California Code, Government Code - GOV § 67501
Current as of January 01, 2023 | Updated by FindLaw Staff
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It is hereby declared to be the policy of the State of California to facilitate the development of regional mass transportation facilities to the maximum extent possible. To that end, it is hereby declared that it is the policy of this state that a new transit terminal should be developed in the San Francisco Bay area and that such development should be undertaken as rapidly as possible.
Any resolution authorizing the issuance of bonds hereunder shall provide for the creation of a sinking fund into which shall be paid from the revenues of the utility, subject only to prior payment of the reasonable and necessary expenses of operating and maintaining the utility, sums fully sufficient to pay the principal and interest of the bonds, and to create such reserve for contingencies as may be required by the resolution. The moneys in the sinking fund shall be applied to the payment of interest on and principal of the bonds or to the purchase or retirement of the bonds prior to maturity in the manner provided in the resolution.
The resolution authorizing their issuance may contain such covenants with the future holder of the bonds as to
(1) the management and operation of the utility,
(2) the imposition and collection of fees and charges for the products, commodities or services furnished thereby,
(3) the disposition of such fees and revenues,
(4) the issuance of future bonds and the creation of future liens and encumbrances against the utility and the revenues thereof,
(5) the carrying of insurance on the properties constituting the utility,
(6) the disposition of the proceeds of any such insurance, and
(7) other pertinent matters, deemed necessary by the governing body to assure the marketability of the bonds, provided such covenants are not inconsistent with the provisions of this Sub-part.
Cite this article: FindLaw.com - California Code, Government Code - GOV § 67501 - last updated January 01, 2023 | https://codes.findlaw.com/ca/government-code/gov-sect-67501/
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