Transactions and Use Tax
Cal. PUC § 150211
California Statutes
Limited tax bonds shall be issued pursuant to a resolution adopted at any time, and from time to time, by the authority by a four-fifths vote of all of its members. The authority may, from time to time, issue bonds in accordance with the Revenue Bond Law of 1941 (Chapter 6 (commencing with
Section 54300) of Part of Division of Title of the Government Code), for the purposes set forth in the ordinance adopted pursuant to
Section 150202, which shall constitute an “enterprise” within the meaning of
Section of the Government Code.
Article 3 (commencing with
Section 54380) of
Chapter of Part of Division of Title of the Government Code and the limitations on the rate of interest set forth in subdivision (
b) of
Section of the Government Code do not apply to the issuance of the sale of bonds pursuant to this division. Instead, the authority shall authorize the issuance of bonds by resolution, which shall specify all of the following: (
a) The purposes for which the bonds are to be issued. (
b) The maximum principal amount of the bonds. (
c) The maximum term for the bonds. (
d) The maximum rate of interest to be payable upon the bonds shall not exceed the maximum rate permitted by
Section of the Government Code or any other applicable provisions of law. In the case of bonds bearing a variable interest rate, the variable rate shall on no day exceed the maximum rate permitted on that day by
Section of the Government Code or any other applicable provisions of law. (
e) The maximum discount on the sale of the bonds. However, the bonds shall not be sold at less than percent of the principal amount in the manner determined by the authority. Each resolution shall provide for the issuance of bonds in the amounts as may be necessary, until the full amount of the bonds authorized has been issued. The full amount of bonds may be divided into two or more series with different dates of payment fixed for the bonds of each series. A bond need not mature on its anniversary date.