reglab/statecodes huggingface dataset:
2023 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 3 - Lost or Destroyed Bonds › Section 53461.

53461. The legislative body of a local agency may issue a new bond similar to the original to replace it if:
(a) By competent proof it is made to appear to the legislative body that a bond issued by the local agency is lost or destroyed.
(b) The owner gives an undertaking approved by the legislative body to indemnify the local agency against any loss incurred on account of the bond.
(c) The owner pays all cost of the issuance of the new bond.
(Amended by Stats. 1982, Ch. 517, Sec. 257.)
2023 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 3 - Lost or Destroyed Bonds › Section 53462.

53462. If the legislative body refuses to issue a new bond, the owner of any lost or destroyed bond may apply to the superior court of the county in which the local agency is situated for an order requiring the legislative body to show cause why it should not be required to issue a new bond or cause it to be issued.
(Added by Stats. 1949, Ch. 81.)
2023 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 3 - Lost or Destroyed Bonds › Section 53463.

53463. The application shall be by petition a copy of which shall be served upon the legislative body not later than ten days prior to the time set for the hearing.
(Added by Stats. 1949, Ch. 81.)
2023 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 3 - Lost or Destroyed Bonds › Section 53464.

53464. The court shall inquire into the truth of the facts stated in the petition and hear the proofs and allegations of the petition. If satisfied that the petitioner is the lawful owner of the bond described in the petition, that it has been lost or destroyed and can not after due diligence be found, and that no sufficient cause has been shown why a new bond to replace it should not be issued, the court shall make an order requiring the legislative body to issue and deliver, or cause to be issued and delivered, to the petitioner a new bond in place of the lost or destroyed bond, upon the petitioner giving such an undertaking to the legislative body as the court directs.
(Amended by Stats. 1982, Ch. 517, Sec. 258.)
2023 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 3 - Lost or Destroyed Bonds › Section 53465.

53465. Each bond and attached coupon so issued shall state upon its face:
(a) The number and denomination of the bond for which it is issued.
(b) That it is issued in the place of the bond claimed to have been lost or destroyed.
(c) That it is issued as a duplicate.
(d) That only one is to be paid.
(Added by Stats. 1949, Ch. 81.)
2023 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 3 - Lost or Destroyed Bonds › Section 53466.

53466. The undertaking required by this article, duly indorsed as approved, shall be filed in the office of the clerk or the treasurer of the issuing local agency as the legislative body directs.
(Amended by Stats. 1982, Ch. 517, Sec. 259.)
2023 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 4 - Pledge and Use of Revenues to Pay and Secure General Obligation Bonds › Section 53500.

53500. As used in this article:
(a) “Local agency” means county, city, city and county, public district, or other public or municipal corporation.
(b) “General obligation bonds” means bonds, warrants, notes or other evidence of indebtedness of a local agency payable, both principal and interest, from the proceeds of ad valorem taxes or ad valorem assessments which may be levied without limitation as to rate or amount upon property in the local agency subject to taxation or assessment.
(c) “Legislative body” means the legislative body of the local agency as defined in Section 53000.
(d) “Revenue-producing facility” means an improvement, works, system or facility furnishing or providing services or products for which the local agency is authorized to impose a charge.
(e) “Pledge” means pledge, assign, place a charge upon and place a lien upon.
(Added by Stats. 1961, Ch. 1157.)
2023 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 4 - Pledge and Use of Revenues to Pay and Secure General Obligation Bonds › Section 53501.

53501. This article applies to all local agencies which have the power to issue general obligation bonds to acquire, construct or finance a revenue-producing facility.
(Added by Stats. 1961, Ch. 1157.)
2023 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 4 - Pledge and Use of Revenues to Pay and Secure General Obligation Bonds › Section 53502.

53502. In any ordinance, resolution, order or indenture providing for the issuance of general obligation bonds of a local agency to provide funds for the acquisition, construction or financing of a revenue producing facility or any addition to, or extension or improvement of a revenue-producing facility, the legislative body of the local agency may pledge all or any part of the revenues of such facility to the payment or security of such general obligation bonds and the interest thereon in such manner and upon such terms as the legislative body may deem advisable.
(Added by Stats. 1961, Ch. 1157.)
2023 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 4 - Pledge and Use of Revenues to Pay and Secure General Obligation Bonds › Section 53503.

53503. In connection with such pledge the legislative body may provide in such ordinance, resolution, order or indenture such covenants, promises, restrictions and provisions as it may deem necessary or desirable including, but not limited to, covenants, promises, restrictions and provisions relating to the use of bond proceeds, the maintenance, operation and preservation of such facility, the rates and charges to be established and collected for the services or products furnished or provided by such facility, the incurring of additional indebtedness payable from such revenues, and the establishment, maintenance and use of reserve funds, sinking funds, interest and redemption funds, maintenance and operation funds and other special funds for the payment or security of the bonds and the interest thereon. In connection with such pledge and in connection with such covenants, promises, restrictions and provisions the legislative body shall have, but shall not be limited to, the powers specified in the Revenue Bond Law of 1941 (Chapter 6 of this part).
(Added by Stats. 1961, Ch. 1157.)
2023 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 4 - Pledge and Use of Revenues to Pay and Secure General Obligation Bonds › Section 53504.

53504. The pledge and the payment and security provisions authorized by this article shall be in addition to, and not in derogation of, any provisions permitted or required by law, charter or the Constitution of the State of California relating to payment of general obligation bonds from the proceeds of ad valorem taxes or ad valorem assessments and relating to the levy and collection of such taxes or assessments.
(Added by Stats. 1961, Ch. 1157.)
2023 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 4 - Pledge and Use of Revenues to Pay and Secure General Obligation Bonds › Section 53505.

53505. If the legislative body intends to exercise the powers granted by this article it shall make a statement of such intention in any ordinance, resolution or order calling or providing for an election to authorize the general obligation bonds for a revenue producing facility. Such statement may be general only or it may give such detail as the legislative body may deem proper. If any such statement is made, the ordinance, resolution, order or indenture providing for the issuance of such bonds shall be substantially in accord with such statement.
(Added by Stats. 1961, Ch. 1157.)
2023 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 4.5 - General Obligation Bonds › Section 53506.

53506. (a) This article is full authority for the issuance of bonds or refunding bonds by any city, county, city and county, school district, community college district, or special district, secured by the levy of ad valorem taxes, authorized in accordance with the Constitution and, in the case of a chartered city, county, or city and county, with the charter thereof, or in the case of a special district, with the district’s principal act.
(b) This article is intended to provide a complete additional and alternative method for doing the things authorized by this article. The powers conferred by this article are supplemental and additional to the powers conferred by any other laws, and the limitations imposed by this article do not affect the powers conferred by any other law.
(Added by Stats. 1993, Ch. 841, Sec. 1. Effective January 1, 1994.)
2023 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 4.5 - General Obligation Bonds › Section 53506.5.

53506.5. This article shall be liberally construed to promote its objectives. If inconsistent with any other law, this article shall be controlling.
(Added by Stats. 1993, Ch. 841, Sec. 1. Effective January 1, 1994.)
2023 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 4.5 - General Obligation Bonds › Section 53507.

53507. As used in this article, the following terms shall have the meanings assigned to them in this section.
(a) “Bonds” means bonds, notes, warrants, or other evidence of indebtedness payable, both principal and interest, from the proceeds of ad valorem taxes that may be levied without limitation as to rate or amount upon property subject to taxation by the legislative body.
(b) “Issuer” means a city, county, city and county, school district, community college district, or special district, secured by the levy of ad valorem taxes, authorized to issue bonds pursuant to this article.
(c) “Legislative body” means the governing body of the issuer.
(Added by Stats. 1993, Ch. 841, Sec. 1. Effective January 1, 1994.)
2023 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 4.5 - General Obligation Bonds › Section 53507.5.

53507.5. (a) The legislative body may, by resolution, provide for the issuance of bonds pursuant to this article.
(b) The resolution shall state that the bonds are being issued pursuant to this article.
(Added by Stats. 1993, Ch. 841, Sec. 1. Effective January 1, 1994.)
2023 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 4.5 - General Obligation Bonds › Section 53508.

53508. The resolution authorizing any bonds or any issue of bonds may provide for any of the following:
(a) The form of the bonds to be issued as serial bonds, or sinking fund bonds, with serial or term maturities, or any combination thereof.
(b) The number of series in which the bonds are to be issued.
(c) The form of the bonds as coupon, registered, or book entry.
(d) The interest on the bonds, either fixed or variable, and the interest rate or rates, payable at the times and in the manner specified therein, and whether all or part of any series of the bonds shall be issued as zero coupon or capital appreciation bonds; provided, however, that under no conditions may the annual interest rate, whether fixed or variable, exceed the maximum rate permitted by Section 53531 or 53532.
(e) The time, medium, and place or places of payment.
(f) The time or times of maturity of the bonds, not exceeding 40 years from their respective dates.
(g) The date or dates to be borne by the bonds of each series.
(h) The denomination of the bonds.
(i) The registration and conversion privileges of the bonds.
(j) The manner in which the bonds are to be executed.
(k) The terms of redemption, with or without premium.
(l) Other terms and conditions of the bonds and of their execution, issuance, and sale deemed necessary and appropriate by the legislative body.
(Added by Stats. 1993, Ch. 841, Sec. 1. Effective January 1, 1994.)
2023 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 4.5 - General Obligation Bonds › Section 53508.3.

53508.3. (a) No bond shall be subject to mandatory tender for purchase or redemption prior to its fixed maturity date unless it contains a recital to that effect.
(b) Any bond protected by its terms or by the terms of this section from mandatory tender for purchase or redemption prior to its fixed maturity date or for a specified period of time after issuance, may specify terms upon which the issuer may sell or transfer its right to require the bond to be tendered for purchase or redemption prior to its fixed maturity date.
(Added by Stats. 1993, Ch. 841, Sec. 1. Effective January 1, 1994.)
2023 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 4.5 - General Obligation Bonds › Section 53508.5.

53508.5. Notwithstanding any other law and except as provided in Section 53508.6, a school district or community college district that intends to issue bonds that allow for the compounding of interest, including, but not limited to, capital appreciation bonds, pursuant to this article shall comply with the requirements of Sections 15143, 15144, 15144.1, and 15144.2, and subdivisions (b) and (c) of Section 15146, of the Education Code.
(Added by Stats. 2013, Ch. 477, Sec. 6. (AB 182) Effective January 1, 2014.)
2023 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 4.5 - General Obligation Bonds › Section 53508.6.

53508.6. Notwithstanding any other law, a school district or community college district may, pursuant to this article, issue bonds that do not allow for the compounding of interest and that have a maturity greater than 30 years, but not greater than 40 years, if the school district or community college district does both of the following:
(a) Complies with the requirements of subdivisions (b) and (c) of Section 15146 of the Education Code.
(b) Makes a finding that the useful life of the facility financed with the bonds that do not allow for the compounding of interest and that have a maturity greater than 30 years, but not greater than 40 years, equals or exceeds the maturity date of those bonds.
(Added by Stats. 2013, Ch. 477, Sec. 7. (AB 182) Effective January 1, 2014.)
2023 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 4.5 - General Obligation Bonds › Section 53508.7.

53508.7. (a) The bonds shall be sold at a public or private sale and at a price at, above, or below par, as the legislative body determines.
(b) Any bonds sold at a discount below the par value of the bonds shall be sold in compliance with the provisions of Section 53532.
(c) The private sale of bonds is limited to the sale of school districts’ and community college districts’ bonds pursuant to Sections 15140 or 15146 of the Education Code.
(Amended by Stats. 1999, Ch. 667, Sec. 10. Effective January 1, 2000.)
2023 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 4.5 - General Obligation Bonds › Section 53508.9.

53508.9. (a) Notwithstanding Section 53508.7, a local agency may sell bonds at a negotiated sale for a price at, above, or below par value, as authorized by the legislative body, without further approval, if the legislative body adopts a resolution before the negotiated sale, as an agenda item at a public meeting, that includes all of the following:
(1) Express approval of the negotiated method of sale.
(2) Statement of the reasons for selecting the negotiated method of sale.
(3) Disclosure of the identity of the bond counsel.
(4) Disclosure of the identity of the bond underwriter and the financial adviser, if used for the negotiated bond sale. If a bond underwriter or financial adviser has not been selected at the time the legislative body adopts the resolution, the legislative body shall disclose the identity at the public meeting first occurring after the bond underwriter or financial adviser has been selected.
(5) Estimate of the costs associated with the bond issuance.
(b) For purposes of this section, the following definitions shall apply:
(1) “Legislative body” means the governing body of a local agency.
(2) “Local agency” means a city, county, city and county, and special district. “Special district” means an agency of the state formed for the performance of governmental or proprietary functions within limited geographic boundaries, and shall not include a school district or community college district.
(Added by Stats. 2009, Ch. 529, Sec. 2. (AB 1388) Effective January 1, 2010.)
2023 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 4.5 - General Obligation Bonds › Section 53509.

53509. (a) Any bond issued under the authority of this article may be refunded pursuant to this or any other applicable law. Any bond may be refunded pursuant to this article regardless of whether the bond or the legislation under which its issuance was authorized explicitly provides that the bond may be refunded.
(b) Refunding bonds shall not be issued if the total net interest cost to maturity on the refunding bonds plus the principal amount of the refunding bonds exceeds the total net interest cost to maturity on the bonds to be refunded plus the principal amount of the bonds to be refunded. Subject to that limitation, the principal amount of the refunding bonds may be more than, less than, or the same as the principal amount of the bonds to be refunded.
(Added by Stats. 1993, Ch. 841, Sec. 1. Effective January 1, 1994.)
2023 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 4.5 - General Obligation Bonds › Section 53509.3.

53509.3. Nothing in this article shall limit the authority of the legislative body to enter into any contract in connection with the issuance of the bonds which it is permitted by Section 5922 to enter into.
(Added by Stats. 1993, Ch. 841, Sec. 1. Effective January 1, 1994.)
2023 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 4.5 - General Obligation Bonds › Section 53509.5.

53509.5. After the sale of bonds issued under the authority of this article, the legislative body shall do both of the following:
(a) Present actual cost information for the sale at its next scheduled public meeting.
(b) Submit an itemized summary of the costs of the bond sale to the California Debt and Investment Advisory Commission.
(Added by Stats. 2009, Ch. 529, Sec. 3. (AB 1388) Effective January 1, 2010.)
2023 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 5 - Validating Proceedings › Section 53510.

53510. As used in this article “local agency” means county, city, city and county, public district or any public or municipal corporation, public agency or public authority.
(Added by Stats. 1963, Ch. 2118.)
2023 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 5 - Validating Proceedings › Section 53511.

53511. (a) A local agency may bring an action to determine the validity of its bonds, warrants, contracts, obligations or evidences of indebtedness pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of the Code of Civil Procedure.
(b) A local agency that issues bonds, notes, or other obligations the proceeds of which are to be used to purchase, or to make loans evidenced or secured by, the bonds, warrants, contracts, obligations, or evidences of indebtedness of other local agencies, may bring a single action in the superior court of the county in which that local agency is located to determine the validity of the bonds, warrants, contracts, obligations, or evidences of indebtedness of the other local agencies, pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of the Code of Civil Procedure.
(Amended by Stats. 2004, Ch. 470, Sec. 3. Effective January 1, 2005.)
2023 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 5.5 - Lien for General Obligation Bonds › Section 53515.

53515. (a) General obligation bonds issued and sold by or on behalf of a local agency shall be secured by a statutory lien on all revenues received pursuant to the levy and collection of the tax. The lien shall automatically arise without the need for any action or authorization by the local agency or its governing body. The lien shall be valid and binding from the time the bonds are executed and delivered. The revenues received pursuant to the levy and collection of the tax shall be immediately subject to the lien, and the lien shall immediately attach to the revenues and be effective, binding, and enforceable against the local agency, its successors, transferees, and creditors, and all others asserting rights therein, irrespective of whether those parties have notice of the lien and without the need for any physical delivery, recordation, filing, or further act.
(b) This section is not intended to supplement or limit a local agency’s power to issue general obligation bonds conferred by any other law.
(c) For purposes of this section, both of the following definitions apply:
(1) “General obligation bonds” means bonds, warrants, notes, or other evidence of indebtedness of a local agency payable, both principal and interest, from the proceeds of ad valorem taxes that may be levied pursuant to paragraphs (2) and (3) of subdivision (b) of Section 1 of Article XIII A of the California Constitution.
(2) “Local agency” means any city, county, city and county, school district, community college district, authority, or special district.
(Amended by Stats. 2016, Ch. 86, Sec. 164. (SB 1171) Effective January 1, 2017.)
2023 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 6 - Notice by Mail › Section 53520.

53520. As used in this article “local agency” means county, city, city and county, public district or any public or municipal corporation, public agency or public authority.
(Added by Stats. 1963, Ch. 1065.)
2023 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 6 - Notice by Mail › Section 53521.

53521. Whenever by any law of this state a local agency is required to give notice by posting or publication of a hearing on the formation of a local agency or an improvement district, zone, special assessment district or special taxing district within a local agency, or on the consolidation or dissolution of such local agency or the annexation or detachment of territory to or from any of the foregoing, or on the issuance of bonds or other evidences of indebtedness by or for any of the foregoing, the local agency may, in its discretion, cause additional notice of such hearing to be given by mail as follows:
(a) By mailing such notice, postage prepaid, to all persons owning real property which will be within such local agency, improvement district, zone, special assessment district or other special taxing district when the same is formed, consolidated or dissolved, or within territory proposed to be annexed or detached therefrom or which will or may be taxed or assessed for the payment of bonds or other evidences of indebtedness issued by or for any thereof, whose names and addresses appear on the last equalized county assessment roll (including the roll of state-assessed property) or are known to the clerk or secretary of the local agency.
(b) Such notice shall be mailed at least fifteen (15) days prior to the date fixed for the hearing.
(Amended by Stats. 1965, Ch. 1918.)
2023 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 6 - Notice by Mail › Section 53522.

53522. The clerk or secretary of the local agency shall, upon the completion of the mailing of the notice, file with the legislative body of the local agency an affidavit setting forth the time and manner of such mailing.
(Added by Stats. 1963, Ch. 1065.)
2023 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 6 - Notice by Mail › Section 53523.

53523. The failure of any addressee of any mailed notice to receive the same shall not affect in any way whatsoever the validity of the proceedings including such hearing nor prevent the legislative body of the local agency from proceeding with any hearing so noticed.
(Added by Stats. 1963, Ch. 1065.)
2023 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 7 - Interest Rates on Bonds › Section 53530.

53530. As used in this article:
(a) “Local agency” means county, city, city and county, public district, public entity or authority, or other public or municipal corporation, including redevelopment agencies, housing authorities, and industrial development authorities.
(b) “Bonds” means bonds, warrants, notes or other evidences of indebtedness of a local agency or zone or improvement district thereof.
(Amended by Stats. 1981, Ch. 1098, Sec. 2.)
2023 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 7 - Interest Rates on Bonds › Section 53531.

53531. Any provision of law specifying the maximum interest rate on bonds to the contrary notwithstanding, bonds may bear interest at a coupon rate or rates as determined by the legislative body in its discretion but not to exceed 12 percent per year payable as permitted by law, unless some higher rate is permitted by law.
(Amended (as amended by Stats. 1985, Ch. 579, Sec. 2) by Stats. 1987, Ch. 943, Sec. 4.)
2023 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 7 - Interest Rates on Bonds › Section 53531.1.

53531.1. (a) The Legislature hereby finds and declares that, in enacting and amending Sections 53530 and 53531, the intent has been, and continues to be, to provide general authority to local agencies to issue bonds bearing interest at the coupon rate specified in Section 53531, as amended from time to time. This general authority is intended to be in addition to, and not limited by, specific provisions authorizing bonds of particular local agencies. Due to the general application of Section 53531, it has been unnecessary to amend the numerous statutes which contain their own specific maximum interest rates. This section contains the intent of the Legislature in previously enacting and amending Sections 53530 and 53531 and does not affect Section 53532 or 53533. This section does not constitute a change in, but is declaratory of, the existing law in effect since 1969.
(b) All bonds of any local agency issued prior to the effective date of this section, and bearing interest at coupon rates within the maximum rate specified in Section 53531, as in effect at the time of issuance, are legal, valid, and binding obligations of the local agency.
(c) The authority provided to all local agencies in Section 53531 to issue bonds bearing interest at a coupon rate in accordance with that section is in addition to, and not limited by, any power or limitation made applicable to local agencies by any other law enacted before or on or after the effective date of this section, unless the other law specifically provides otherwise.
(Added by Stats. 1984, Ch. 310, Sec. 1. Effective July 6, 1984.)
2023 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 7 - Interest Rates on Bonds › Section 53532.

53532. The provisions of Section 53531 shall apply only to coupon rates and shall not affect the power of a local agency to sell bonds at a discount below par if permitted by law. Any provision of law permitting bonds to be sold at a discount but specifying a maximum interest yield on bonds sold at a discount to the contrary notwithstanding, the bonds may be sold at a price yielding to the purchaser an effective interest rate of not to exceed 12 percent per year, payable as permitted by law, according to standard tables of bond values.
(Amended (as amended by Stats. 1985, Ch. 579, Sec. 4) by Stats. 1987, Ch. 943, Sec. 6.)
2023 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 7 - Interest Rates on Bonds › Section 53533.

53533. Notwithstanding Section 53531 or any other provision of law establishing limitations on the rate of interest of any indebtedness or obligation of a city, county, or city and county the rate of interest on any indebtedness or obligation thereof which is payable to the federal government or any agency or instrumentality thereof or any indebtedness or obligation guaranteed by the federal government or any instrumentality thereof may be at a rate higher than the limitations established in any other law if such rate is the rate established by the federal government or any instrumentality thereof. Any such indebtedness or obligation shall be in such form and denomination, have such maturity, and be subject to such conditions as may be prescribed by the federal government or agency or instrumentality thereof.
(Added by Stats. 1979, Ch. 29.)
2023 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 7 - Interest Rates on Bonds › Section 53534.

53534. Any provision of law to the contrary notwithstanding, a city, county, or city and county may enter into contracts commonly known as “interest rate swap agreements” or “forward payment conversion agreements” with any person providing for the exchange of payments between the person and the city, county, or city and county, including, without limitation, contracts providing for the exchange of fixed interest payments for floating payments or floating interest payments for fixed payments, or a combination thereof. The contracts may be made upon the terms and conditions established by the legislative body of the city, county, or city and county. The authority conferred by this section includes the authority to enter into any and all contracts incident to the exercise of the authority conferred by this section including, without limitation, contracts to obtain credit enhancement devices and contracts for the performance of professional services. However, these contracts may be made only if all securities or bonds included in the contracts are rated in one of the three highest rating categories by two nationally recognized rating agencies selected by the legislative body of the city, county, or city and county, and if there has been receipt, from any rating agency rating the bonds, of written evidence that the contract will not adversely affect the rating.
(Amended by Stats. 1993, Ch. 1195, Sec. 13. Effective January 1, 1994.)
2023 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 8 - Issuance, Sale and Cancellation of Bonds › Section 53540.

53540. As used in this article:
(a) “Local agency” means county, city, city and county, public district, public entity or authority or other public or municipal corporation.
(b) “Legislative body” means the legislative body, as defined in Section 53000, of the local agency.
(c) The term “bonds” includes bonds, warrants, notes, or other evidences of indebtedness of a local agency, zone or improvement district except those which under Section 18 of Article XI or other provision of the Constitution of the State of California are required to be authorized at an election.
(Added by Stats. 1969, Ch. 600.)
2023 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 8 - Issuance, Sale and Cancellation of Bonds › Section 53541.

53541. Any provision of law requiring an election to the contrary notwithstanding, the legislative body without a vote of the electors may issue bonds of the local agency, zone or improvement district if all the following occur:
(a) The principal amount of such bonds does not exceed the then unissued balance of the principal amount of bonds of the same type authorized at an election heretofore held in the local agency, or in such zone or improvement district.
(b) The bonds are issued for the same purpose as that for which the unissued bonds were authorized.
(c) The bonds are issued in accordance with the laws governing the issuance of bonds of the local agency, except for the requirement of a bond election.
Bonds issued pursuant to this section may bear interest at a rate or rates not to exceed 12 percent per year. When bonds are issued pursuant to this section, unissued bonds as referred to in subdivisions (a) and (b) in a principal amount at least equal to the principal amount of bonds issued pursuant to this section, shall be canceled by order of the legislative body and shall not be issued.
(Amended (as amended by Stats. 1985, Ch. 579, Sec. 6) by Stats. 1987, Ch. 943, Sec. 8.)
2023 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 8 - Issuance, Sale and Cancellation of Bonds › Section 53542.

53542. (a) The Housing Bond Credit Committee shall, after consultation with appropriate agencies including, but not limited to, the Department of Business and Economic Development, the Department of Housing and Community Development, the Governor’s Office of Planning and Research, the California Housing Finance Agency, the Senate Office of Research, the Assembly Office of Research, and the Department of Finance, designate areas of chronic economic distress in conformity with paragraph (3) of subdivision (k) of Section 103 (A) of the Internal Revenue Code. Criteria to be used in designating areas of chronic economic distress include:
(1) The condition of the housing stock, including the age of the housing and the number of abandoned and substandard residential units.
(2) The need of area residents for owner-financing under this section, as indicated by low per capita income, a high percentage of families in poverty, a high number of welfare recipients, and high unemployment rates.
(3) The potential for use of owner-financing under this section to improve housing conditions in the area.
(4) The existence of a housing assistance plan which provides a displacement program and a public improvements and services program.
(b) The committee may evaluate and include other criteria it considers appropriate in determining areas of chronic economic distress, including, but not limited to:
(1) Low vacancy rates in residential units.
(2) Low volume of mortgage loan activity.
(3) The percentage of households paying more than 35 percent of income for rent.
(4) The existence of adequate transportation facilities between such designated areas and areas of employment concentration.
(c) State agencies and local agencies, including, but not limited to, redevelopment agencies, housing authorities or other local entities authorized by the laws of this state to issue qualified mortgage bonds, may recommend on or before February 15 of each calendar year, the designation of an area of chronic economic distress to the committee.
The committee shall review all such proposals in making designations in accordance with paragraph (3) of subdivision (K) of Section 103 (A) of the Internal Revenue Code or any appropriate regulations. The State Treasurer or his or her designee, shall be responsible for seeking approval of that designation by the Secretary of the Treasury and the Secretary of Housing and Urban Development of the United States and providing certification of these designations and is hereby designated as the official to make certifications for purposes of federal law.
(Added by Stats. 1982, Ch. 153, Sec. 1. Effective April 9, 1982.)
2023 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 9 - Refunding of Bonded Indebtedness of Local Agencies › Section 53551.

53551. The legislative body of any local agency may issue negotiable coupon bonds, to be denominated refunding bonds, for the purpose of refunding any of the indebtedness of the local agency evidenced by bonds, whether due or not due, or which has or may hereafter become payable at the option of such local agency or by consent of the bondholders, or by any lawful means, whether such indebtedness, evidenced by bonds be now existing or may hereafter be created, and there shall not be moneys in a special fund in the treasury of such local agency irrevocably pledged to the payment or redemption of all such bonds; but the amount of such refunding bonds to be issued under the provisions of this article shall first be determined by such legislative body by resolution entered upon the minutes of such legislative body.
(Added by Stats. 1971, Ch. 1710.)
2023 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 9 - Refunding of Bonded Indebtedness of Local Agencies › Section 53552.

53552. Whenever the legislative body of a local agency determines that prudent management of the fiscal affairs of the local agency requires that it issue refunding bonds under the provisions of this article, it may do so without submitting the question of the issuance of the refunding bonds to a vote of the qualified electors of the local agency, unless the legislative body determines to submit the question to a vote, in which case the election shall be held in accordance with the principal act pursuant to which the bonds to be refunded were issued. Refunding bonds shall not be issued if the total net interest cost to maturity on the refunding bonds plus the principal amount of the refunding bonds exceeds the total net interest cost to maturity on the bonds to be refunded plus the principal amount of the bonds to be refunded, provided that this limitation shall not apply to bonds issued to refund indebtedness imposed by subdivision (b) of Section 53550 as a result of the court decision in Aerospace Corporation v. State Board of Equalization, 218 Cal. App. 3d 1300. Subject to this limitation, the principal amount of the refunding bonds may be more than, less than, or the same as the principal amount of the bonds to be refunded.
(Amended by Stats. 1992, Ch. 802, Sec. 3. Effective September 22, 1992.)
2023 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 9 - Refunding of Bonded Indebtedness of Local Agencies › Section 53553.

53553. When the legislative body determines to issue refunding bonds pursuant to this article, it shall adopt a resolution providing for the issuance of such bonds. Such resolution shall:
(a) Describe the bonds being refunded; and the date on which it is anticipated that the exchange, purchase or call and redemption necessary to effect the refunding shall occur;
(b) Fix the date of such refunding bonds;
(c) Designate the denomination or denominations thereof;
(d) Fix the rate or rates of interest to be borne by such refunding bonds, which rate or rates shall not exceed 8 percent per annum, payable semiannually, except that interest for the first year from date of issuance may be payable at the end of said year;
(e) Fix the maturity dates of such refunding bonds, which shall not exceed 40 years from the date of such refunding bonds, or the latest maturity date of the bonds being refunded, whichever occurs earlier;
(f) Designate the place or places of payment of both principal and interest;
(g) Prescribe the form of such refunding bonds; and
(h) State the designated costs of issuing the refunding bonds.
(Amended by Stats. 1975, Ch. 130.)
2023 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 9 - Refunding of Bonded Indebtedness of Local Agencies › Section 53554.

53554. Such refunding bonds shall:
(a) Be negotiable in form;
(b) Recite that they are bonds of the local agency issuing the bonds;
(c) Recite that they are issued pursuant to the provisions of this article;
(d) Be executed in the name of the local agency; and
(e) Be signed by the president or chairman of the legislative body of the local agency, and executed, countersigned or attested by such officer or officers of the local agency as are required to execute, countersign or attest bonds issued pursuant to the principal act, as the case may be.
The interest coupons shall be signed in the same manner as interest coupons attached to bonds issued by the local agency pursuant to the principal act. The provisions of the Uniform Facsimile Signatures of Public Officials Act (Chapter 6, (commencing with Section 5500), Division 6, Title 1) apply to refunding bonds issued pursuant to this article.
(Added by Stats. 1971, Ch. 1710.)
2023 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 9 - Refunding of Bonded Indebtedness of Local Agencies › Section 53555.

53555. Refunding bonds issued pursuant to this article may be exchanged for the bonds to be refunded on such basis as the legislative body determines is for the benefit of the local agency but in no case on the basis that the principal amount of refunding bonds exceeds the principal amount of the bonds to be refunded plus the costs of issuing the refunding bonds. As an alternative to exchanging the refunding bonds for the bonds to be refunded, the legislative body may sell the refunding bonds at public or private sale for not less than their par value. The proceeds of any sale of refunding bonds for cash shall be placed in the treasury of the local agency to the credit of a fund to be established for the purpose of refunding the bonds to be refunded, which fund shall be designated the “funding fund,” and such proceeds shall be applied only as permitted by this article.
(Amended by Stats. 1972, Ch. 531.)