In any ordinance, resolution, order or indenture providing for the issuance of general obligation bonds of a local agency to provide funds for the acquisition, construction or financing of a revenue producing facility or any addition to, or extension or improvement of a revenue-producing facility, the legislative body of the local agency may pledge all or any part of the revenues of such facility to the payment or security of such general obligation bonds and the interest thereon in such manner and upon such terms as the legislative body may deem advisable.

(Added by Stats. 1961, Ch. 1157.)

Terms Used In California Government Code 53502

  • General obligation bonds: means bonds, warrants, notes or other evidence of indebtedness of a local agency payable, both principal and interest, from the proceeds of ad valorem taxes or ad valorem assessments which may be levied without limitation as to rate or amount upon property in the local agency subject to taxation or assessment. See California Government Code 53500
  • Legislative body: means the legislative body of the local agency as defined in Section 53000. See California Government Code 53500
  • Local agency: means county, city, city and county, public district, or other public or municipal corporation. See California Government Code 53500
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Pledge: means pledge, assign, place a charge upon and place a lien upon. See California Government Code 53500
  • Revenue-producing facility: means an improvement, works, system or facility furnishing or providing services or products for which the local agency is authorized to impose a charge. See California Government Code 53500
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