§ 105221 Rail Transit Revenue Bonds

This law says the district can act like a local agency and can sell revenue bonds to pay for building or improving any rail transit projects, like subways or trains.

Key Takeaways

•The district is treated as a local agency under the 1941 Revenue Bond Law.
•It can issue revenue bonds for any rail transit facility it plans to buy, build, or finish.
•The definition of “enterprise” includes all rail transit systems and any upgrades or extensions.

Example

The district wants to build a new subway line and needs money, so it can issue revenue bonds to raise the cash needed for the project.

Because the law lets the district be treated as a local agency, it can sell bonds just like a city can, and use the money to buy land, build tracks, or finish the subway.

The district 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 rail transit facilities and all additions, extensions, and improvements thereto authorized to be acquired, constructed, or completed by the district. The district may issue revenue bonds under the Revenue Bond Law of 1941, for any one or more rail transit facilities authorized to be acquired, constructed, or completed by the district or, in the alternative, may issue revenue bonds under the Revenue Bond Law of 1941, for the acquisition, construction, and completion of any rail transit facilities. Nothing in this article shall prevent the district 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 rail transit facilities authorized hereunder, and all proceedings may be carried on simultaneously or, in the alternative, as the board may determine. (Added by Stats. 2002, Ch. 341, Sec. 4. Effective January 1, 2003.)

This law says the district can act like a local agency and can sell revenue bonds to pay for building or improving any rail transit projects, like subways or trains.

Key Takeaways

•The district is treated as a local agency under the 1941 Revenue Bond Law.
•It can issue revenue bonds for any rail transit facility it plans to buy, build, or finish.
•The definition of “enterprise” includes all rail transit systems and any upgrades or extensions.

Example

The district wants to build a new subway line and needs money, so it can issue revenue bonds to raise the cash needed for the project.

Because the law lets the district be treated as a local agency, it can sell bonds just like a city can, and use the money to buy land, build tracks, or finish the subway.

Key Takeaways

Example

Key Terms

References

§ 105221 Rail Transit Revenue Bonds

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References