The authority board may, by majority vote, initiate proceedings to issue general obligation bonds pursuant to this chapter by adopting a resolution stating its intent to issue the bonds. The authority board shall not adopt a resolution to initiate proceedings until after the executive board has adopted a resolution in support of the issuance of the general obligation bonds.

for the interest and redemption of all outstanding bonds of the authority, as provided by Section 1 of Article XIII A of the California Constitution. The tax shall not be less than sufficient to pay the interest on the bonds as it becomes due and to provide a sinking fund for the payment of the principal payable or on before maturity and may include an allowance for an annual reserve, established for the purpose of avoiding fluctuating tax levies. The tax shall be sufficient to provide funds for the payment of the interest on the bonds as it becomes due and also any part of the principal and interest that is to become due before the proceeds of a tax levied at the time for making the next general tax levy may be made available for the payment of the principal and interest.

(A) Any special tax, fee, or charge imposed by the authority, other than ad valorem property taxes.

(B) Any loan repayments, investment income, or income derived from the ownership or operation of real property.

in any resolution adopted by the authority, or measure adopted by voters, in connection with the generation of authority revenues or imposition of those special taxes, fees, or other charges.

notifies the voters that proceeds from the special tax may be used as payment for revenue bonds.

bonds.

(ii) In the case of bonds bearing a variable interest rate, the variable rate shall not, on any day, exceed the maximum rate permitted for bonds of the authority by Section 53531 or any other applicable provisions of law. However, the variable interest rate may, on any day, exceed that maximum rate in subparagraph (A), if the interest paid on the bonds from their date of original issuance to that day does not exceed the total interest that would have been permitted if the bonds had borne interest at all times from the date of issuance to that day at the maximum rate permitted from time to time by Section 53531 or any other applicable provisions of

law.

any officer whose signature appears on the revenue bonds ceases to be that officer before the delivery of the bonds, the officer’s signature is as effective as if the officer had remained in office.

priority:

(A) First, to operation and maintenance of any housing project, if so required by the relevant financing documents.

(B) Second, to the payment of bonds with respect to which the revenues have been pledged.

(C) Third, to the payment of obligations in connection with bonds.

(D) Fourth, to the payment of administrative costs.

(E) Fifth, to any other purpose permitted by law and authorized by this title.

pursuant to this title shall contain a statement to this effect on their face.

Bonds issued pursuant to this article are fully negotiable.

Any action to determine the validity or adoption of any tax, fee, or other charge provided for in, or the validity of bonds issued pursuant to, this title, or any of the proceedings, contracts, agreements, or other arrangements or matters entered into, shall be commenced within 60 days from the date of the election or the adoption of the resolution approving such matters, as applicable, pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of the Code of Civil Procedure. After that date, the adoption of such tax, fee, or other charge, the issuance of the bonds, and all proceedings in relation thereto, shall be held valid and incontestable in every respect.