructing, developing, jointly developing,operating, or maintaining a rapid transit system, including, withoutlimitation, the payment of principal and interest and providingsecurity funds for bonds or notes of the district issued for any ofthose purposes, and may enter into contracts and cooperate with, andaccept cooperation from, the state or any public agency therefor. Thedistrict is a public rapid transit district, rapid transit district,or any other type of public agency which is authorized by any otherlaw to receive those contributions, loans, or cooperation, including,without limitation, Sections 11005.1 and 11104 of the Revenue andTaxation Code. The district may do any and all things necessary,within the limitations imposed by this part or by any indebtednesscreated pursuant to this part, in order to avail itself of thosecontributions, loans, or cooperation.30703.1.  The district may make an irrevocable pledge or contract inconnection with the payment of the principal and the interest,sinking or reserve funds, or other obligation of any bondedindebtedness created under this part of any transit funds or othercontinuing or annual appropriations, contributions, grants, or loansby the United States or any department, instrumentality, or agencythereof, the State of California, a county, a city, or any otherpublic agency, or any other individual or entity, public or private,pursuant to law or this article. The irrevocability of any pledge orcontract hereunder shall be binding on the district to the fullextent authorized or permitted by the laws governing or applicable tothe source of those transit funds, appropriations, contributions,grants, or loans, or by this article. This article shall include, butnot be limited to, appropriations or other funds authorized orallocated under Chapter 138 of the Statutes of 1964, FirstExtraordinary Session, and Chapter 155 of the Statutes of 1966, FirstExtraordinary Session, or as they may hereafter be amended. No transit funds, appropriations, contributions, grants, or loansreceived by the district shall be pledged or by contract be obligatedto the payment of any district bonded indebtedness or the principal,interest, sinking or reserve fund payments of that indebtednessunless the pledge or contract is authorized or permitted by the lawsgoverning or applicable to those transit funds, appropriations,contributions, grants, or loans including any official action thatmay be required of any federal, state, local, or public agency, orany other individual or entity, public or private, and, in the caseof incurring indebtedness by the issuance of bonds, the propositionhas been approved by 60 percent of those qualified electors of thedistrict voting on the proposition to create the indebtedness at anelection called for that purpose pursuant to this part. A vote infavor of the issuance of the bonds shall authorize the use of thosetransit funds, appropriations, contributions, grants, or loans forthose purposes and no other or further elections need be held toauthorize the board to collect or provide for the collection of andto make that use of those funds or moneys. The authority to use thosefunds or moneys shall continue until the bonds and the interestthereon are paid or until a fund sufficient for the payment thereofor of the redemption thereof prior to maturity, with any premiumsrequired therefor, has been created and set aside for that purpose. "Transit funds," as used in this part, means any funds or moneyspayable to or received by the district from any California transitfunds or any funds which the United States or any department,instrumentality, or agency thereof, the State of California, acounty, a city, or any other public agency, or any other individualor entity, public or private, has or is authorized by any law or byofficial action thereunder to appropriate, contribute, grant, or loanto the district to be used for the payment of any indebtedness,including, but not limited to, any bonded indebtedness of thedistrict in accordance with this part or any other law.30703.2.  To the extent permitted by the law governing the source ofany transit funds, appropriations, contributions, grants or loansreceived pursuant to this article or under any other law orotherwise, such funds or moneys may also be used to pay constructioncosts directly and reduce expenditures to be financed from bonds ofthe district, and in such event, the total amount of the bondsapproved by the voters may be reduced to the extent that such transitfunds, appropriations, contributions, grants or loans are so applieddirectly to construction costs.30704.  The district shall not incur an indebtedness which exceedsin the aggregate 15 percent of the assessed value of all real andpersonal property in the district. Within the meaning of thissection, "indebtedness" includes, without limitation, any and allforms thereof which the district is authorized to issue by this partor by any other law.30705.  The district may also refund any indebtedness as provided inthis part or in any other applicable law. The board may provide forthe issuance, sale or exchange of refunding bonds to redeem or retireany bonds issued by the district upon the terms, at the times and inthe manner which it determines. Refunding bonds may be issued in aprincipal amount sufficient to pay all or any part of the principalof any bonds outstanding, the interest thereon and the premiums, ifany, due upon call and redemption thereof prior to maturity and allexpenses of such refunding. The provisions of this part for issuanceand sale of any bonds apply to the issuance and sale of suchrefunding bonds; except that (i) the issuance of refunding bondsshall be approved by 60 percent of the votes cast by the qualifiedelectors of the distict voting at an election called and held forthat purpose except that an election is not required if the refundingis by the same type of bonds and payable from the same sources, and(ii) when refunding bonds are to be exchanged for any bondsoutstanding the methods of exchange shall be as determined by theboard.30706.  Unless the context otherwise requires, the definitions ofthe following terms shall apply to indebtedness under this part: (a) "Any bond" or "any bonded indebtedness" means bonds orindebtedness of any kind or nature issued or authorized,respectively, pursuant to Chapter 7 (commencing with Section 30900). (b) "Bond" means the bond authorized pursuant to Article 1(commencing with Section 30900) of Chapter 7. (c) "Limited tax bond" means the bond issued pursuant to Article1.5 (commencing with Section 30920) of Chapter 7. (d) "Revenue bond" means the bond issued pursuant to Article 2(commencing with Section 30930) of Chapter 7. (e) "Improvement district bond" means the bond issued pursuant toArticle 5 (commencing with Section 30960) of Chapter 7. (f) "Revenues" means any funds of the district, including transitfunds other than property taxes levied under Section 30802 andspecial taxes levied under Section 30820.