Government Code section 91537

The issuance of bonds shall be authorized by resolution of the board adopted at any time following the determinations provided for in subdivision (j) of Section 91527 or Section 91530. The resolution may, as the board deems advisable and in accordance with the provisions of this article, provide for, or authorize the execution of a loan agreement, the repayment obligation of which is evidenced by the bonds, providing for, or authorize the execution of an indenture providing for:

(a)

The fixing and collection of revenues;

(b)

The creation and maintenance of special funds, including reserve and sinking funds;

(c)

Limitations on expenditures of bond proceeds;

(d)

The procedure, if any, by which any contract represented by bonds may be amended or abrogated;

(e)

The acts and omissions which shall constitute, and the rights and remedies available, in an event of default. In such an event of default, the obligations of the authority may be enforced, as appropriate, by mandamus, by the appointment of a receiver, by foreclosure or sale, by injunction, by specific performance, by equitable relief, or by any one or more of such remedies or any other remedy; and

(f)

Any additional matters authorized to be included in an indenture or which relate to the security, protection, or return of bondholders.

Source: Section 91537, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=GOV§ionNum=91537.­ (accessed Apr. 24, 2025).

Last Updated

Apr. 24, 2025

§ 91537’s source at ca​.gov