130400. As used in this article:
(a) "Commission" means the county transportation commission
created in Orange County pursuant to Section 130000.
(b) "County" means the County of Orange.
(c) "Transit operations" means all activities related to operating
a transit system other than the purchase, construction, and
maintenance of equipment, vehicles, and facilities for public transit
purposes.
130400.5. The Legislature, by the enactment of this article,
intends the county and cities therein to use any additional funds
provided them by this article to supplement existing local revenues
being used for public transportation purposes. The county and the
cities therein are further encouraged to maintain their existing
commitment of local funds for public transportation purposes.
130401. A retail transactions and use tax ordinance applicable in
the incorporated and unincorporated territory of the county may be
adopted by the commission in accordance with Section 130410 and Part
1.6 (commencing with Section 7251) of Division 2 of the Revenue and
Taxation Code, if two-thirds of the electors voting on the measure
vote to approve its imposition at a special election called for that
purpose by the commission and an expenditure plan is adopted pursuant
to Section 130406.
130402. The commission, in the ordinance, shall state the nature of
the tax to be imposed, shall provide the tax rate or rates or the
maximum tax rate or rates, and shall specify the purposes for which
the revenue derived from the tax will be used.
130403. (a) The County of Orange shall conduct the special election
called by the commission pursuant to Section 130401, and the
commission shall reimburse the county for its cost in conducting the
special election.
(b) The special election shall be called and conducted in the same
manner as provided by law for the conduct of special elections by a
county.
130404. (a) Any transactions and use tax ordinance adopted pursuant
to this article shall be operative on the first day of the first
calendar quarter commencing more than 120 days after adoption of the
ordinance.
(b) Prior to the operative date of the ordinance, the commission
shall contract with the State Board of Equalization to perform all
functions incident to the administration and operation of the
ordinance.
130405. The revenues from the taxes imposed pursuant to this
article may be allocated by the commission for public transportation
purposes, including, but not limited to, construction, maintenance,
and operation of streets, roads, and highways, and the construction
and maintenance of public transit systems, including exclusive public
mass transit guideway systems, available now or hereafter. The
revenues may also be used for improvements to the state highway
system in the manner otherwise provided by law. However, the revenues
shall not be allocated for transit operations.
130406. (a) If the commission decides to adopt a retail
transactions and use tax pursuant to this article, the commission
shall review and assess the needs for the public transportation
purposes specified in Section 130405. As part of this review and
assessment, the commission shall solicit proposals for public
transportation purposes from the Department of Transportation, the
county, and the cities therein, and all public transit operators
within the county. The commission shall adopt a procedure for
evaluating these proposals in consultation with the Department of
Transportation, the county, and the cities therein, and all public
transit operators within the county.
(b) Based on the evaluation, the commission shall prepare a plan
for the expenditure of the revenues expected to be derived from the
tax provided for in this article, together with other federal, state,
and local funds expected to be available for transportation
improvements, for a period of 15 years.
(c) The expenditure plan shall include projections of revenues and
expenditures for capital, maintenance, and operations purposes for
categories of transportation facilities, including, but not limited
to, freeways, arterial roads, local streets and roads, and transit.
(d) The commission shall not adopt the expenditure plan until it
has received the approval of the board of supervisors and the city
councils representing both a majority of the cities in the county and
a majority of the population residing in incorporated areas of the
county. Before adoption of an expenditure plan, the commission shall
also conduct public hearings on that plan.
(e) The expenditure plan shall be finally adopted prior to the
call of the election provided for in Section 130401. An amendment to
the expenditure plan subject to protest pursuant to paragraph (3) of
subdivision (c) of Section 130407 shall be finally adopted by the
commission after approval of the board of supervisors and the cities
as specified in this section and public hearings on the amendments,
and the amendment is effective upon that final adoption by the
commission.
130407. (a) The commission may annually review and propose
amendments to the expenditure plan adopted pursuant to Section 130406
to provide for the use of additional federal, state, and local
funds, to account for unexpected revenues, or to take into
consideration unforeseen circumstances.
(b) The commission shall notify the board of supervisors and the
city council of each city in the county and provide them with a copy
of the proposed amendments.
(c) The proposed amendments shall become effective 45 days after
notice is given pursuant to subdivision (b) except as follows:
(1) If the proposed amendment deletes a project which is included
in the original adopted expenditure plan and which is located
entirely within a city, the proposed amendment shall become effective
only if the city council of the affected city, by resolution,
concurs with the deletion of the project.
(2) If the proposed amendment deletes a project which is included
in the original adopted expenditure plan and which is located
entirely in the unincorporated area of the county, the proposed
amendment shall become effective only if the board of supervisors, by
resolution, concurs with the deletion of the project.
(3) In all cases other than those set forth in paragraphs (1) and
(2), the proposed amendment shall become effective unless the board
of supervisors, or city councils representing 25 percent of the
cities in the county, adopt a resolution protesting the proposed
amendments. If protested, the proposed amendments shall become
effective only if the commission follows the approval procedure in
subdivision (d) of Section 130406.
130408. The expenditure plan adopted pursuant to Section 130406,
and any amendment adopted pursuant to Section 130407, shall include a
provision for an annual allocation of funds to the county and the
cities therein for public transportation purposes.
In making annual allocations to the county and the cities therein,
the commission may allocate the proceeds of any limited tax bonds
authorized by the voters pursuant to Section 130412.
130409. An amended expenditure plan adopted pursuant to Section
130407 may include a provision to reduce a tax rate to percentages
lower than that approved by the voters and may further provide for an
increase of the tax rate if it has previously been lowered; but the
tax rate may not be increased to a rate above the tax rate approved
by the voters. Any revised tax rate may be adopted only if the
commission determines, by a two-thirds vote, that the proceeds of the
taxes with the altered tax rate will be sufficient to provide for
the payment of principal and interest of any limited tax bonds and
any other indebtedness incurred by the commission which was to be
payable from the proceeds of the retail transactions and use tax.
130409.5. If a retail transactions and use tax is adopted pursuant
to this article, the commission shall prepare and submit a report to
the Department of Transportation, to the board of supervisors, to the
city council of each city in the county, and to each public transit
operator within the county on or before January 1 of the year
following the end of the first full fiscal year after the date that
the taxes are imposed pursuant to this article and annually
thereafter. The report shall evaluate, and report the progress made
in, the implementation of the expenditure plan in the preceding
fiscal year.
130410. (a) The commission is authorized to impose a maximum tax
rate of 1 percent under this article and Part 1.6 (commencing with
Section 7251) of Division 2 of the Revenue and Taxation Code, and the
commission may state the maximum tax rate in terms of not to exceed
1 percent, or any lesser percentage thereof. The commission shall not
levy the tax at a rate other than 1 percent or 3/4, 1/2, or 1/4 of 1
percent, unless specifically authorized by the Legislature.
(b) The commission, in the ordinance, shall provide for
limitations upon the time when the tax shall be in effect. Any tax
rate or maximum tax rate adopted pursuant to this article, unless
otherwise prohibited, may be increased when authorized by the
commission by ordinance adopted in the manner and by the vote stated
in Section 130401 and approved by a majority of the electors voting
on the measure at an election called for that purpose by the
commission.
130411. (a) The actual wording of the proposition on any short form
of ballot card, label, or other device, regardless of the system of
voting used, shall read as follows:
-------------------------------------+-------+-----
| |
TRANSPORTATION--ORANGE COUNTY | |
| |
TRANSPORTATION | |
COMMISSION | |
To improve, expand, construct, | |
maintain, and | |
| |
operate the transportation system in | |
the | YES |
| |
county, this proposition authorizes | |
the Orange | |
| |
County Transportation Commission to | |
adopt a | |
| |
____ percent sales tax solely for | |
| |
transportation purposes. +-------+-----
| NO |
-------------------------------------+-------+-----
(b) The proposition shall set forth the actual percent of the
transactions and use tax upon which the electors are voting.
(c) The sample ballot to be mailed to the voters, under Section
13303 of the Elections Code, shall be the full proposition as set
forth in the ordinance calling the election.
130412. The commission may, as part of the same ballot proposition
to approve the imposition of a retail transactions and use tax, seek
authorization to issue bonds payable solely from the proceeds of the
retail transactions and use tax. The maximum bonded indebtedness
which may be authorized shall be an amount equal to the sum of the
principal and interest on the bonds not to exceed the estimated
proceeds of the retail transactions and use tax for a period of 30
years. The actual wording of the proposition on any short form of
ballot card, label, or other device, regardless of the system of
voting used, shall read as follows:
-------------------------------------+-------+----
TRANSPORTATION--ORANGE COUNTY | |
| |
TRANSPORTATION | |
COMMISSION | |
To improve, expand, construct, | |
maintain, and | YES |
| |
operate the transportation system in | |
the | |
| |
county, this proposition authorizes | |
the | |
-------------------------------------+-------+----
Orange County Transportation | |
Commission to | |
| |
adopt a ____ percent sales tax | |
solely for | |
| NO |
transportation purposes and/or to | |
issue bonds | |
| |
payable from the proceeds of that | |
sales tax. | |
-------------------------------------+-------+----
130413. The commission may further, as part of the same
proposition, submit to the voters a proposal to increase any
appropriations limits heretofore imposed upon the commission by the
amount of the proceeds of the sales tax not entitled to an exemption
from those limits as debt service. In this case, the ballot
proposition shall, in addition to the language set forth in Sections
130411 and 130412, further include the following words: "and
increases the appropriations limit."
130420. (a) The bonds authorized by the voters concurrently with
the approval of the retail transactions and use tax may be issued by
the commission at any time, and from time to time, payable solely
from the proceeds of the tax. The bonds shall be referred to as
"limited tax bonds."
(b) The pledge of retail transactions and use taxes to the limited
tax bonds authorized under this article shall have priority over the
use of any of the funds for "pay-as-you-go" financing except to the
extent that that priority is expressly restricted in the resolution
providing for the issuance of the bonds.
130421. (a) Limited tax bonds shall be issued pursuant to a
resolution adopted at any time, and from time to time, by the
commission by a two-thirds vote of all members of the commission.
Each resolution shall provide for the issuance of bonds in such
amounts as the necessity therefor may appear, until the full amount
of the bonds authorized shall have been issued. The full amount of
bonds may be divided into two or more series and different dates of
payment fixed for the bonds of each series. A bond need not mature on
its anniversary date.
(b) A resolution providing for the issuance of bonds shall state
all of the following:
(1) The purposes for which the proposed debt is to be incurred,
which may include all costs and estimated costs incidental to or
connected with the accomplishment of those purposes, including,
without limitation, engineering, inspection, legal, fiscal agents,
financial consultant and other fees, bond and other reserve funds,
working capital, bond interest estimated to accrue during the
construction period and for a period not to exceed three years
thereafter, and expenses of all proceedings for the authorization,
issuance, and sale of the bonds.
(2) The estimated cost of accomplishing the purposes.
(3) The amount of the principal of the indebtedness.
(4) The maximum term the bonds, proposed to be issued, shall run
before maturity, which shall not exceed 31 years from the date
thereof or the date of each series thereof.
(5) The maximum rate of interest to be paid, which shall not
exceed the maximum allowable by law.
(6) The denomination or denominations of the bonds, which shall
not be less than five thousand dollars ($5,000).
(7) The form of the bonds, including, without limitation,
registered bonds and coupon bonds, to the extent permitted by federal
law, and the form of any coupons to be attached thereto, the
registration, conversion, and exchange privileges, if any, pertaining
thereto, and the time when the whole or any part of the principal
shall become due and payable.
(c) The resolution may also contain any other matters authorized
by this article or any other law.
130422. (a) The bonds shall bear interest at a rate or rates not
exceeding the maximum allowable by law, payable semiannually, except
that the first interest payable on the bonds or any series thereof
may be for any period not exceeding one year as determined by the
commission.
(b) In the resolution or resolutions providing for the issuance of
the bonds, the commission may also provide for call and redemption
of the bonds prior to maturity at such times and prices and upon such
other terms as it may specify, provided that no bond shall be
subject to call or redemption prior to maturity unless it contains a
recital to that effect or unless a statement to that effect is
printed thereon.
(c) The principal of and interest on the bonds shall be payable in
lawful money of the United States at the office of the treasurer of
the County of Orange or at such other place or places as may be
designated, or at either place or places at the option of the holders
of the bonds.
(d) The bonds, or each series thereof, shall be dated and numbered
consecutively and shall be signed by the chairman or vice chairman
of the commission and the auditor-controller of the County of Orange,
and the official seal of the commission attached. The interest
coupons of such bonds shall be signed by the auditor-controller of
the County of Orange. All of the signatures and seal may be printed,
lithographed, or mechanically reproduced, except that one of the
signatures on the bonds shall be manually affixed. If any officer
whose signature appears on bonds or coupons ceases to be such an
officer before the delivery of the bonds, the officer's signature is
as effective as if the officer had remained in office.
130423. (a) The bonds may be sold as the commission determines by
resolution. The commission may sell the bonds at a price below par;
provided, however, that the discount on any bonds so sold shall not
exceed 5 percent of the par value thereof.
(b) Before selling the bonds, or any part thereof, the commission
shall give notice inviting sealed bids in any manner as it may
prescribe. If satisfactory bids are received, the bonds offered for
sale shall be awarded to the highest responsible bidder. If no bids
are received, or if the commission determines that the bids received
are not satisfactory as to price or responsibility of the bidders,
the commission may reject all bids received, if any, and either
readvertise or sell the bonds at private sale.
130424. Delivery of any bonds may be made at any place either
inside or outside the state, and the purchase price may be received
in cash or bank credits.
130425. All accrued interest and premiums received on the sale of
bonds shall be placed in the fund to be used for the payment of
principal of and interest on the bonds and the remainder of the
proceeds of the bonds shall be placed in the treasury of the
commission and applied to secure the bonds or for the purposes for
which the debt was incurred; provided, however, that when the
purposes have been accomplished, any moneys remaining shall be either
(a) transferred to the fund to be used for the payment of principal
of and interest on the bonds or (b) placed in a fund to be used for
the purchase of outstanding bonds of the commission from time to time
in the open market at such prices and in such manner, either at
public or private sale or otherwise, as the commission may determine.
Bonds so purchased shall be canceled immediately.
130430. (a) The commission may provide for the issuance, sale, or
exchange of refunding bonds to redeem or retire any bonds issued by
the commission upon the terms, at the times and in the manner which
it determines.
(b) Refunding bonds may be issued in a principal amount sufficient
to pay all, or any part of, the principal of the outstanding bonds,
the premiums, if any, due upon call and redemption thereof prior to
maturity, all expenses of the refunding, and either (a) 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 proceeds 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 such bonds or (b) 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.
(c) The provisions of this article for the issuance and sale of
bonds apply to the issuance and sale of refunding bonds.
130435. (a) The commission may borrow money in anticipation of the
sale of bonds which have been authorized pursuant to this article,
but which 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, shall not exceed
five years from the date of delivery of the original bond
anticipation notes.
(b) The bond anticipation notes, and the interest thereon, may be
paid from any moneys of the commission available therefor, including
the revenues from the retail transactions and use taxes imposed
pursuant to this article. If not previously otherwise paid, the bond
anticipation notes, or any portion thereof, or the interest thereon,
shall be paid from the proceeds of the next sale of the bonds of the
commission in anticipation of which the notes were issued.
(c) The bond anticipation notes shall not be issued in any amount
in excess of the aggregate amount of bonds which the commission 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 therefor issued and then outstanding. The
bond anticipation notes shall be issued and sold in the same manner
as the bonds.
(d) The bond anticipation notes and the resolution or resolutions
authorizing them may contain any provisions, conditions, or
limitations which a resolution of the commission authorizing the
issuance of bonds may contain.
130440. Any bonds which shall be issued under the provisions of
this article shall be legal investment for all trust funds; for the
funds of insurance companies, commercial and savings banks, and trust
companies; and for state school funds; and whenever any money or
funds may, by any law now or hereafter enacted, be invested in bonds
of cities, cities and counties, counties, school districts, or other
districts within the state, that money or funds may be invested in
the bonds issued under this article, and whenever bonds of cities,
cities and counties, counties, school districts, or other districts
within this state may, by any law now or hereafter enacted, be used
as security for the performance of any act or the deposit of any
public moneys, the bonds issued under this article may be so used.
The provisions of this article shall be in addition to all other laws
relating to legal investments and shall be controlling as the latest
expression of the Legislature with respect thereto.
130441. Any action or proceeding wherein the validity of the
adoption of the retail transactions and use tax ordinance provided
for in this article or the issuance of any bonds thereunder or any of
the proceedings in relation thereto is contested, questioned, or
denied, shall be commenced within six months from the date of the
election at which the ordinance is approved; otherwise, the bonds and
all proceedings in relation thereto, including the adoption and
approval of the ordinance, shall be held to be valid and in every
respect legal and incontestable.
130442. If the measure to adopt the transaction and use tax
pursuant to Section 130401 is not submitted to the electors on or
before December 31, 1985, then this article shall remain in effect
only until January 1, 1986, and as of that date is repealed unless a
later enacted statute, which is chaptered before January 1, 1986,
repeals or extends that date.
130400. As used in this article:
(a) "Commission" means the county transportation commission
created in Orange County pursuant to Section 130000.
(b) "County" means the County of Orange.
(c) "Transit operations" means all activities related to operating
a transit system other than the purchase, construction, and
maintenance of equipment, vehicles, and facilities for public transit
purposes.
130400.5. The Legislature, by the enactment of this article,
intends the county and cities therein to use any additional funds
provided them by this article to supplement existing local revenues
being used for public transportation purposes. The county and the
cities therein are further encouraged to maintain their existing
commitment of local funds for public transportation purposes.
130401. A retail transactions and use tax ordinance applicable in
the incorporated and unincorporated territory of the county may be
adopted by the commission in accordance with Section 130410 and Part
1.6 (commencing with Section 7251) of Division 2 of the Revenue and
Taxation Code, if two-thirds of the electors voting on the measure
vote to approve its imposition at a special election called for that
purpose by the commission and an expenditure plan is adopted pursuant
to Section 130406.
130402. The commission, in the ordinance, shall state the nature of
the tax to be imposed, shall provide the tax rate or rates or the
maximum tax rate or rates, and shall specify the purposes for which
the revenue derived from the tax will be used.
130403. (a) The County of Orange shall conduct the special election
called by the commission pursuant to Section 130401, and the
commission shall reimburse the county for its cost in conducting the
special election.
(b) The special election shall be called and conducted in the same
manner as provided by law for the conduct of special elections by a
county.
130404. (a) Any transactions and use tax ordinance adopted pursuant
to this article shall be operative on the first day of the first
calendar quarter commencing more than 120 days after adoption of the
ordinance.
(b) Prior to the operative date of the ordinance, the commission
shall contract with the State Board of Equalization to perform all
functions incident to the administration and operation of the
ordinance.
130405. The revenues from the taxes imposed pursuant to this
article may be allocated by the commission for public transportation
purposes, including, but not limited to, construction, maintenance,
and operation of streets, roads, and highways, and the construction
and maintenance of public transit systems, including exclusive public
mass transit guideway systems, available now or hereafter. The
revenues may also be used for improvements to the state highway
system in the manner otherwise provided by law. However, the revenues
shall not be allocated for transit operations.
130406. (a) If the commission decides to adopt a retail
transactions and use tax pursuant to this article, the commission
shall review and assess the needs for the public transportation
purposes specified in Section 130405. As part of this review and
assessment, the commission shall solicit proposals for public
transportation purposes from the Department of Transportation, the
county, and the cities therein, and all public transit operators
within the county. The commission shall adopt a procedure for
evaluating these proposals in consultation with the Department of
Transportation, the county, and the cities therein, and all public
transit operators within the county.
(b) Based on the evaluation, the commission shall prepare a plan
for the expenditure of the revenues expected to be derived from the
tax provided for in this article, together with other federal, state,
and local funds expected to be available for transportation
improvements, for a period of 15 years.
(c) The expenditure plan shall include projections of revenues and
expenditures for capital, maintenance, and operations purposes for
categories of transportation facilities, including, but not limited
to, freeways, arterial roads, local streets and roads, and transit.
(d) The commission shall not adopt the expenditure plan until it
has received the approval of the board of supervisors and the city
councils representing both a majority of the cities in the county and
a majority of the population residing in incorporated areas of the
county. Before adoption of an expenditure plan, the commission shall
also conduct public hearings on that plan.
(e) The expenditure plan shall be finally adopted prior to the
call of the election provided for in Section 130401. An amendment to
the expenditure plan subject to protest pursuant to paragraph (3) of
subdivision (c) of Section 130407 shall be finally adopted by the
commission after approval of the board of supervisors and the cities
as specified in this section and public hearings on the amendments,
and the amendment is effective upon that final adoption by the
commission.
130407. (a) The commission may annually review and propose
amendments to the expenditure plan adopted pursuant to Section 130406
to provide for the use of additional federal, state, and local
funds, to account for unexpected revenues, or to take into
consideration unforeseen circumstances.
(b) The commission shall notify the board of supervisors and the
city council of each city in the county and provide them with a copy
of the proposed amendments.
(c) The proposed amendments shall become effective 45 days after
notice is given pursuant to subdivision (b) except as follows:
(1) If the proposed amendment deletes a project which is included
in the original adopted expenditure plan and which is located
entirely within a city, the proposed amendment shall become effective
only if the city council of the affected city, by resolution,
concurs with the deletion of the project.
(2) If the proposed amendment deletes a project which is included
in the original adopted expenditure plan and which is located
entirely in the unincorporated area of the county, the proposed
amendment shall become effective only if the board of supervisors, by
resolution, concurs with the deletion of the project.
(3) In all cases other than those set forth in paragraphs (1) and
(2), the proposed amendment shall become effective unless the board
of supervisors, or city councils representing 25 percent of the
cities in the county, adopt a resolution protesting the proposed
amendments. If protested, the proposed amendments shall become
effective only if the commission follows the approval procedure in
subdivision (d) of Section 130406.
130408. The expenditure plan adopted pursuant to Section 130406,
and any amendment adopted pursuant to Section 130407, shall include a
provision for an annual allocation of funds to the county and the
cities therein for public transportation purposes.
In making annual allocations to the county and the cities therein,
the commission may allocate the proceeds of any limited tax bonds
authorized by the voters pursuant to Section 130412.
130409. An amended expenditure plan adopted pursuant to Section
130407 may include a provision to reduce a tax rate to percentages
lower than that approved by the voters and may further provide for an
increase of the tax rate if it has previously been lowered; but the
tax rate may not be increased to a rate above the tax rate approved
by the voters. Any revised tax rate may be adopted only if the
commission determines, by a two-thirds vote, that the proceeds of the
taxes with the altered tax rate will be sufficient to provide for
the payment of principal and interest of any limited tax bonds and
any other indebtedness incurred by the commission which was to be
payable from the proceeds of the retail transactions and use tax.
130409.5. If a retail transactions and use tax is adopted pursuant
to this article, the commission shall prepare and submit a report to
the Department of Transportation, to the board of supervisors, to the
city council of each city in the county, and to each public transit
operator within the county on or before January 1 of the year
following the end of the first full fiscal year after the date that
the taxes are imposed pursuant to this article and annually
thereafter. The report shall evaluate, and report the progress made
in, the implementation of the expenditure plan in the preceding
fiscal year.
130410. (a) The commission is authorized to impose a maximum tax
rate of 1 percent under this article and Part 1.6 (commencing with
Section 7251) of Division 2 of the Revenue and Taxation Code, and the
commission may state the maximum tax rate in terms of not to exceed
1 percent, or any lesser percentage thereof. The commission shall not
levy the tax at a rate other than 1 percent or 3/4, 1/2, or 1/4 of 1
percent, unless specifically authorized by the Legislature.
(b) The commission, in the ordinance, shall provide for
limitations upon the time when the tax shall be in effect. Any tax
rate or maximum tax rate adopted pursuant to this article, unless
otherwise prohibited, may be increased when authorized by the
commission by ordinance adopted in the manner and by the vote stated
in Section 130401 and approved by a majority of the electors voting
on the measure at an election called for that purpose by the
commission.
130411. (a) The actual wording of the proposition on any short form
of ballot card, label, or other device, regardless of the system of
voting used, shall read as follows:
-------------------------------------+-------+-----
| |
TRANSPORTATION--ORANGE COUNTY | |
| |
TRANSPORTATION | |
COMMISSION | |
To improve, expand, construct, | |
maintain, and | |
| |
operate the transportation system in | |
the | YES |
| |
county, this proposition authorizes | |
the Orange | |
| |
County Transportation Commission to | |
adopt a | |
| |
____ percent sales tax solely for | |
| |
transportation purposes. +-------+-----
| NO |
-------------------------------------+-------+-----
(b) The proposition shall set forth the actual percent of the
transactions and use tax upon which the electors are voting.
(c) The sample ballot to be mailed to the voters, under Section
13303 of the Elections Code, shall be the full proposition as set
forth in the ordinance calling the election.
130412. The commission may, as part of the same ballot proposition
to approve the imposition of a retail transactions and use tax, seek
authorization to issue bonds payable solely from the proceeds of the
retail transactions and use tax. The maximum bonded indebtedness
which may be authorized shall be an amount equal to the sum of the
principal and interest on the bonds not to exceed the estimated
proceeds of the retail transactions and use tax for a period of 30
years. The actual wording of the proposition on any short form of
ballot card, label, or other device, regardless of the system of
voting used, shall read as follows:
-------------------------------------+-------+----
TRANSPORTATION--ORANGE COUNTY | |
| |
TRANSPORTATION | |
COMMISSION | |
To improve, expand, construct, | |
maintain, and | YES |
| |
operate the transportation system in | |
the | |
| |
county, this proposition authorizes | |
the | |
-------------------------------------+-------+----
Orange County Transportation | |
Commission to | |
| |
adopt a ____ percent sales tax | |
solely for | |
| NO |
transportation purposes and/or to | |
issue bonds | |
| |
payable from the proceeds of that | |
sales tax. | |
-------------------------------------+-------+----
130413. The commission may further, as part of the same
proposition, submit to the voters a proposal to increase any
appropriations limits heretofore imposed upon the commission by the
amount of the proceeds of the sales tax not entitled to an exemption
from those limits as debt service. In this case, the ballot
proposition shall, in addition to the language set forth in Sections
130411 and 130412, further include the following words: "and
increases the appropriations limit."
130420. (a) The bonds authorized by the voters concurrently with
the approval of the retail transactions and use tax may be issued by
the commission at any time, and from time to time, payable solely
from the proceeds of the tax. The bonds shall be referred to as
"limited tax bonds."
(b) The pledge of retail transactions and use taxes to the limited
tax bonds authorized under this article shall have priority over the
use of any of the funds for "pay-as-you-go" financing except to the
extent that that priority is expressly restricted in the resolution
providing for the issuance of the bonds.
130421. (a) Limited tax bonds shall be issued pursuant to a
resolution adopted at any time, and from time to time, by the
commission by a two-thirds vote of all members of the commission.
Each resolution shall provide for the issuance of bonds in such
amounts as the necessity therefor may appear, until the full amount
of the bonds authorized shall have been issued. The full amount of
bonds may be divided into two or more series and different dates of
payment fixed for the bonds of each series. A bond need not mature on
its anniversary date.
(b) A resolution providing for the issuance of bonds shall state
all of the following:
(1) The purposes for which the proposed debt is to be incurred,
which may include all costs and estimated costs incidental to or
connected with the accomplishment of those purposes, including,
without limitation, engineering, inspection, legal, fiscal agents,
financial consultant and other fees, bond and other reserve funds,
working capital, bond interest estimated to accrue during the
construction period and for a period not to exceed three years
thereafter, and expenses of all proceedings for the authorization,
issuance, and sale of the bonds.
(2) The estimated cost of accomplishing the purposes.
(3) The amount of the principal of the indebtedness.
(4) The maximum term the bonds, proposed to be issued, shall run
before maturity, which shall not exceed 31 years from the date
thereof or the date of each series thereof.
(5) The maximum rate of interest to be paid, which shall not
exceed the maximum allowable by law.
(6) The denomination or denominations of the bonds, which shall
not be less than five thousand dollars ($5,000).
(7) The form of the bonds, including, without limitation,
registered bonds and coupon bonds, to the extent permitted by federal
law, and the form of any coupons to be attached thereto, the
registration, conversion, and exchange privileges, if any, pertaining
thereto, and the time when the whole or any part of the principal
shall become due and payable.
(c) The resolution may also contain any other matters authorized
by this article or any other law.
130422. (a) The bonds shall bear interest at a rate or rates not
exceeding the maximum allowable by law, payable semiannually, except
that the first interest payable on the bonds or any series thereof
may be for any period not exceeding one year as determined by the
commission.
(b) In the resolution or resolutions providing for the issuance of
the bonds, the commission may also provide for call and redemption
of the bonds prior to maturity at such times and prices and upon such
other terms as it may specify, provided that no bond shall be
subject to call or redemption prior to maturity unless it contains a
recital to that effect or unless a statement to that effect is
printed thereon.
(c) The principal of and interest on the bonds shall be payable in
lawful money of the United States at the office of the treasurer of
the County of Orange or at such other place or places as may be
designated, or at either place or places at the option of the holders
of the bonds.
(d) The bonds, or each series thereof, shall be dated and numbered
consecutively and shall be signed by the chairman or vice chairman
of the commission and the auditor-controller of the County of Orange,
and the official seal of the commission attached. The interest
coupons of such bonds shall be signed by the auditor-controller of
the County of Orange. All of the signatures and seal may be printed,
lithographed, or mechanically reproduced, except that one of the
signatures on the bonds shall be manually affixed. If any officer
whose signature appears on bonds or coupons ceases to be such an
officer before the delivery of the bonds, the officer's signature is
as effective as if the officer had remained in office.
130423. (a) The bonds may be sold as the commission determines by
resolution. The commission may sell the bonds at a price below par;
provided, however, that the discount on any bonds so sold shall not
exceed 5 percent of the par value thereof.
(b) Before selling the bonds, or any part thereof, the commission
shall give notice inviting sealed bids in any manner as it may
prescribe. If satisfactory bids are received, the bonds offered for
sale shall be awarded to the highest responsible bidder. If no bids
are received, or if the commission determines that the bids received
are not satisfactory as to price or responsibility of the bidders,
the commission may reject all bids received, if any, and either
readvertise or sell the bonds at private sale.
130424. Delivery of any bonds may be made at any place either
inside or outside the state, and the purchase price may be received
in cash or bank credits.
130425. All accrued interest and premiums received on the sale of
bonds shall be placed in the fund to be used for the payment of
principal of and interest on the bonds and the remainder of the
proceeds of the bonds shall be placed in the treasury of the
commission and applied to secure the bonds or for the purposes for
which the debt was incurred; provided, however, that when the
purposes have been accomplished, any moneys remaining shall be either
(a) transferred to the fund to be used for the payment of principal
of and interest on the bonds or (b) placed in a fund to be used for
the purchase of outstanding bonds of the commission from time to time
in the open market at such prices and in such manner, either at
public or private sale or otherwise, as the commission may determine.
Bonds so purchased shall be canceled immediately.
130430. (a) The commission may provide for the issuance, sale, or
exchange of refunding bonds to redeem or retire any bonds issued by
the commission upon the terms, at the times and in the manner which
it determines.
(b) Refunding bonds may be issued in a principal amount sufficient
to pay all, or any part of, the principal of the outstanding bonds,
the premiums, if any, due upon call and redemption thereof prior to
maturity, all expenses of the refunding, and either (a) 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 proceeds 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 such bonds or (b) 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.
(c) The provisions of this article for the issuance and sale of
bonds apply to the issuance and sale of refunding bonds.
130435. (a) The commission may borrow money in anticipation of the
sale of bonds which have been authorized pursuant to this article,
but which 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, shall not exceed
five years from the date of delivery of the original bond
anticipation notes.
(b) The bond anticipation notes, and the interest thereon, may be
paid from any moneys of the commission available therefor, including
the revenues from the retail transactions and use taxes imposed
pursuant to this article. If not previously otherwise paid, the bond
anticipation notes, or any portion thereof, or the interest thereon,
shall be paid from the proceeds of the next sale of the bonds of the
commission in anticipation of which the notes were issued.
(c) The bond anticipation notes shall not be issued in any amount
in excess of the aggregate amount of bonds which the commission 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 therefor issued and then outstanding. The
bond anticipation notes shall be issued and sold in the same manner
as the bonds.
(d) The bond anticipation notes and the resolution or resolutions
authorizing them may contain any provisions, conditions, or
limitations which a resolution of the commission authorizing the
issuance of bonds may contain.
130440. Any bonds which shall be issued under the provisions of
this article shall be legal investment for all trust funds; for the
funds of insurance companies, commercial and savings banks, and trust
companies; and for state school funds; and whenever any money or
funds may, by any law now or hereafter enacted, be invested in bonds
of cities, cities and counties, counties, school districts, or other
districts within the state, that money or funds may be invested in
the bonds issued under this article, and whenever bonds of cities,
cities and counties, counties, school districts, or other districts
within this state may, by any law now or hereafter enacted, be used
as security for the performance of any act or the deposit of any
public moneys, the bonds issued under this article may be so used.
The provisions of this article shall be in addition to all other laws
relating to legal investments and shall be controlling as the latest
expression of the Legislature with respect thereto.
130441. Any action or proceeding wherein the validity of the
adoption of the retail transactions and use tax ordinance provided
for in this article or the issuance of any bonds thereunder or any of
the proceedings in relation thereto is contested, questioned, or
denied, shall be commenced within six months from the date of the
election at which the ordinance is approved; otherwise, the bonds and
all proceedings in relation thereto, including the adoption and
approval of the ordinance, shall be held to be valid and in every
respect legal and incontestable.
130442. If the measure to adopt the transaction and use tax
pursuant to Section 130401 is not submitted to the electors on or
before December 31, 1985, then this article shall remain in effect
only until January 1, 1986, and as of that date is repealed unless a
later enacted statute, which is chaptered before January 1, 1986,
repeals or extends that date.
130400. As used in this article:
(a) "Commission" means the county transportation commission
created in Orange County pursuant to Section 130000.
(b) "County" means the County of Orange.
(c) "Transit operations" means all activities related to operating
a transit system other than the purchase, construction, and
maintenance of equipment, vehicles, and facilities for public transit
purposes.
130400.5. The Legislature, by the enactment of this article,
intends the county and cities therein to use any additional funds
provided them by this article to supplement existing local revenues
being used for public transportation purposes. The county and the
cities therein are further encouraged to maintain their existing
commitment of local funds for public transportation purposes.
130401. A retail transactions and use tax ordinance applicable in
the incorporated and unincorporated territory of the county may be
adopted by the commission in accordance with Section 130410 and Part
1.6 (commencing with Section 7251) of Division 2 of the Revenue and
Taxation Code, if two-thirds of the electors voting on the measure
vote to approve its imposition at a special election called for that
purpose by the commission and an expenditure plan is adopted pursuant
to Section 130406.
130402. The commission, in the ordinance, shall state the nature of
the tax to be imposed, shall provide the tax rate or rates or the
maximum tax rate or rates, and shall specify the purposes for which
the revenue derived from the tax will be used.
130403. (a) The County of Orange shall conduct the special election
called by the commission pursuant to Section 130401, and the
commission shall reimburse the county for its cost in conducting the
special election.
(b) The special election shall be called and conducted in the same
manner as provided by law for the conduct of special elections by a
county.
130404. (a) Any transactions and use tax ordinance adopted pursuant
to this article shall be operative on the first day of the first
calendar quarter commencing more than 120 days after adoption of the
ordinance.
(b) Prior to the operative date of the ordinance, the commission
shall contract with the State Board of Equalization to perform all
functions incident to the administration and operation of the
ordinance.
130405. The revenues from the taxes imposed pursuant to this
article may be allocated by the commission for public transportation
purposes, including, but not limited to, construction, maintenance,
and operation of streets, roads, and highways, and the construction
and maintenance of public transit systems, including exclusive public
mass transit guideway systems, available now or hereafter. The
revenues may also be used for improvements to the state highway
system in the manner otherwise provided by law. However, the revenues
shall not be allocated for transit operations.
130406. (a) If the commission decides to adopt a retail
transactions and use tax pursuant to this article, the commission
shall review and assess the needs for the public transportation
purposes specified in Section 130405. As part of this review and
assessment, the commission shall solicit proposals for public
transportation purposes from the Department of Transportation, the
county, and the cities therein, and all public transit operators
within the county. The commission shall adopt a procedure for
evaluating these proposals in consultation with the Department of
Transportation, the county, and the cities therein, and all public
transit operators within the county.
(b) Based on the evaluation, the commission shall prepare a plan
for the expenditure of the revenues expected to be derived from the
tax provided for in this article, together with other federal, state,
and local funds expected to be available for transportation
improvements, for a period of 15 years.
(c) The expenditure plan shall include projections of revenues and
expenditures for capital, maintenance, and operations purposes for
categories of transportation facilities, including, but not limited
to, freeways, arterial roads, local streets and roads, and transit.
(d) The commission shall not adopt the expenditure plan until it
has received the approval of the board of supervisors and the city
councils representing both a majority of the cities in the county and
a majority of the population residing in incorporated areas of the
county. Before adoption of an expenditure plan, the commission shall
also conduct public hearings on that plan.
(e) The expenditure plan shall be finally adopted prior to the
call of the election provided for in Section 130401. An amendment to
the expenditure plan subject to protest pursuant to paragraph (3) of
subdivision (c) of Section 130407 shall be finally adopted by the
commission after approval of the board of supervisors and the cities
as specified in this section and public hearings on the amendments,
and the amendment is effective upon that final adoption by the
commission.
130407. (a) The commission may annually review and propose
amendments to the expenditure plan adopted pursuant to Section 130406
to provide for the use of additional federal, state, and local
funds, to account for unexpected revenues, or to take into
consideration unforeseen circumstances.
(b) The commission shall notify the board of supervisors and the
city council of each city in the county and provide them with a copy
of the proposed amendments.
(c) The proposed amendments shall become effective 45 days after
notice is given pursuant to subdivision (b) except as follows:
(1) If the proposed amendment deletes a project which is included
in the original adopted expenditure plan and which is located
entirely within a city, the proposed amendment shall become effective
only if the city council of the affected city, by resolution,
concurs with the deletion of the project.
(2) If the proposed amendment deletes a project which is included
in the original adopted expenditure plan and which is located
entirely in the unincorporated area of the county, the proposed
amendment shall become effective only if the board of supervisors, by
resolution, concurs with the deletion of the project.
(3) In all cases other than those set forth in paragraphs (1) and
(2), the proposed amendment shall become effective unless the board
of supervisors, or city councils representing 25 percent of the
cities in the county, adopt a resolution protesting the proposed
amendments. If protested, the proposed amendments shall become
effective only if the commission follows the approval procedure in
subdivision (d) of Section 130406.
130408. The expenditure plan adopted pursuant to Section 130406,
and any amendment adopted pursuant to Section 130407, shall include a
provision for an annual allocation of funds to the county and the
cities therein for public transportation purposes.
In making annual allocations to the county and the cities therein,
the commission may allocate the proceeds of any limited tax bonds
authorized by the voters pursuant to Section 130412.
130409. An amended expenditure plan adopted pursuant to Section
130407 may include a provision to reduce a tax rate to percentages
lower than that approved by the voters and may further provide for an
increase of the tax rate if it has previously been lowered; but the
tax rate may not be increased to a rate above the tax rate approved
by the voters. Any revised tax rate may be adopted only if the
commission determines, by a two-thirds vote, that the proceeds of the
taxes with the altered tax rate will be sufficient to provide for
the payment of principal and interest of any limited tax bonds and
any other indebtedness incurred by the commission which was to be
payable from the proceeds of the retail transactions and use tax.
130409.5. If a retail transactions and use tax is adopted pursuant
to this article, the commission shall prepare and submit a report to
the Department of Transportation, to the board of supervisors, to the
city council of each city in the county, and to each public transit
operator within the county on or before January 1 of the year
following the end of the first full fiscal year after the date that
the taxes are imposed pursuant to this article and annually
thereafter. The report shall evaluate, and report the progress made
in, the implementation of the expenditure plan in the preceding
fiscal year.
130410. (a) The commission is authorized to impose a maximum tax
rate of 1 percent under this article and Part 1.6 (commencing with
Section 7251) of Division 2 of the Revenue and Taxation Code, and the
commission may state the maximum tax rate in terms of not to exceed
1 percent, or any lesser percentage thereof. The commission shall not
levy the tax at a rate other than 1 percent or 3/4, 1/2, or 1/4 of 1
percent, unless specifically authorized by the Legislature.
(b) The commission, in the ordinance, shall provide for
limitations upon the time when the tax shall be in effect. Any tax
rate or maximum tax rate adopted pursuant to this article, unless
otherwise prohibited, may be increased when authorized by the
commission by ordinance adopted in the manner and by the vote stated
in Section 130401 and approved by a majority of the electors voting
on the measure at an election called for that purpose by the
commission.
130411. (a) The actual wording of the proposition on any short form
of ballot card, label, or other device, regardless of the system of
voting used, shall read as follows:
-------------------------------------+-------+-----
| |
TRANSPORTATION--ORANGE COUNTY | |
| |
TRANSPORTATION | |
COMMISSION | |
To improve, expand, construct, | |
maintain, and | |
| |
operate the transportation system in | |
the | YES |
| |
county, this proposition authorizes | |
the Orange | |
| |
County Transportation Commission to | |
adopt a | |
| |
____ percent sales tax solely for | |
| |
transportation purposes. +-------+-----
| NO |
-------------------------------------+-------+-----
(b) The proposition shall set forth the actual percent of the
transactions and use tax upon which the electors are voting.
(c) The sample ballot to be mailed to the voters, under Section
13303 of the Elections Code, shall be the full proposition as set
forth in the ordinance calling the election.
130412. The commission may, as part of the same ballot proposition
to approve the imposition of a retail transactions and use tax, seek
authorization to issue bonds payable solely from the proceeds of the
retail transactions and use tax. The maximum bonded indebtedness
which may be authorized shall be an amount equal to the sum of the
principal and interest on the bonds not to exceed the estimated
proceeds of the retail transactions and use tax for a period of 30
years. The actual wording of the proposition on any short form of
ballot card, label, or other device, regardless of the system of
voting used, shall read as follows:
-------------------------------------+-------+----
TRANSPORTATION--ORANGE COUNTY | |
| |
TRANSPORTATION | |
COMMISSION | |
To improve, expand, construct, | |
maintain, and | YES |
| |
operate the transportation system in | |
the | |
| |
county, this proposition authorizes | |
the | |
-------------------------------------+-------+----
Orange County Transportation | |
Commission to | |
| |
adopt a ____ percent sales tax | |
solely for | |
| NO |
transportation purposes and/or to | |
issue bonds | |
| |
payable from the proceeds of that | |
sales tax. | |
-------------------------------------+-------+----
130413. The commission may further, as part of the same
proposition, submit to the voters a proposal to increase any
appropriations limits heretofore imposed upon the commission by the
amount of the proceeds of the sales tax not entitled to an exemption
from those limits as debt service. In this case, the ballot
proposition shall, in addition to the language set forth in Sections
130411 and 130412, further include the following words: "and
increases the appropriations limit."
130420. (a) The bonds authorized by the voters concurrently with
the approval of the retail transactions and use tax may be issued by
the commission at any time, and from time to time, payable solely
from the proceeds of the tax. The bonds shall be referred to as
"limited tax bonds."
(b) The pledge of retail transactions and use taxes to the limited
tax bonds authorized under this article shall have priority over the
use of any of the funds for "pay-as-you-go" financing except to the
extent that that priority is expressly restricted in the resolution
providing for the issuance of the bonds.
130421. (a) Limited tax bonds shall be issued pursuant to a
resolution adopted at any time, and from time to time, by the
commission by a two-thirds vote of all members of the commission.
Each resolution shall provide for the issuance of bonds in such
amounts as the necessity therefor may appear, until the full amount
of the bonds authorized shall have been issued. The full amount of
bonds may be divided into two or more series and different dates of
payment fixed for the bonds of each series. A bond need not mature on
its anniversary date.
(b) A resolution providing for the issuance of bonds shall state
all of the following:
(1) The purposes for which the proposed debt is to be incurred,
which may include all costs and estimated costs incidental to or
connected with the accomplishment of those purposes, including,
without limitation, engineering, inspection, legal, fiscal agents,
financial consultant and other fees, bond and other reserve funds,
working capital, bond interest estimated to accrue during the
construction period and for a period not to exceed three years
thereafter, and expenses of all proceedings for the authorization,
issuance, and sale of the bonds.
(2) The estimated cost of accomplishing the purposes.
(3) The amount of the principal of the indebtedness.
(4) The maximum term the bonds, proposed to be issued, shall run
before maturity, which shall not exceed 31 years from the date
thereof or the date of each series thereof.
(5) The maximum rate of interest to be paid, which shall not
exceed the maximum allowable by law.
(6) The denomination or denominations of the bonds, which shall
not be less than five thousand dollars ($5,000).
(7) The form of the bonds, including, without limitation,
registered bonds and coupon bonds, to the extent permitted by federal
law, and the form of any coupons to be attached thereto, the
registration, conversion, and exchange privileges, if any, pertaining
thereto, and the time when the whole or any part of the principal
shall become due and payable.
(c) The resolution may also contain any other matters authorized
by this article or any other law.
130422. (a) The bonds shall bear interest at a rate or rates not
exceeding the maximum allowable by law, payable semiannually, except
that the first interest payable on the bonds or any series thereof
may be for any period not exceeding one year as determined by the
commission.
(b) In the resolution or resolutions providing for the issuance of
the bonds, the commission may also provide for call and redemption
of the bonds prior to maturity at such times and prices and upon such
other terms as it may specify, provided that no bond shall be
subject to call or redemption prior to maturity unless it contains a
recital to that effect or unless a statement to that effect is
printed thereon.
(c) The principal of and interest on the bonds shall be payable in
lawful money of the United States at the office of the treasurer of
the County of Orange or at such other place or places as may be
designated, or at either place or places at the option of the holders
of the bonds.
(d) The bonds, or each series thereof, shall be dated and numbered
consecutively and shall be signed by the chairman or vice chairman
of the commission and the auditor-controller of the County of Orange,
and the official seal of the commission attached. The interest
coupons of such bonds shall be signed by the auditor-controller of
the County of Orange. All of the signatures and seal may be printed,
lithographed, or mechanically reproduced, except that one of the
signatures on the bonds shall be manually affixed. If any officer
whose signature appears on bonds or coupons ceases to be such an
officer before the delivery of the bonds, the officer's signature is
as effective as if the officer had remained in office.
130423. (a) The bonds may be sold as the commission determines by
resolution. The commission may sell the bonds at a price below par;
provided, however, that the discount on any bonds so sold shall not
exceed 5 percent of the par value thereof.
(b) Before selling the bonds, or any part thereof, the commission
shall give notice inviting sealed bids in any manner as it may
prescribe. If satisfactory bids are received, the bonds offered for
sale shall be awarded to the highest responsible bidder. If no bids
are received, or if the commission determines that the bids received
are not satisfactory as to price or responsibility of the bidders,
the commission may reject all bids received, if any, and either
readvertise or sell the bonds at private sale.
130424. Delivery of any bonds may be made at any place either
inside or outside the state, and the purchase price may be received
in cash or bank credits.
130425. All accrued interest and premiums received on the sale of
bonds shall be placed in the fund to be used for the payment of
principal of and interest on the bonds and the remainder of the
proceeds of the bonds shall be placed in the treasury of the
commission and applied to secure the bonds or for the purposes for
which the debt was incurred; provided, however, that when the
purposes have been accomplished, any moneys remaining shall be either
(a) transferred to the fund to be used for the payment of principal
of and interest on the bonds or (b) placed in a fund to be used for
the purchase of outstanding bonds of the commission from time to time
in the open market at such prices and in such manner, either at
public or private sale or otherwise, as the commission may determine.
Bonds so purchased shall be canceled immediately.
130430. (a) The commission may provide for the issuance, sale, or
exchange of refunding bonds to redeem or retire any bonds issued by
the commission upon the terms, at the times and in the manner which
it determines.
(b) Refunding bonds may be issued in a principal amount sufficient
to pay all, or any part of, the principal of the outstanding bonds,
the premiums, if any, due upon call and redemption thereof prior to
maturity, all expenses of the refunding, and either (a) 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 proceeds 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 such bonds or (b) 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.
(c) The provisions of this article for the issuance and sale of
bonds apply to the issuance and sale of refunding bonds.
130435. (a) The commission may borrow money in anticipation of the
sale of bonds which have been authorized pursuant to this article,
but which 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, shall not exceed
five years from the date of delivery of the original bond
anticipation notes.
(b) The bond anticipation notes, and the interest thereon, may be
paid from any moneys of the commission available therefor, including
the revenues from the retail transactions and use taxes imposed
pursuant to this article. If not previously otherwise paid, the bond
anticipation notes, or any portion thereof, or the interest thereon,
shall be paid from the proceeds of the next sale of the bonds of the
commission in anticipation of which the notes were issued.
(c) The bond anticipation notes shall not be issued in any amount
in excess of the aggregate amount of bonds which the commission 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 therefor issued and then outstanding. The
bond anticipation notes shall be issued and sold in the same manner
as the bonds.
(d) The bond anticipation notes and the resolution or resolutions
authorizing them may contain any provisions, conditions, or
limitations which a resolution of the commission authorizing the
issuance of bonds may contain.
130440. Any bonds which shall be issued under the provisions of
this article shall be legal investment for all trust funds; for the
funds of insurance companies, commercial and savings banks, and trust
companies; and for state school funds; and whenever any money or
funds may, by any law now or hereafter enacted, be invested in bonds
of cities, cities and counties, counties, school districts, or other
districts within the state, that money or funds may be invested in
the bonds issued under this article, and whenever bonds of cities,
cities and counties, counties, school districts, or other districts
within this state may, by any law now or hereafter enacted, be used
as security for the performance of any act or the deposit of any
public moneys, the bonds issued under this article may be so used.
The provisions of this article shall be in addition to all other laws
relating to legal investments and shall be controlling as the latest
expression of the Legislature with respect thereto.
130441. Any action or proceeding wherein the validity of the
adoption of the retail transactions and use tax ordinance provided
for in this article or the issuance of any bonds thereunder or any of
the proceedings in relation thereto is contested, questioned, or
denied, shall be commenced within six months from the date of the
election at which the ordinance is approved; otherwise, the bonds and
all proceedings in relation thereto, including the adoption and
approval of the ordinance, shall be held to be valid and in every
respect legal and incontestable.
130442. If the measure to adopt the transaction and use tax
pursuant to Section 130401 is not submitted to the electors on or
before December 31, 1985, then this article shall remain in effect
only until January 1, 1986, and as of that date is repealed unless a
later enacted statute, which is chaptered before January 1, 1986,
repeals or extends that date.
