The county of Merced is authorized to issue bonds for the purposes of advancing the commencement of or expediting the delivery of programs or projects in accordance with the expenditure plan. Pursuant to Government Code Sections
55800 et seq., or any successor statute, the county may issue limited tax bonds, from time to time, secured by and payable from all or any portion of the transactions and use tax imposed by this chapter to finance any program or project in the expenditure plan. The maximum bonded indebtedness, including issuance costs, interest, reserve requirements, and bond insurance, if any, shall not exceed the total amount of the proceeds anticipated to be collected by the imposition of this transactions and use tax. All costs associated with the issuance of such bonds shall be accounted for within the program category in which the bond proceeds are used. The bonds may be issued any time throughout the duration of this tax. Nothing herein shall limit or restrict in any way the power and authority of the county to issue bonds, notes or other obligations, to enter into loan agreements, leases, reimbursement agreements, standby bond purchase agreements or derivative contracts or to engage in any other transaction under the Government Code or any other law.
(Ord. 2041, 8/6/2024)