Code Section Group

Public Utilities Code - PUC

DIVISION 10. TRANSIT DISTRICTS [24501 - 107025]

  ( Division 10 repealed and added by Stats. 1955, Ch. 1036. )

PART 12. SANTA CLARA VALLEY TRANSPORTATION AUTHORITY [100000 - 100619]

  ( Heading of Part 12 amended by Stats. 1999, Ch. 724, Sec. 5. )

CHAPTER 7. Bonds and Other Evidences of Indebtedness [100400 - 100492]

  ( Chapter 7 added by Stats. 1974, Ch. 1204. )

ARTICLE 5. Temporary Borrowing [100482 - 100483]
  ( Article 5 added by Stats. 1974, Ch. 1204. )

100482.
  

The VTA may borrow money in accordance with the provisions of Article 7 (commencing with Section 53820), or of Article 7.6 (commencing with Section 53850) of Chapter 4 of Part 1 of Division 2 of Title 5 of the Government Code.

(Amended by Stats. 2016, Ch. 381, Sec. 101. (AB 2196) Effective January 1, 2017.)

100483.
  

The VTA may borrow money in anticipation of the sale of bonds that have been authorized to be issued, but have not been sold and delivered, and may issue negotiable bond anticipation notes therefor and may renew the same from time to time, but the maximum maturity of those notes, including the renewals thereof, shall not exceed five years from the date of delivery of the original notes. The notes may be paid from any moneys of the VTA available therefor and not otherwise pledged. If not previously otherwise paid, the notes shall be paid from the proceeds of the next sale of the bonds of the VTA in anticipation of which they were issued. The notes shall not be issued in any amount in excess of the aggregate amount of bonds that the VTA has been authorized to issue, less the amount of any bonds of that authorized issue previously sold, and also less the amount of other bond anticipation notes therefor issued and then outstanding. The notes shall be issued and sold in the same manner as the bonds. The notes and the resolution or resolutions authorizing them may contain any provisions, conditions, or limitations that a resolution of the VTA authorizing the issuance of bonds may contain.

(Amended by Stats. 2016, Ch. 381, Sec. 102. (AB 2196) Effective January 1, 2017.)

PUCPublic Utilities Code - PUC5