reglab/housing_qa huggingface dataset:
CA Govt Code § 53595.25 (2021)
2021 California Code|Government Code - GOV|TITLE 5 - LOCAL AGENCIES|DIVISION 2 - CITIES, COUNTIES, AND OTHER AGENCIES|PART 1 - POWERS AND DUTIES COMMON TO CITIES, COUNTIES, AND OTHER AGENCIES|CHAPTER 3 - Bonds|ARTICLE 13 - Collateralized Borrowing|Section 53595.25.

53595.25.  (a) A local agency may provide for the issuance of debt instruments for the purpose of refunding any debt instruments or any class, series, or issue of debt instruments of the local agency then outstanding, including the payment of any redemption premium thereon and any interest accrued or to accrue to the date of redemption, purchase, or maturity of debt instruments.(b) The proceeds of any debt instruments issued for the purpose of refunding of outstanding debt instruments may, in the discretion of the local agency, be (1) applied to the purchase, redemption prior to maturity, or retirement at maturity of any outstanding debt instruments on their redemption date or dates, or (2) paid to a third person to assume the local agency’s obligation to make the payments, and may, pending that application, be placed in escrow to be reapplied to the purchase, retirement at maturity, or redemption on the date or dates determined by the local agency.(c) Any proceeds placed in escrow may, pending their use, be invested and reinvested in obligations or securities authorized by resolutions of the legislative body of the local agency, payable or maturing at the time or times as are appropriate to ensure the prompt payment of the principal, interest, and redemption premium if any, of the outstanding debt instruments to be refunded. The interest, income, and profits, if any, earned or realized on this investment may also be applied to the payment of the outstanding debt instruments to be refunded or to the payment of interest on the refunding debt instruments. After the terms of the escrow have been fully satisfied and carried out, any balance of the proceeds and interest, income, and profits, if any, earned or realized on the investment thereof may be returned to the local agency for use by the local agency.(d) All of the refunding debt instruments are subject to this article in the same manner, and to the same extent, as other debt instruments issued pursuant to this article.(Added by Stats. 1993, Ch. 902, Sec. 1. Effective October 8, 1993.)
CA Govt Code § 53595.30 (2021)
2021 California Code|Government Code - GOV|TITLE 5 - LOCAL AGENCIES|DIVISION 2 - CITIES, COUNTIES, AND OTHER AGENCIES|PART 1 - POWERS AND DUTIES COMMON TO CITIES, COUNTIES, AND OTHER AGENCIES|CHAPTER 3 - Bonds|ARTICLE 13 - Collateralized Borrowing|Section 53595.30.

53595.30.  (a) All moneys received pursuant to this article and pledged to the payment of any class, series, or issue of debt instruments, whether as tax increment revenues or from any other source, shall be deemed to be trust funds to be held and applied solely as provided in this article. Until the funds are applied as provided by this article, and notwithstanding any other provision of law, the moneys may be invested in obligations or securities authorized by resolutions of the legislative body of the local agency authorizing the issuance of debt instruments.(b) Any officer with whom, or any bank or trust company with which, the moneys are deposited shall act as trustee of the moneys and shall hold and apply the moneys for the purpose of this article, subject to any regulations of the local agency adopted pursuant to this article and the indenture securing the bonds.(Added by Stats. 1993, Ch. 902, Sec. 1. Effective October 8, 1993.)
CA Govt Code § 53595.35 (2021)
2021 California Code|Government Code - GOV|TITLE 5 - LOCAL AGENCIES|DIVISION 2 - CITIES, COUNTIES, AND OTHER AGENCIES|PART 1 - POWERS AND DUTIES COMMON TO CITIES, COUNTIES, AND OTHER AGENCIES|CHAPTER 3 - Bonds|ARTICLE 13 - Collateralized Borrowing|Section 53595.35.

53595.35.  (a) In the discretion of the legislative body of a local agency, any debt instruments issued under this article may be secured by an indenture by and between the local agency and a corporate trustee or trustees, which may be any trust company or bank having the powers of a trust company within or without the state. The indenture or resolution providing for the issuance of the debt instruments may pledge or assign the tax increment revenues or the interest of the local agency therein. The indenture may contain provisions for protecting and enforcing the rights and remedies of the holders of debt instruments as may be reasonable and proper and not in violation of law, including particular provisions specifically authorized by law to be included in any indenture of the local agency authorizing debt instruments pursuant to this article. The indenture may set forth the rights and remedies of the holders of debt instruments and of the trustee or trustees, and may restrict rights of action of holders of debt instruments. In addition to the foregoing, the indenture may contain other provisions as the local agency may deem necessary or desirable to facilitate the issuance and sale of the debt instruments or for the protection and security of the holders of debt instruments.(b) Any holder of debt instruments issued under this article or any of the coupons appertaining thereto, and the trustee or trustees under any indenture, except to the extent the rights herein given may be restricted by any indenture securing the debt instruments, may, either at law or in equity, by suit, action, mandamus, or other proceeding, protect and enforce any and all rights under the laws of the state or granted by this article or under indenture, and may enforce and compel the performance of all duties required by this article or by the indenture to be performed by the local agency or by any officer, employee, or agent thereof.(Added by Stats. 1993, Ch. 902, Sec. 1. Effective October 8, 1993.)
CA Govt Code § 53595.40 (2021)
2021 California Code|Government Code - GOV|TITLE 5 - LOCAL AGENCIES|DIVISION 2 - CITIES, COUNTIES, AND OTHER AGENCIES|PART 1 - POWERS AND DUTIES COMMON TO CITIES, COUNTIES, AND OTHER AGENCIES|CHAPTER 3 - Bonds|ARTICLE 13 - Collateralized Borrowing|Section 53595.40.

53595.40.  (a) Debt instruments issued under this article shall be payable solely from the tax increment revenues herein provided and not from any other assets or revenues of the issuing local agency.(b) The local agency issuing the debt instruments shall not pledge the faith or credit of the state or of any municipality or political subdivision thereof to secure the debt instruments. All debt instruments shall contain on the face thereof a statement to the effect that neither the State of California nor the local agency issuing the debt instruments shall be obligated to pay the principal of, premium, if any, or interest on the debt instruments, except from the revenues of the local agency pledged for payment, and that neither the faith and credit nor the taxing power of the State of California nor of any municipality or political subdivision thereof is pledged to the payment of the principal of, premium, if any, or interest on the debt instruments.(c) The issuance of debt instruments under this article shall not directly or indirectly or contingently obligate the state, a municipality, or any political subdivision of the state to levy or pledge any form of taxation whatever therefor or to make any appropriation for the payment thereof.(Added by Stats. 1993, Ch. 902, Sec. 1. Effective October 8, 1993.)
CA Govt Code § 53595.45 (2021)
2021 California Code|Government Code - GOV|TITLE 5 - LOCAL AGENCIES|DIVISION 2 - CITIES, COUNTIES, AND OTHER AGENCIES|PART 1 - POWERS AND DUTIES COMMON TO CITIES, COUNTIES, AND OTHER AGENCIES|CHAPTER 3 - Bonds|ARTICLE 13 - Collateralized Borrowing|Section 53595.45.

53595.45.  (a) Debt instruments issued by a local agency under this article are hereby made securities in which all (1) banks, bankers, savings banks, trust companies, and other persons carrying on a banking business, (2) all insurance companies, insurance associations, and other persons carrying on an insurance business, (3) all administrators, executors, guardians, trustees, and other fiduciaries, and (4) all other persons whatsoever who now are or may hereafter be authorized to invest in debt instruments or other obligations of the state, may properly and legally invest any funds, including capital belonging to them or within their control.(b) The debt instruments are hereby made securities which may properly and legally be deposited with, and received by, any state or municipal officers or agency of the state or municipality or political subdivision thereof for any purpose for which the deposit of debt instruments or other obligations of the state is now, or may hereafter be, authorized by law.(Added by Stats. 1993, Ch. 902, Sec. 1. Effective October 8, 1993.)
CA Govt Code § 53595.50 (2021)
2021 California Code|Government Code - GOV|TITLE 5 - LOCAL AGENCIES|DIVISION 2 - CITIES, COUNTIES, AND OTHER AGENCIES|PART 1 - POWERS AND DUTIES COMMON TO CITIES, COUNTIES, AND OTHER AGENCIES|CHAPTER 3 - Bonds|ARTICLE 13 - Collateralized Borrowing|Section 53595.50.

53595.50.  Any debt instruments issued under this article, their transfer, and in the income therefrom shall at all times be free from taxation of every kind by the state and by all municipalities and political subdivisions in the state.(Added by Stats. 1993, Ch. 902, Sec. 1. Effective October 8, 1993.)
CA Govt Code § 53595.55 (2021)
2021 California Code|Government Code - GOV|TITLE 5 - LOCAL AGENCIES|DIVISION 2 - CITIES, COUNTIES, AND OTHER AGENCIES|PART 1 - POWERS AND DUTIES COMMON TO CITIES, COUNTIES, AND OTHER AGENCIES|CHAPTER 3 - Bonds|ARTICLE 13 - Collateralized Borrowing|Section 53595.55.

53595.55.  This article shall be deemed to provide a complete, additional, and alternative method for doing the things authorized hereby and shall be regarded as supplemental and additional to powers conferred by other laws. This article shall be liberally construed so as to effectuate its purposes. To the extent that this article is inconsistent with any other general statute or special act or parts thereof, this article shall be deemed controlling.(Added by Stats. 1993, Ch. 902, Sec. 1. Effective October 8, 1993.)
CA Govt Code § 53600 (2021)
2021 California Code|Government Code - GOV|TITLE 5 - LOCAL AGENCIES|DIVISION 2 - CITIES, COUNTIES, AND OTHER AGENCIES|PART 1 - POWERS AND DUTIES COMMON TO CITIES, COUNTIES, AND OTHER AGENCIES|CHAPTER 4 - Financial Affairs|ARTICLE 1 - Investment of Surplus|Section 53600.

53600.  As used in this article, “local agency” means county, city, city and county, including a chartered city or county, school district, community college district, public district, county board of education, county superintendent of schools, or any public or municipal corporation.(Amended by Stats. 1987, Ch. 887, Sec. 2.)
CA Govt Code § 53600.3 (2021)
2021 California Code|Government Code - GOV|TITLE 5 - LOCAL AGENCIES|DIVISION 2 - CITIES, COUNTIES, AND OTHER AGENCIES|PART 1 - POWERS AND DUTIES COMMON TO CITIES, COUNTIES, AND OTHER AGENCIES|CHAPTER 4 - Financial Affairs|ARTICLE 1 - Investment of Surplus|Section 53600.3.

53600.3.  Except as provided in subdivision (a) of Section 27000.3, all governing bodies of local agencies or persons authorized to make investment decisions on behalf of those local agencies investing public funds pursuant to this chapter are trustees and therefore fiduciaries subject to the prudent investor standard. When investing, reinvesting, purchasing, acquiring, exchanging, selling, or managing public funds, a trustee shall act with care, skill, prudence, and diligence under the circumstances then prevailing, including, but not limited to, the general economic conditions and the anticipated needs of the agency, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the agency. Within the limitations of this section and considering individual investments as part of an overall strategy, investments may be acquired as authorized by law.(Amended by Stats. 1996, Ch. 749, Sec. 4. Effective January 1, 1997.)
CA Govt Code § 53600.5 (2021)
2021 California Code|Government Code - GOV|TITLE 5 - LOCAL AGENCIES|DIVISION 2 - CITIES, COUNTIES, AND OTHER AGENCIES|PART 1 - POWERS AND DUTIES COMMON TO CITIES, COUNTIES, AND OTHER AGENCIES|CHAPTER 4 - Financial Affairs|ARTICLE 1 - Investment of Surplus|Section 53600.5.

53600.5.  When investing, reinvesting, purchasing, acquiring, exchanging, selling, or managing public funds, the primary objective of a trustee shall be to safeguard the principal of the funds under its control. The secondary objective shall be to meet the liquidity needs of the depositor. The third objective shall be to achieve a return on the funds under its control.(Amended by Stats. 1996, Ch. 749, Sec. 5. Effective January 1, 1997.)
CA Govt Code § 53600.6 (2021)
2021 California Code|Government Code - GOV|TITLE 5 - LOCAL AGENCIES|DIVISION 2 - CITIES, COUNTIES, AND OTHER AGENCIES|PART 1 - POWERS AND DUTIES COMMON TO CITIES, COUNTIES, AND OTHER AGENCIES|CHAPTER 4 - Financial Affairs|ARTICLE 1 - Investment of Surplus|Section 53600.6.

53600.6.  The Legislature hereby finds that the solvency and creditworthiness of each individual local agency can impact the solvency and creditworthiness of the state and other local agencies within the state. Therefore, to protect the solvency and creditworthiness of the state and all of its political subdivisions, the Legislature hereby declares that the deposit and investment of public funds by local officials and local agencies is an issue of statewide concern.(Added by Stats. 1995, Ch. 784, Sec. 13. Effective January 1, 1996.)
CA Govt Code § 53601.1 (2021)
2021 California Code|Government Code - GOV|TITLE 5 - LOCAL AGENCIES|DIVISION 2 - CITIES, COUNTIES, AND OTHER AGENCIES|PART 1 - POWERS AND DUTIES COMMON TO CITIES, COUNTIES, AND OTHER AGENCIES|CHAPTER 4 - Financial Affairs|ARTICLE 1 - Investment of Surplus|Section 53601.1.

53601.1.  The authority of a local agency to invest funds pursuant to Section 53601 includes, in addition thereto, authority to invest in financial futures or financial option contracts in any of the investment categories enumerated in that section.(Added by Stats. 1983, Ch. 534, Sec. 3.)
CA Govt Code § 53601.2 (2021)
2021 California Code|Government Code - GOV|TITLE 5 - LOCAL AGENCIES|DIVISION 2 - CITIES, COUNTIES, AND OTHER AGENCIES|PART 1 - POWERS AND DUTIES COMMON TO CITIES, COUNTIES, AND OTHER AGENCIES|CHAPTER 4 - Financial Affairs|ARTICLE 1 - Investment of Surplus|Section 53601.2.

53601.2.  As used in this article, “corporation” includes a limited liability company.(Added by Stats. 2004, Ch. 118, Sec. 18. Effective January 1, 2005.)
CA Govt Code § 53601.5 (2021)
2021 California Code|Government Code - GOV|TITLE 5 - LOCAL AGENCIES|DIVISION 2 - CITIES, COUNTIES, AND OTHER AGENCIES|PART 1 - POWERS AND DUTIES COMMON TO CITIES, COUNTIES, AND OTHER AGENCIES|CHAPTER 4 - Financial Affairs|ARTICLE 1 - Investment of Surplus|Section 53601.5.

53601.5.  The purchase by a local agency of any investment authorized pursuant to Section 53601 or 53601.1, not purchased directly from the issuer, shall be purchased either from an institution licensed by the state as a broker-dealer, as defined in Section 25004 of the Corporations Code, or from a member of a federally regulated securities exchange, from a national or state-chartered bank, from a savings association or federal association (as defined by Section 5102 of the Financial Code) or from a brokerage firm designated as a primary government dealer by the Federal Reserve bank.(Amended by Stats. 2001, Ch. 57, Sec. 2. Effective January 1, 2002.)
CA Govt Code § 53601.6 (2021)
2021 California Code|Government Code - GOV|TITLE 5 - LOCAL AGENCIES|DIVISION 2 - CITIES, COUNTIES, AND OTHER AGENCIES|PART 1 - POWERS AND DUTIES COMMON TO CITIES, COUNTIES, AND OTHER AGENCIES|CHAPTER 4 - Financial Affairs|ARTICLE 1 - Investment of Surplus|Section 53601.6.

53601.6.  (a) A local agency shall not invest any funds pursuant to this article or pursuant to Article 2 (commencing with Section 53630) in inverse floaters, range notes, or mortgage-derived, interest-only strips.(b) (1) Except as provided in paragraph (2), a local agency shall not invest any funds pursuant to this article or pursuant to Article 2 (commencing with Section 53630) in any security that could result in zero-interest accrual if held to maturity. However, a local agency may hold prohibited instruments until their maturity dates. The limitation in this subdivision shall not apply to local agency investments in shares of beneficial interest issued by diversified management companies registered under the Investment Company Act of 1940 (15 U.S.C. Sec. 80a-1 et seq.) that are authorized for investment pursuant to subdivision (l) of Section 53601.(2) Notwithstanding the prohibition in paragraph (1), a local agency may invest in securities issued by, or backed by, the United States government that could result in zero- or negative-interest accrual if held to maturity, in the event of, and for the duration of, a period of negative market interest rates. A local agency may hold these instruments until their maturity dates. (c) This section shall remain in effect only until January 1, 2026, and as of that date is repealed.(Amended by Stats. 2020, Ch. 235, Sec. 4. (SB 998) Effective January 1, 2021. Repealed as of January 1, 2026, by its own provisions. See later operative version added by Sec. 5 of Stats. 2020, Ch. 235.)
CA Govt Code § 53601.6 (2021)
2021 California Code|Government Code - GOV|TITLE 5 - LOCAL AGENCIES|DIVISION 2 - CITIES, COUNTIES, AND OTHER AGENCIES|PART 1 - POWERS AND DUTIES COMMON TO CITIES, COUNTIES, AND OTHER AGENCIES|CHAPTER 4 - Financial Affairs|ARTICLE 1 - Investment of Surplus|Section 53601.6.

53601.6.  (a) A local agency shall not invest any funds pursuant to this article or pursuant to Article 2 (commencing with Section 53630) in inverse floaters, range notes, or mortgage-derived, interest-only strips. (b) A local agency shall not invest any funds pursuant to this article or pursuant to Article 2 (commencing with Section 53630) in any security that could result in zero interest accrual if held to maturity. However, a local agency may hold prohibited instruments until their maturity dates. The limitation in this subdivision shall not apply to local agency investments in shares of beneficial interest issued by diversified management companies registered under the Investment Company Act of 1940 (15 U.S.C. Sec. 80a-1 et seq.) that are authorized for investment pursuant to subdivision (l) of Section 53601. (c) This section shall become operative on January 1, 2026.(Repealed (in Sec. 4) and added by Stats. 2020, Ch. 235, Sec. 5. (SB 998) Effective January 1, 2021. Section operative January 1, 2026, by it own provisions.)
CA Govt Code § 53602 (2021)
2021 California Code|Government Code - GOV|TITLE 5 - LOCAL AGENCIES|DIVISION 2 - CITIES, COUNTIES, AND OTHER AGENCIES|PART 1 - POWERS AND DUTIES COMMON TO CITIES, COUNTIES, AND OTHER AGENCIES|CHAPTER 4 - Financial Affairs|ARTICLE 1 - Investment of Surplus|Section 53602.

53602.  The legislative body shall invest only in notes, bonds, bills, certificates of indebtedness, warrants, or registered warrants which are legal investments for savings banks in the State, provided, that the board of supervisors of a county may, by a four-fifths vote thereof, invest in notes, warrants or other evidences of indebtedness of public districts wholly or partly within the county, whether or not such notes, warrants, or other evidences of indebtedness are legal investments for savings banks.(Amended by Stats. 1954, 1st Ex. Sess., Ch. 10.)
CA Govt Code § 53603 (2021)
2021 California Code|Government Code - GOV|TITLE 5 - LOCAL AGENCIES|DIVISION 2 - CITIES, COUNTIES, AND OTHER AGENCIES|PART 1 - POWERS AND DUTIES COMMON TO CITIES, COUNTIES, AND OTHER AGENCIES|CHAPTER 4 - Financial Affairs|ARTICLE 1 - Investment of Surplus|Section 53603.

53603.  The legislative body may make the investment by direct purchase of any issue of eligible securities at their original sale or after they have been issued.(Amended by Stats. 1953, Ch. 537.)
CA Govt Code § 53604 (2021)
2021 California Code|Government Code - GOV|TITLE 5 - LOCAL AGENCIES|DIVISION 2 - CITIES, COUNTIES, AND OTHER AGENCIES|PART 1 - POWERS AND DUTIES COMMON TO CITIES, COUNTIES, AND OTHER AGENCIES|CHAPTER 4 - Financial Affairs|ARTICLE 1 - Investment of Surplus|Section 53604.

53604.  The legislative body may sell, or exchange for other eligible securities, and reinvest the proceeds of, the securities purchased.(Amended by Stats. 1953, Ch. 537.)
CA Govt Code § 53605 (2021)
2021 California Code|Government Code - GOV|TITLE 5 - LOCAL AGENCIES|DIVISION 2 - CITIES, COUNTIES, AND OTHER AGENCIES|PART 1 - POWERS AND DUTIES COMMON TO CITIES, COUNTIES, AND OTHER AGENCIES|CHAPTER 4 - Financial Affairs|ARTICLE 1 - Investment of Surplus|Section 53605.

53605.  From time to time, the legislative body shall sell the securities so that the proceeds may be applied to the purposes for which the original purchase money was placed in the sinking fund or the treasury of the local agency.(Amended by Stats. 1953, Ch. 537.)
CA Govt Code § 53606 (2021)
2021 California Code|Government Code - GOV|TITLE 5 - LOCAL AGENCIES|DIVISION 2 - CITIES, COUNTIES, AND OTHER AGENCIES|PART 1 - POWERS AND DUTIES COMMON TO CITIES, COUNTIES, AND OTHER AGENCIES|CHAPTER 4 - Financial Affairs|ARTICLE 1 - Investment of Surplus|Section 53606.

53606.  The bonds purchased, which were issued by the purchaser, may be canceled either in satisfaction or sinking fund obligations or otherwise. When canceled, they are no longer outstanding, unless in its discretion, the legislative body holds then uncanceled. While held uncanceled, the bonds may be resold.(Added by Stats. 1949, Ch. 81.)
CA Govt Code § 53607 (2021)
2021 California Code|Government Code - GOV|TITLE 5 - LOCAL AGENCIES|DIVISION 2 - CITIES, COUNTIES, AND OTHER AGENCIES|PART 1 - POWERS AND DUTIES COMMON TO CITIES, COUNTIES, AND OTHER AGENCIES|CHAPTER 4 - Financial Affairs|ARTICLE 1 - Investment of Surplus|Section 53607.

53607.  The authority of the legislative body to invest or to reinvest funds of a local agency, or to sell or exchange securities so purchased, may be delegated for a one-year period by the legislative body to the treasurer of the local agency, who shall thereafter assume full responsibility for those transactions until the delegation of authority is revoked or expires, and shall make a monthly report of those transactions to the legislative body. Subject to review, the legislative body may renew the delegation of authority pursuant to this section each year.(Amended by Stats. 1996, Ch. 749, Sec. 6. Effective January 1, 1997.)