§ 100451 Vta Revenue Bond Authority

This law lets the VTA (a local transit agency) sell revenue bonds to raise money for building, buying, or improving any of its transit projects.

Key Takeaways

•The VTA is considered a local agency for bond purposes.
•It can issue revenue bonds for any transit facility it builds, buys, or improves.
•The VTA may use any bond‑issuing procedures allowed in this part and can run several bond projects at the same time.

Example

The VTA wants to add a new light‑rail line. It can issue revenue bonds to get the cash needed to design and build the line.

Because the VTA is treated as a local agency under the Revenue Bond Law, it can sell bonds that will be paid back from the money the new rail line brings in, like fares or other revenues.

The VTA is a local agency within the meaning of the Revenue Bond Law of 1941 (Chapter 6 (commencing with Section 54300) of Part 1 of Division 2 of Title 5 of the Government Code). The term “enterprise” as used in the Revenue Bond Law of 1941 shall, for all purposes of this part, include the system or any or all transit facilities and all additions, extensions, and improvements thereto authorized to be acquired, constructed, or completed by the VTA. The VTA may issue revenue bonds under the Revenue Bond Law of 1941, for any one or more transit facilities authorized to be acquired, constructed, or completed by the VTA or, in the alternative, may issue revenue bonds under the Revenue Bond Law of 1941, for the acquisition, construction, and completion of any one of those transit facilities. Nothing in this article shall prevent the VTA from availing itself of, or making use of, any procedure provided in this part for the issuance of bonds of any type or character for any of the transit facilities authorized hereunder, and all proceedings may be carried on simultaneously or, in the alternative, as the board may determine. (Amended by Stats. 2016, Ch. 381, Sec. 94. (AB 2196) Effective January 1, 2017.)

This law lets the VTA (a local transit agency) sell revenue bonds to raise money for building, buying, or improving any of its transit projects.

Key Takeaways

•The VTA is considered a local agency for bond purposes.
•It can issue revenue bonds for any transit facility it builds, buys, or improves.
•The VTA may use any bond‑issuing procedures allowed in this part and can run several bond projects at the same time.

Example

The VTA wants to add a new light‑rail line. It can issue revenue bonds to get the cash needed to design and build the line.

Because the VTA is treated as a local agency under the Revenue Bond Law, it can sell bonds that will be paid back from the money the new rail line brings in, like fares or other revenues.

Key Takeaways

Example

Key Terms

References

§ 100451 Vta Revenue Bond Authority

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References