Sacramento Regional Transit District: bonds.

Existing law, the Sacramento Regional Transit District Act, creates the Sacramento Regional Transit District with specified powers and duties relative to providing transit services in the Sacramento region. Existing law authorizes the district to issue revenue bonds under the Revenue Bond Act of 1941, payable from revenue of any facility or enterprise of the district. Existing law also authorizes the district to temporarily borrow money in accordance with various provisions of the Government Code applicable to local agencies. This bill would provide that revenues or other income, receipts, or amounts made available to the district, including sales tax revenue, are revenues of the enterprise for purposes of paying revenue bonds issued by the district. The bill would exempt the district from certain provisions of the Revenue Bond Act of 1941, but would require a 23 vote of the district board to issue bonds under that act. The bill would revise provisions in the Sacramento Regional Transit District Act relating to temporary borrowing to conform these provisions to the Government Code provisions applicable to local agencies. The bill would make other related changes.