37640. (a) A local agency may issue its negotiable bonds or notes
for the purpose of financing historical rehabilitation, including the
rehabilitation of (1) single properties for single participating
parties, (2) a series of properties for a single participating party,
(3) single properties for several participating parties, or (4)
several properties for several participating parties. In anticipation
of the sale of such bonds, the local agency may issue negotiable
bond anticipation notes and may renew such notes from time to time.
Bond anticipation notes may be paid from the proceeds of sale of the
bonds of the local agency in anticipation of which they were issued.
Bond anticipation notes and agreements relating thereto and the
resolution or resolutions authorizing such notes and agreements may
contain any provisions, conditions, or limitations which a bond,
agreement relating thereto, or bond resolution of the local agency
may contain except that any such note or renewal thereof shall mature
at a time not later than two years from the date of the issuance of
the original note.
(b) Every issue of its bonds shall be a special obligation of the
local agency payable from all or any part of the revenues specified
in this part. The bonds shall be negotiable instruments for all
purposes, subject only to the provisions of such bonds for
registration.
37641. The bonds may be issued as serial bonds or as term bonds, or
the local agency, in its discretion, may issue bonds of both types.
The bonds shall be authorized by resolution of the local agency and
shall bear such date or dates, mature at such time or times, not
exceeding 50 years from their respective dates of issuance, bear
interest at such fixed or variable rate or rates, be payable at such
time or times, be in such denominations, be in such form, either
coupon or registered, carry such registration privileges, be executed
in such manner, be payable in lawful money of the United States of
America, at such place or places, and be subject to such terms of
redemption as the resolution or resolutions of the local agency may
provide. The bonds may be sold at either a public or private sale and
for such prices as the local agency shall determine. Pending
preparation of the definitive bonds, the local agency may issue
interim receipts, certificates, or temporary bonds, which shall be
exchanged for such definitive bonds. The local agency may sell any
bonds, notes, or other evidence of indebtedness at a price below the
par value thereof, but the discount on any bond so sold shall not
exceed 6 percent of the par value thereof.
37642. Any resolution or resolutions authorizing any bonds or any
issue of bonds may contain provisions respecting any of the following
terms and conditions, which shall be a part of the contract with the
holders of the bonds:
(a) The pledge of all or any part of the revenues, as defined in
this part, subject to such agreements with bondholders as may then
exist.
(b) The interest and principal to be received and other charges to
be charged and the amounts to be raised each year thereby, and the
use and disposition of the revenues.
(c) The setting aside of reserves or sinking funds and the
regulation and disposition thereof.
(d) Limitations on the purposes to which the proceeds of a sale of
any issue of bonds, then or thereafter issued, may be applied, and
pledging such proceeds to secure the payment of the bonds or any
issue of bonds.
(e) Limitations on the issuance of additional bonds, the terms
upon which additional bonds may be issued and secured, and the
refunding of outstanding bonds.
(f) The procedure, if any, by which the terms of any contract with
bondholders may be amended or abrogated, the amount of bonds the
holders of which must consent thereto, and the manner in which such
consent may be given.
(g) Limitation on expenditures for operating, administration, or
other expenses of the local agency.
(h) Specification of the acts or omissions to act which shall
constitute a default in the duties of the local agency to holders of
its obligations, and providing the rights and remedies of such
holders in the event of default.
(i) The mortgaging of any property and the site thereof for the
purpose of securing the bondholders.
(j) The mortgaging of land, improvements, or other assets owned by
a participating party for the purpose of securing the bondholders.
37643. Neither the members of the legislative body of the local
agency nor any person executing the bonds or notes shall be liable
personally on the bonds or notes or be subject to any personal
liability or accountability by reason of the issuance thereof.
37644. The local agency shall have the power out of any funds
available therefor to purchase its bonds or notes. The local agency
may hold, pledge, cancel, or resell such bonds, subject to and in
accordance with agreements with the bondholders.
37645. In the discretion of the local agency, any bonds issued
under the provisions of this part may be secured by a trust agreement
by and between the local agency and a corporate trustee or trustees,
which may be any trust company or bank having the powers of a trust
company within or without this state. The trust agreement or the
resolution providing for the issuance of bonds may pledge or assign
the revenues to be received or proceeds of any contract or contracts
pledged, and may convey or mortgage any historical property, the
rehabilitation of which is to be financed out of the proceeds of
bonds. The trust agreement or resolution providing for the issuance
of bonds may contain provisions for protecting and enforcing the
rights and remedies of the bondholders which are reasonable and
proper and not in violation of law, including any provisions which
may be included in any resolution or resolutions of the local agency
authorizing the issuance of bonds pursuant to Section 37642. Any bank
or trust company doing business under the laws of this state which
may act as depositary of the proceeds of bonds or of revenues or
other moneys may furnish any indemnity bonds or pledge any securities
which may be required by the local agency. Any trust agreement may
set forth the rights and remedies of the bondholders and of the
trustee or trustees, and may restrict the individual right of action
by bondholders. In addition to the foregoing, any trust agreement or
resolution may contain such other provisions which the local agency
may deem reasonable and proper for the security of the bondholders.
All expenses incurred in carrying out the provisions of the trust
agreement or resolution may be treated as a part of the cost of
historical rehabilitation.
37646. Any holder of bonds issued under the provisions of this part
or any of the coupons appertaining thereto, and the trustee or
trustees appointed pursuant to any resolution authorizing the
issuance of such bonds, except to the extent the rights thereof may
be restricted by the resolution authorizing the issuance of the
bonds, may, either at law or in equity, by suit, action, mandamus, or
other proceedings, protect or enforce any and all rights specified
in the laws of the state or in such resolution, and may enforce and
compel the performance of all duties required by this part or by such
resolution to be performed by the local agency or by any officer,
employee, or agent thereof, including the fixing, charging, and
collecting of rates, fees, interest, and charges authorized and
required by the provisions of such resolution to be fixed,
established, and collected.
37647. Bonds issued under the provisions of this part shall not be
deemed to constitute a debt or liability of the local agency or a
pledge of the faith and credit of the local agency, but shall be
payable solely from the funds specified in this part. All such bonds
shall contain on the face thereof a statement to the following
effect:
Neither the faith and credit nor the taxing power of the
37640. (a) A local agency may issue its negotiable bonds or notes
for the purpose of financing historical rehabilitation, including the
rehabilitation of (1) single properties for single participating
parties, (2) a series of properties for a single participating party,
(3) single properties for several participating parties, or (4)
several properties for several participating parties. In anticipation
of the sale of such bonds, the local agency may issue negotiable
bond anticipation notes and may renew such notes from time to time.
Bond anticipation notes may be paid from the proceeds of sale of the
bonds of the local agency in anticipation of which they were issued.
Bond anticipation notes and agreements relating thereto and the
resolution or resolutions authorizing such notes and agreements may
contain any provisions, conditions, or limitations which a bond,
agreement relating thereto, or bond resolution of the local agency
may contain except that any such note or renewal thereof shall mature
at a time not later than two years from the date of the issuance of
the original note.
(b) Every issue of its bonds shall be a special obligation of the
local agency payable from all or any part of the revenues specified
in this part. The bonds shall be negotiable instruments for all
purposes, subject only to the provisions of such bonds for
registration.
37641. The bonds may be issued as serial bonds or as term bonds, or
the local agency, in its discretion, may issue bonds of both types.
The bonds shall be authorized by resolution of the local agency and
shall bear such date or dates, mature at such time or times, not
exceeding 50 years from their respective dates of issuance, bear
interest at such fixed or variable rate or rates, be payable at such
time or times, be in such denominations, be in such form, either
coupon or registered, carry such registration privileges, be executed
in such manner, be payable in lawful money of the United States of
America, at such place or places, and be subject to such terms of
redemption as the resolution or resolutions of the local agency may
provide. The bonds may be sold at either a public or private sale and
for such prices as the local agency shall determine. Pending
preparation of the definitive bonds, the local agency may issue
interim receipts, certificates, or temporary bonds, which shall be
exchanged for such definitive bonds. The local agency may sell any
bonds, notes, or other evidence of indebtedness at a price below the
par value thereof, but the discount on any bond so sold shall not
exceed 6 percent of the par value thereof.
37642. Any resolution or resolutions authorizing any bonds or any
issue of bonds may contain provisions respecting any of the following
terms and conditions, which shall be a part of the contract with the
holders of the bonds:
(a) The pledge of all or any part of the revenues, as defined in
this part, subject to such agreements with bondholders as may then
exist.
(b) The interest and principal to be received and other charges to
be charged and the amounts to be raised each year thereby, and the
use and disposition of the revenues.
(c) The setting aside of reserves or sinking funds and the
regulation and disposition thereof.
(d) Limitations on the purposes to which the proceeds of a sale of
any issue of bonds, then or thereafter issued, may be applied, and
pledging such proceeds to secure the payment of the bonds or any
issue of bonds.
(e) Limitations on the issuance of additional bonds, the terms
upon which additional bonds may be issued and secured, and the
refunding of outstanding bonds.
(f) The procedure, if any, by which the terms of any contract with
bondholders may be amended or abrogated, the amount of bonds the
holders of which must consent thereto, and the manner in which such
consent may be given.
(g) Limitation on expenditures for operating, administration, or
other expenses of the local agency.
(h) Specification of the acts or omissions to act which shall
constitute a default in the duties of the local agency to holders of
its obligations, and providing the rights and remedies of such
holders in the event of default.
(i) The mortgaging of any property and the site thereof for the
purpose of securing the bondholders.
(j) The mortgaging of land, improvements, or other assets owned by
a participating party for the purpose of securing the bondholders.
37643. Neither the members of the legislative body of the local
agency nor any person executing the bonds or notes shall be liable
personally on the bonds or notes or be subject to any personal
liability or accountability by reason of the issuance thereof.
37644. The local agency shall have the power out of any funds
available therefor to purchase its bonds or notes. The local agency
may hold, pledge, cancel, or resell such bonds, subject to and in
accordance with agreements with the bondholders.
37645. In the discretion of the local agency, any bonds issued
under the provisions of this part may be secured by a trust agreement
by and between the local agency and a corporate trustee or trustees,
which may be any trust company or bank having the powers of a trust
company within or without this state. The trust agreement or the
resolution providing for the issuance of bonds may pledge or assign
the revenues to be received or proceeds of any contract or contracts
pledged, and may convey or mortgage any historical property, the
rehabilitation of which is to be financed out of the proceeds of
bonds. The trust agreement or resolution providing for the issuance
of bonds may contain provisions for protecting and enforcing the
rights and remedies of the bondholders which are reasonable and
proper and not in violation of law, including any provisions which
may be included in any resolution or resolutions of the local agency
authorizing the issuance of bonds pursuant to Section 37642. Any bank
or trust company doing business under the laws of this state which
may act as depositary of the proceeds of bonds or of revenues or
other moneys may furnish any indemnity bonds or pledge any securities
which may be required by the local agency. Any trust agreement may
set forth the rights and remedies of the bondholders and of the
trustee or trustees, and may restrict the individual right of action
by bondholders. In addition to the foregoing, any trust agreement or
resolution may contain such other provisions which the local agency
may deem reasonable and proper for the security of the bondholders.
All expenses incurred in carrying out the provisions of the trust
agreement or resolution may be treated as a part of the cost of
historical rehabilitation.
37646. Any holder of bonds issued under the provisions of this part
or any of the coupons appertaining thereto, and the trustee or
trustees appointed pursuant to any resolution authorizing the
issuance of such bonds, except to the extent the rights thereof may
be restricted by the resolution authorizing the issuance of the
bonds, may, either at law or in equity, by suit, action, mandamus, or
other proceedings, protect or enforce any and all rights specified
in the laws of the state or in such resolution, and may enforce and
compel the performance of all duties required by this part or by such
resolution to be performed by the local agency or by any officer,
employee, or agent thereof, including the fixing, charging, and
collecting of rates, fees, interest, and charges authorized and
required by the provisions of such resolution to be fixed,
established, and collected.
37647. Bonds issued under the provisions of this part shall not be
deemed to constitute a debt or liability of the local agency or a
pledge of the faith and credit of the local agency, but shall be
payable solely from the funds specified in this part. All such bonds
shall contain on the face thereof a statement to the following
effect:
Neither the faith and credit nor the taxing power of the
37640. (a) A local agency may issue its negotiable bonds or notes
for the purpose of financing historical rehabilitation, including the
rehabilitation of (1) single properties for single participating
parties, (2) a series of properties for a single participating party,
(3) single properties for several participating parties, or (4)
several properties for several participating parties. In anticipation
of the sale of such bonds, the local agency may issue negotiable
bond anticipation notes and may renew such notes from time to time.
Bond anticipation notes may be paid from the proceeds of sale of the
bonds of the local agency in anticipation of which they were issued.
Bond anticipation notes and agreements relating thereto and the
resolution or resolutions authorizing such notes and agreements may
contain any provisions, conditions, or limitations which a bond,
agreement relating thereto, or bond resolution of the local agency
may contain except that any such note or renewal thereof shall mature
at a time not later than two years from the date of the issuance of
the original note.
(b) Every issue of its bonds shall be a special obligation of the
local agency payable from all or any part of the revenues specified
in this part. The bonds shall be negotiable instruments for all
purposes, subject only to the provisions of such bonds for
registration.
37641. The bonds may be issued as serial bonds or as term bonds, or
the local agency, in its discretion, may issue bonds of both types.
The bonds shall be authorized by resolution of the local agency and
shall bear such date or dates, mature at such time or times, not
exceeding 50 years from their respective dates of issuance, bear
interest at such fixed or variable rate or rates, be payable at such
time or times, be in such denominations, be in such form, either
coupon or registered, carry such registration privileges, be executed
in such manner, be payable in lawful money of the United States of
America, at such place or places, and be subject to such terms of
redemption as the resolution or resolutions of the local agency may
provide. The bonds may be sold at either a public or private sale and
for such prices as the local agency shall determine. Pending
preparation of the definitive bonds, the local agency may issue
interim receipts, certificates, or temporary bonds, which shall be
exchanged for such definitive bonds. The local agency may sell any
bonds, notes, or other evidence of indebtedness at a price below the
par value thereof, but the discount on any bond so sold shall not
exceed 6 percent of the par value thereof.
37642. Any resolution or resolutions authorizing any bonds or any
issue of bonds may contain provisions respecting any of the following
terms and conditions, which shall be a part of the contract with the
holders of the bonds:
(a) The pledge of all or any part of the revenues, as defined in
this part, subject to such agreements with bondholders as may then
exist.
(b) The interest and principal to be received and other charges to
be charged and the amounts to be raised each year thereby, and the
use and disposition of the revenues.
(c) The setting aside of reserves or sinking funds and the
regulation and disposition thereof.
(d) Limitations on the purposes to which the proceeds of a sale of
any issue of bonds, then or thereafter issued, may be applied, and
pledging such proceeds to secure the payment of the bonds or any
issue of bonds.
(e) Limitations on the issuance of additional bonds, the terms
upon which additional bonds may be issued and secured, and the
refunding of outstanding bonds.
(f) The procedure, if any, by which the terms of any contract with
bondholders may be amended or abrogated, the amount of bonds the
holders of which must consent thereto, and the manner in which such
consent may be given.
(g) Limitation on expenditures for operating, administration, or
other expenses of the local agency.
(h) Specification of the acts or omissions to act which shall
constitute a default in the duties of the local agency to holders of
its obligations, and providing the rights and remedies of such
holders in the event of default.
(i) The mortgaging of any property and the site thereof for the
purpose of securing the bondholders.
(j) The mortgaging of land, improvements, or other assets owned by
a participating party for the purpose of securing the bondholders.
37643. Neither the members of the legislative body of the local
agency nor any person executing the bonds or notes shall be liable
personally on the bonds or notes or be subject to any personal
liability or accountability by reason of the issuance thereof.
37644. The local agency shall have the power out of any funds
available therefor to purchase its bonds or notes. The local agency
may hold, pledge, cancel, or resell such bonds, subject to and in
accordance with agreements with the bondholders.
37645. In the discretion of the local agency, any bonds issued
under the provisions of this part may be secured by a trust agreement
by and between the local agency and a corporate trustee or trustees,
which may be any trust company or bank having the powers of a trust
company within or without this state. The trust agreement or the
resolution providing for the issuance of bonds may pledge or assign
the revenues to be received or proceeds of any contract or contracts
pledged, and may convey or mortgage any historical property, the
rehabilitation of which is to be financed out of the proceeds of
bonds. The trust agreement or resolution providing for the issuance
of bonds may contain provisions for protecting and enforcing the
rights and remedies of the bondholders which are reasonable and
proper and not in violation of law, including any provisions which
may be included in any resolution or resolutions of the local agency
authorizing the issuance of bonds pursuant to Section 37642. Any bank
or trust company doing business under the laws of this state which
may act as depositary of the proceeds of bonds or of revenues or
other moneys may furnish any indemnity bonds or pledge any securities
which may be required by the local agency. Any trust agreement may
set forth the rights and remedies of the bondholders and of the
trustee or trustees, and may restrict the individual right of action
by bondholders. In addition to the foregoing, any trust agreement or
resolution may contain such other provisions which the local agency
may deem reasonable and proper for the security of the bondholders.
All expenses incurred in carrying out the provisions of the trust
agreement or resolution may be treated as a part of the cost of
historical rehabilitation.
37646. Any holder of bonds issued under the provisions of this part
or any of the coupons appertaining thereto, and the trustee or
trustees appointed pursuant to any resolution authorizing the
issuance of such bonds, except to the extent the rights thereof may
be restricted by the resolution authorizing the issuance of the
bonds, may, either at law or in equity, by suit, action, mandamus, or
other proceedings, protect or enforce any and all rights specified
in the laws of the state or in such resolution, and may enforce and
compel the performance of all duties required by this part or by such
resolution to be performed by the local agency or by any officer,
employee, or agent thereof, including the fixing, charging, and
collecting of rates, fees, interest, and charges authorized and
required by the provisions of such resolution to be fixed,
established, and collected.
37647. Bonds issued under the provisions of this part shall not be
deemed to constitute a debt or liability of the local agency or a
pledge of the faith and credit of the local agency, but shall be
payable solely from the funds specified in this part. All such bonds
shall contain on the face thereof a statement to the following
effect:
Neither the faith and credit nor the taxing power of the
