(a) (1) For purposes of this section, “agency revenues” includes, without limitation, revenues generated by any special tax, fee, or charge imposed by the agency, other than ad valorem property taxes.
(2) The agency may issue revenue bonds, payable from agency revenues allocated in paragraph (1) of subdivision (d) of Section 64830, in accordance with the Revenue Bond Law of 1941 (Chapter 6 (commencing with Section 54300) of Part 1 of Division 2 of Title 5), for the purposes set forth in this title and in any resolution adopted by the board, or measure adopted by voters, in connection with the generation of agency revenues or imposition of those special taxes, fees, or other charges. For purposes of issuing revenue bonds pursuant to this section, the special taxes, fees, or other charges described in the previous sentence shall constitute an “enterprise” within the meaning of Section 54309.
(3) To exercise the powers described in this section, the agency shall ensure that any annual expenditure plan summary prepared pursuant to Section 64721 related to voter approval of a special tax under this title notifies the voters that proceeds from the special tax may be used as payment for revenue bonds.
(4) For purposes of this section, the agency shall be deemed to be a local agency within the meaning of Section 54307. Article 3 (commencing with Section 54380) of Chapter 6 of Part 1 of Division 2 of Title 5 does not apply to the issuance and sale of bonds pursuant to this section. Instead, the agency shall authorize the issuance of bonds by resolution at any time, and from time to time, 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) (i) The maximum rate of interest to be payable upon the bonds, which shall not exceed the maximum rate permitted for bonds of the agency by Section 53531 or any other applicable provisions of law.
(ii) In the case of bonds bearing a variable interest rate, the variable rate shall not, on any day, exceed the maximum rate permitted for bonds of the agency by Section 53531 or any other applicable provisions of law. However, the variable interest rate may, on any day, exceed that maximum rate in clause (i), if the interest paid on the bonds from their date of original issuance to that day does not exceed the total interest that would have been permitted if the bonds had borne interest at all times from the date of issuance to that day at the maximum rate permitted from time to time by Section 53531 or any other applicable provisions of law.
(E) The maximum original issue premium or discount on the sale of the bonds.
(F) The denomination or denominations of the revenue bonds, which shall not be less than five thousand dollars ($5,000).
(b) The resolution may also contain any other matters authorized by this chapter or any other law.
(c) The revenue bonds may be sold at public or private sale or on a negotiated sale basis and at the prices, above or below par, as determined by the board.
(d) The revenue bonds, or each series thereof, shall be dated and numbered consecutively and shall be signed by the executive director of the agency, whose signature may be printed, lithographed, or mechanically reproduced. If any officer whose signature appears on the revenue bonds ceases to be that officer before the delivery of the bonds, the officer’s signature is as effective as if the officer had remained in office.
(e) This section provides a complete, additional, and alternative method for the issuance of revenue bonds by the agency. An issuance does not need to comply with the procedures specified in other laws, but shall, if bonds are issued pursuant to this article, be issued in accordance with this article.
(Added by Stats. 2022, Ch. 661, Sec. 1. (SB 679) Effective January 1, 2023.)