26400.50. This article applies only to the County of Orange and the
County of Sacramento and is in addition to any other authority
contained in this chapter.
26400.51. The board of supervisors may issue bonds pursuant to this
chapter 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 for
the promotion or accommodation of air commerce and air navigation.
These improvements, together with any existing or future airport
facilities of the county, as the board of supervisors may determine,
may be designated as a project for purposes of this chapter, and in
that event Section 26400.4 does not apply to the issuance of bonds
under this chapter.
26400.52. Bonds may be issued pursuant to this article under terms
and conditions that the board of supervisors determines to be
reasonable and without compliance with Section 26338, 26343, 26361,
26362, or 26389. Notwithstanding the noncompliance with Section
26361, the lease of all or any portion or portions of the project or
of any lands, improvements, concessions, facilities, or other
property comprising a part of the project, is subject to Article 8
(commencing with Section 25520) of Chapter 5. These bonds may bear
interest at such rate or rates and be made payable at such times as
the board of supervisors may determine, except that the maximum rate
of interest payable shall not exceed the maximum rate permitted for
bonds of the county by Section 53531 or any other applicable
provision of law. In the case of bonds bearing a variable interest
rate, the variable rate shall not on any day exceed the maximum rate
permitted for bonds of the county on that day by Section 53531 or any
other applicable provision of law, except that the variable interest
rate may on any day exceed that maximum rate if the interest paid on
the bonds from their date of issuance to that day does not exceed
the total interest which would have been permitted to be paid on the
bonds if the bonds had borne interest at all times from the date of
issuance to that day at the maximum rate permitted by Section 53531
or any other applicable provision of law.
Bonds issued pursuant to this article may be sold at public or
private sale at not less than 95 percent of the aggregate principal
amount 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 pledge
for the payment of any bonds issued pursuant to this article any real
or personal property other than the revenues and other income
received from the operation of or arising from the project, which
shall be pledged to the payment of the bonds.
Notwithstanding the fourth sentence of Section 26360 or Section
26397, the board of supervisors may provide in the resolution or
indenture authorizing the issuance of the bonds that any revenues and
other income received from the operation of or arising from the
project and remaining after provision has been made for the payment
of the principal of and interest on the bonds, the creation of any
reserves, and the payment of necessary and reasonable maintenance and
operation costs of the project, including, but not limited to, the
reasonable expenses of management, repair, and other expenses
necessary to maintain and preserve the project in good repair and
working order, may be used, subject to any limiting covenants in the
resolution or indenture, for any lawful purpose of the county.
The board may also provide in the resolution or indenture
authorizing issuance of the bonds that provisions for the payment of
reasonable and necessary costs of operation and maintenance for the
project may be made prior to providing for the payment of the bonds
and any reserves therefor.
26400.50. This article applies only to the County of Orange and the
County of Sacramento and is in addition to any other authority
contained in this chapter.
26400.51. The board of supervisors may issue bonds pursuant to this
chapter 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 for
the promotion or accommodation of air commerce and air navigation.
These improvements, together with any existing or future airport
facilities of the county, as the board of supervisors may determine,
may be designated as a project for purposes of this chapter, and in
that event Section 26400.4 does not apply to the issuance of bonds
under this chapter.
26400.52. Bonds may be issued pursuant to this article under terms
and conditions that the board of supervisors determines to be
reasonable and without compliance with Section 26338, 26343, 26361,
26362, or 26389. Notwithstanding the noncompliance with Section
26361, the lease of all or any portion or portions of the project or
of any lands, improvements, concessions, facilities, or other
property comprising a part of the project, is subject to Article 8
(commencing with Section 25520) of Chapter 5. These bonds may bear
interest at such rate or rates and be made payable at such times as
the board of supervisors may determine, except that the maximum rate
of interest payable shall not exceed the maximum rate permitted for
bonds of the county by Section 53531 or any other applicable
provision of law. In the case of bonds bearing a variable interest
rate, the variable rate shall not on any day exceed the maximum rate
permitted for bonds of the county on that day by Section 53531 or any
other applicable provision of law, except that the variable interest
rate may on any day exceed that maximum rate if the interest paid on
the bonds from their date of issuance to that day does not exceed
the total interest which would have been permitted to be paid on the
bonds if the bonds had borne interest at all times from the date of
issuance to that day at the maximum rate permitted by Section 53531
or any other applicable provision of law.
Bonds issued pursuant to this article may be sold at public or
private sale at not less than 95 percent of the aggregate principal
amount 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 pledge
for the payment of any bonds issued pursuant to this article any real
or personal property other than the revenues and other income
received from the operation of or arising from the project, which
shall be pledged to the payment of the bonds.
Notwithstanding the fourth sentence of Section 26360 or Section
26397, the board of supervisors may provide in the resolution or
indenture authorizing the issuance of the bonds that any revenues and
other income received from the operation of or arising from the
project and remaining after provision has been made for the payment
of the principal of and interest on the bonds, the creation of any
reserves, and the payment of necessary and reasonable maintenance and
operation costs of the project, including, but not limited to, the
reasonable expenses of management, repair, and other expenses
necessary to maintain and preserve the project in good repair and
working order, may be used, subject to any limiting covenants in the
resolution or indenture, for any lawful purpose of the county.
The board may also provide in the resolution or indenture
authorizing issuance of the bonds that provisions for the payment of
reasonable and necessary costs of operation and maintenance for the
project may be made prior to providing for the payment of the bonds
and any reserves therefor.
26400.50. This article applies only to the County of Orange and the
County of Sacramento and is in addition to any other authority
contained in this chapter.
26400.51. The board of supervisors may issue bonds pursuant to this
chapter 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 for
the promotion or accommodation of air commerce and air navigation.
These improvements, together with any existing or future airport
facilities of the county, as the board of supervisors may determine,
may be designated as a project for purposes of this chapter, and in
that event Section 26400.4 does not apply to the issuance of bonds
under this chapter.
26400.52. Bonds may be issued pursuant to this article under terms
and conditions that the board of supervisors determines to be
reasonable and without compliance with Section 26338, 26343, 26361,
26362, or 26389. Notwithstanding the noncompliance with Section
26361, the lease of all or any portion or portions of the project or
of any lands, improvements, concessions, facilities, or other
property comprising a part of the project, is subject to Article 8
(commencing with Section 25520) of Chapter 5. These bonds may bear
interest at such rate or rates and be made payable at such times as
the board of supervisors may determine, except that the maximum rate
of interest payable shall not exceed the maximum rate permitted for
bonds of the county by Section 53531 or any other applicable
provision of law. In the case of bonds bearing a variable interest
rate, the variable rate shall not on any day exceed the maximum rate
permitted for bonds of the county on that day by Section 53531 or any
other applicable provision of law, except that the variable interest
rate may on any day exceed that maximum rate if the interest paid on
the bonds from their date of issuance to that day does not exceed
the total interest which would have been permitted to be paid on the
bonds if the bonds had borne interest at all times from the date of
issuance to that day at the maximum rate permitted by Section 53531
or any other applicable provision of law.
Bonds issued pursuant to this article may be sold at public or
private sale at not less than 95 percent of the aggregate principal
amount 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 pledge
for the payment of any bonds issued pursuant to this article any real
or personal property other than the revenues and other income
received from the operation of or arising from the project, which
shall be pledged to the payment of the bonds.
Notwithstanding the fourth sentence of Section 26360 or Section
26397, the board of supervisors may provide in the resolution or
indenture authorizing the issuance of the bonds that any revenues and
other income received from the operation of or arising from the
project and remaining after provision has been made for the payment
of the principal of and interest on the bonds, the creation of any
reserves, and the payment of necessary and reasonable maintenance and
operation costs of the project, including, but not limited to, the
reasonable expenses of management, repair, and other expenses
necessary to maintain and preserve the project in good repair and
working order, may be used, subject to any limiting covenants in the
resolution or indenture, for any lawful purpose of the county.
The board may also provide in the resolution or indenture
authorizing issuance of the bonds that provisions for the payment of
reasonable and necessary costs of operation and maintenance for the
project may be made prior to providing for the payment of the bonds
and any reserves therefor.
