(a) Subject to the approval, amendment, or rejection of the Board of Supervisors in each instance, the Airport Commission shall have authority to issue airport revenue bonds for the purpose of acquiring, constructing, improving, or developing airports or airports facilities under its jurisdiction under such terms and conditions as the Commission may authorize by appropriate resolution. Such revenue bonds shall be issued in accordance with the Revenue Bond Law of 1941 as it now reads or may hereafter be amended. The provisions of Sections 54380 through 54387, inclusive, and Section 54522 of the California Government Code shall not apply to the issuance and sale of such revenue bonds.
(b) Revenue bonds issued pursuant to this Section 2.62 shall bear a rate of interest not to exceed that which may be fixed and prescribed by the Airport Commission subject to the approval or rejection of the Board of Supervisors without regard to the limitations contained in the Revenue Bond Law of 1941. The bonds issued by the Commission pursuant to the provisions of this Section shall not constitute or evidence indebtedness of the City and County but shall constitute and evidence only indebtedness of the said Commission payable solely out of revenues received by the Commission from airports or airport facilities operated or controlled by it.
(c) Airport revenue bonds issued for such purposes pursuant to this Section 2.62 shall not be included in the bonded debt limit provided for in Section 2.60 of this Code. Nothing in this Section 2.62 shall prevent the City and County from issuing general obligation bonds for the purpose of acquiring, constructing, improving, or developing airports or airport facilities under the Commission’s jurisdiction, subject to the bond issue procedure provided for in the Charter.
(Added by Ord. 439-96, App. 11/8/96; amended by Ord. 177-22, File No. 220655, App. 8/4/2022, Eff. 9/4/2022)