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 9 - Refunding of Bonded Indebtedness of Local Agencies › Section 53556.

53556. The designated costs of issuing the refunding bonds may be paid by the purchaser of the refunding bonds or may be paid from any other legally available source, including the general fund of the local agency, other available revenues of the local agency under the control of the legislative body, the proceeds of sale of the refunding bonds, the interest or other gain derived from the investment of any of the proceeds of sale of the refunding bonds, any other moneys in escrow or in trust or any combination thereof as the legislative body may determine; provided, however, that any amounts paid by the local agency other than from the proceeds of sale of the refunding bonds or from interest or other gains derived from the investment of such proceeds shall be added to the total net interest cost to maturity on the refunding bonds in determining whether the test of the second sentence of Section 53552 has been met.
(Repealed and added by Stats. 1972, Ch. 531.)
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 53557.

53557. Any proceeds of sale of any refunding bonds may be deposited in escrow or trust with any bank or trust company within or without the state, or both within and without the state, and shall be secured in accordance with the laws applicable to funds of the local agency and may (along with any other moneys available for that purpose similarly deposited) be invested or reinvested in federal securities.
(Added by Stats. 1972, Ch. 531.)
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 53558.

53558. Such proceeds and investments in escrow or trust shall be in an amount at the time of issuance of such refunding bonds which is certified by a certified public accountant licensed to practice in this state to be sufficient to meet the requirements of subdivision (a) or paragraph (b) of this section.
(a) Such proceeds and investments, together with any interest or other gain to be derived from any such investment, shall be in an amount at least sufficient to pay (i) the principal of and interest and redemption premiums, if any, on the refunded bonds as they become due or at designated dates prior to maturity (in connection with which the legislative body has exercised or has obligated itself to exercise a redemption privilege on behalf of the local agency) and (ii) the designated costs of issuance of the refunding bonds, or
(b) Such proceeds and investments, together with any interest or other gain to be derived from any such investment, shall be in an amount at least sufficient to pay (i) the principal of and interest and redemption premiums, if any, on the refunding bonds prior to the maturity of the bonds to be refunded or prior to a designated date or dates before the maturity of the bonds to be refunded (in connection with which the legislative body has exercised or has obligated itself to exercise a redemption privilege on behalf of the local agency), (ii) the principal of and any redemption premiums due on such refunded bonds at maturity or at said designated date or dates and (iii) the designated costs of issuance of the refunding bonds.
(Repealed and added by Stats. 1972, Ch. 531.)
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 53559.

53559. Following the issuance of any refunding bonds pursuant to this article, the legislative body of the local agency shall provide for the payment of principal and interest thereon in the same manner and at the same times as it provides for payment of principal and interest on bonds issued pursuant to its principal act and which constitute general obligations of such local agency. The legislative body may provide in the resolution of issuance of such refunding bonds for the pledge of revenues of any revenue-producing facility of the local agency as additional security for the refunding bonds to the same extent that such revenues were pledged as additional security for the bonds to be refunded.
(Added by renumbering Section 53557 by Stats. 1972, Ch. 531.)
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 53560.

53560. Upon the issuance, sale and delivery or exchange of refunding bonds pursuant to this article:
(a) If only the refunding bonds remain outstanding, such refunding bonds shall constitute indebtedness of the local agency issuing such bonds and shall be included in any computation of general obligation indebtedness of such local agency for purposes of any debt limitation applicable to bonds of such local agency under the principal act or for any other lawful purpose;
(b) If both the refunding bonds and the bonds to be refunded remain outstanding for any period of time following the date of the issuance, sale and delivery of the refunding bonds, then until the date on which the bonds to be refunded are no longer outstanding;
(i) If the local agency has met the test of subdivision (a) of Section 53558 the refunding bonds shall constitute indebtedness of the local agency issuing such bonds and shall be included in any computation of general obligation indebtedness of such local agency for purposes of any debt limitation applicable to bonds of such local agency under the principal act or for any other lawful purpose, but the bonds to be refunded shall no longer be considered outstanding in any computation of the general obligation indebtedness of such local agency;
(ii) If the local agency has met the test of subdivision (b) Section 53558 then such refunding bonds shall, until the date on which the refunding bonds are no longer outstanding, constitute a special obligation of the local agency issuing such bonds and shall not be included in any computation of general obligation indebtedness of such local agency for any purpose, and the bonds to be refunded shall be considered outstanding in any computation of the general obligation bonded indebtedness of such local agency; but from and after the date on which the refunded bonds are no longer outstanding the refunding bonds shall constitute indebtedness of the local agency issuing such bonds and shall be included in any computation of general obligation indebtedness.
(Added by Stats. 1972, Ch. 531.)
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 53561.

53561. It is hereby declared that it is a public purpose for a local agency to issue refunding bonds for the purposes set forth in this article and to invest and reinvest the proceeds thereof, and any other funds legally available therefor, for the purposes set forth herein; provided, however, that it is the intent of this article, and this article shall be so construed, that in no single fiscal year shall a tax be levied or shall funds of a local agency other than those expressly permitted herein be used to pay the principal of and interest and redemption premium, if any, on both the refunding bonds and on the bonds to be refunded.
(Added by Stats. 1972, Ch. 531.)
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 53562.

53562. The powers conferred by this article are in addition and supplemental to, and not in substitution for, and the limitations imposed by this article shall not affect the powers conferred by, any other law.
(Amended by Stats. 1973, Ch. 140.)
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 53569.

53569. Before selling any refunding bonds subject to the provisions of this article, any local agency shall advertise such bonds for sale at public sale and shall invite sealed bids therefor by publication of a notice once at least 10 days before the date of such public sale in a newspaper of general circulation circulated within the boundaries of each local agency to be aided by the public project to be financed by the issuance of such bonds; provided that, if an issue of bonds is less than five hundred thousand dollars ($500,000), a local agency is not required to advertise such bonds for public sale or to accept bids thereon pursuant to this section. If one or more satisfactory bids are received pursuant to such notice, such bonds shall be awarded to the highest responsible bidder. If no bids are received or if the local agency determines that the bids received are not satisfactory as to price or responsibility of the bidders, the local agency may reject all bids received, if any, and either readvertise or sell such bonds at private sale.
(Amended by Stats. 1976, Ch. 247.)
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 10 - Refunding of Revenue Bonds of Local Agencies › Section 53570.

53570. The following terms shall have the following meanings:
(a) “Local agency” means public district, public corporation, authority, agency, board, commission, county, city and county, city, school district, any other public entity, or any improvement district or zone thereof.
(b) “Revenue bonds” means any of the following:
(1) Bonds, warrants, notes, or other evidence of indebtedness of a local agency payable from funds other than the proceeds of ad valorem taxes or the proceeds of assessments levied without limitation as to rate or amount by the local agency upon property in the local agency.
(2) Bonds, notes, interim certificates, debentures, or other obligations of a redevelopment agency, including, but not limited to, obligations payable in whole or in part from taxes allocated to, and paid into, a special fund of the agency pursuant to Article 6 (commencing with Section 33670) of Chapter 6 of Part 1 of Division 24 of the Health and Safety Code.
(Amended by Stats. 1985, Ch. 1033, Sec. 9. Effective September 27, 1985.)
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 10 - Refunding of Revenue Bonds of Local Agencies › Section 53571.

53571. It is hereby declared that it is a public purpose for a local agency to issue bonds for the purpose of refunding any revenue bonds of the local agency or any revenue bonds of a member of the local agency pursuant to Article 11 (commencing with Section 53580), whether due or not due, or that have or that may hereafter become payable at the option of the local agency, by consent of the bondholders, or by any lawful means.
Any refunding bonds may be outstanding at the same time as the revenue bonds for which the refunding bonds are issued, subject to any contractual limitations created in the proceedings for the issuance of the revenue bonds, and may be on a parity with, or subordinate to, the revenue bonds.
The refunding bonds may be issued pursuant to Article 11 (commencing with Section 53580) or under any applicable revenue bond law, including, but not limited to, the Revenue Bond Law of 1941 (Chapter 6 (commencing with Section 54300)), the Parking Law of 1949 (Part 2 (commencing with Section 32500) of Division 18 of the Streets and Highways Code), the Parking District Law of 1951 (Part 4 (commencing with Section 35100) of Division 18 of the Streets and Highways Code), the joint exercise of powers provisions contained in Article 1 (commencing with Section 6500) and Article 2 (commencing with Section 6540) of Chapter 5 of Division 7 of Title 1, and the Community Redevelopment Law (Part 1 (commencing with Section 33000) of Division 24 of the Health and Safety Code), and shall be deemed issued for a valid public purpose and a proper bond purpose under Article 11 (commencing with Section 53580) or the applicable revenue bond law, and interest upon the refunding bonds or the bonds to be refunded from the date thereof to the date of payment of the bonds to be refunded or the date upon which the bonds to be refunded will be paid pursuant to call or agreement with the holders of the bonds may be paid from the proceeds of the refunding bonds or the investment of the proceeds.
(Amended by Stats. 1999, Ch. 649, Sec. 4. 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 10 - Refunding of Revenue Bonds of Local Agencies › Section 53572.

53572. In connection with the issuance of bonds under any law permitting the issuance of refunding bonds, a local agency may declare the proceeds of such refunding bonds to be a revenue producing public facility, including an enterprise under the Revenue Bond Law of 1941, or may declare such proceeds to be part of such revenue producing public facility or enterprise or may otherwise declare such proceeds to be held, in whole or in part, and for such time as the local agency may deem advisable, in trust for the protection of holders of the bonds or of the refunding bonds.
(Added by Stats. 1972, Ch. 531.)
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 11 - Provisions Applicable to All Refunding Bonds of All Local Agencies › Section 53580.

53580. The following terms shall have the following meanings:
(a) The term “local agency” means public district, public corporation, authority, agency, board, commission, county, city and county, city, school district, or other public entity or any improvement district or zone thereof.
(b) The term “bonds” as used in this article means: bonds as defined in Section 53550, or revenue bonds as defined in Section 53570.
(c) The term “refunding bonds” means bonds issued to refund bonds.
(d) The term “federal securities” as used in this article means those securities defined in subdivision (g) of Section 53550 and in subdivision (a) of Section 53651.
(Added by Stats. 1975, Ch. 897.)
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 11 - Provisions Applicable to All Refunding Bonds of All Local Agencies › Section 53581.

53581. Notwithstanding the provisions of any other law, the provisions of this article shall apply to all refunding bonds of any local agency, regardless of the authority for their issuance.
(Added by Stats. 1975, Ch. 897.)
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 11 - Provisions Applicable to All Refunding Bonds of All Local Agencies › Section 53582.

53582. The proceedings of any local agency authorizing the issuance of bonds shall not require the deposit of any more moneys, obligations, and federal securities as are sufficient, taking into account both the principal amount of the moneys, obligations, and securities and the interest to become due thereon, to implement the refunding of those bonds. Federal securities and the interest thereon shall be used to satisfy any requirement of cash, money, specie, or lawful money in any proceeding conducted by a local agency before September 19, 1975.
(Amended by Stats. 1985, Ch. 1033, Sec. 11. Effective September 27, 1985.)
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 11 - Provisions Applicable to All Refunding Bonds of All Local Agencies › Section 53583.

53583. (a) Any local agency may issue bonds pursuant to this article or any revenue bond law under which the local agency is otherwise authorized to issue bonds for the purpose of refunding any revenue bonds of the local agency or, if the local agency is a joint powers authority, any revenue bonds of a member local agency, upon authorization by resolution of that member of the joint powers authority.
(b) The proceedings of any local agency authorizing the issuance of any refunding bonds may provide all of the following for those bonds:
(1) The form of the bonds to be issued as serial bonds, term bonds, or installment bonds, or any combination thereof.
(2) The date or dates to be borne by the bonds.
(3) The time or times of maturity of the bonds.
(4) The interest, fixed or variable, to be borne by the bonds.
(5) The time or times that the bonds shall be payable.
(6) The denominations, form, and the registration privileges of the bonds.
(7) The manner of execution of the bonds.
(8) The place or places the bonds are payable.
(9) The terms of redemption.
(10) Any other terms and conditions determined necessary by the local agency.
(c) (1) The refunding bonds may be sold at public or private sale or on a negotiated sale basis and at the prices, above or below par, as the local agency determines.
(2) (A) If the local agency determines to sell the bonds at public sale, the local agency shall advertise the bonds for sale and invite sealed bids on the bonds by publication of a notice once at least 10 days before the date of the public sale in a newspaper of general circulation circulated within the boundaries of each local agency to be aided by the project to be financed by the issuance of the bonds. If one or more satisfactory bids are received pursuant to the notice, the bonds shall be awarded to the highest responsible bidder. If no bids are received or if the local agency determines that the bids received are not satisfactory as to price or responsibility of the bidders, the local agency may reject all bids received, if any, and either readvertise or sell the bonds at private sale or on a negotiated sale basis.
(B) If the local agency determines to sell the bonds at private sale or on a negotiated sale basis, the local agency shall send a written statement, within two weeks after the bonds are sold, to the California Debt Advisory Commission explaining the reasons why the local agency determined to sell the bonds at private sale or on a negotiated sale basis instead of at public sale.
(Amended by Stats. 1999, Ch. 649, Sec. 5. 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 11 - Provisions Applicable to All Refunding Bonds of All Local Agencies › Section 53583.5.

53583.5. If the original bonds to be refunded under this article were issued under Section 33760, 34312, or 52080 of the Health and Safety Code, the refunding bonds shall require a regulatory agreement that complies with subdivision (d) of Section 33760 of, or paragraph (2) of subdivision (d) of Section 34312 of, or subdivision (g) of Section 52080 of, the Health and Safety Code.
(Added by Stats. 2007, Ch. 596, Sec. 1.5. Effective January 1, 2008.)
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 11 - Provisions Applicable to All Refunding Bonds of All Local Agencies › Section 53584.

53584. The proceeds of refunding bonds may be applied to the purchase, retirement at maturity, or redemption of the bonds to be refunded either at their earliest redemption date or dates, any subsequent redemption date or dates, upon their purchase or retirement maturity, or 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 and invested or reinvested in any obligations or securities, and any interest or other increment earned or realized on any such investment may be applied to the payment of the bonds to be refunded or to the payment of interest on the refunding bonds, as provided in the proceedings of the local agency authorizing the issuance of the refunding bonds.
(Repealed and added by Stats. 1985, Ch. 1033, Sec. 14. Effective September 27, 1985.)
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 11 - Provisions Applicable to All Refunding Bonds of All Local Agencies › Section 53584.1.

53584.1. In issuing refunding bonds to honor warrants to school districts, community college districts, and other local agencies in settlement of bankruptcy, the Board of Supervisors of Orange County may provide in the resolution authorizing the issuance of those refunding bonds for the pledge of any taxes, income, revenue, cash receipts, rents, or other moneys of Orange County, including moneys deposited in inactive or term deposit accounts, or rights to receive the same, to the extent that the taxes, income, revenue, cash receipts, rents, or other moneys could have been used to pay principal or interest on the refunded bonds. The priority and perfection of the pledge shall be governed by Chapter 5.5 (commencing with Section 5450) of Division 6 of Title 1.
(Added by Stats. 1995, 2nd Ex. Sess., Ch. 2, Sec. 1. Effective May 15, 1995.)
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 11 - Provisions Applicable to All Refunding Bonds of All Local Agencies › Section 53585.

53585. A local agency that issues refunding bonds may obtain insurance or other credit enhancement of the refunding bonds or of the escrow referred to in Section 53584 and may enter into any credit reimbursement agreement or other agreement with any person or entity. The agreement shall contain the terms of the credit reimbursement, interest rate, security, and any other terms the local agency deems necessary or appropriate.
(Repealed and added by Stats. 1985, Ch. 1033, Sec. 16. Effective September 27, 1985.)
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 11 - Provisions Applicable to All Refunding Bonds of All Local Agencies › Section 53586.

53586. Notwithstanding Section 53583, the outstanding bonds of the project areas of the redevelopment agency of the City of San Bernardino, which were merged into one and designated Central City by Chapter 1227 of the Statutes of 1983, may be refunded on the first date on which the bonds may legally be called, or on any date or dates thereafter, or at the maturity date or dates of the outstanding bonds without regard to the dates on which the outstanding bonds may legally be called.
Nothing in this section shall be construed as modifying the requirements for low- and moderate-income housing set forth in Section 33471.5 of the Health and Safety Code.
(Added by Stats. 1984, Ch. 1291, Sec. 1.)
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 11 - Provisions Applicable to All Refunding Bonds of All Local Agencies › Section 53587.

53587. In determining the amount of refunding bonds to be issued, the local agency may include all costs of issuing the refunding bonds and of refunding the bonds to be refunded, including the amount of any premium required to be paid to redeem any of the bonds to be refunded, any capitalized interest or bond reserve funds which the local agency determines to be reasonably required, and the cost of any insurance or other credit enhancement authorized by Section 53585.
(Added by Stats. 1985, Ch. 1033, Sec. 17. Effective September 27, 1985.)
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 11 - Provisions Applicable to All Refunding Bonds of All Local Agencies › Section 53588.

53588. The issuance, transfer, and interest income earned on any bonds issued by a local agency under this article is exempt from taxation of every kind by any state or local entity. The local agency shall not be required to pay any taxes on, or with respect to, the income earned on the investment of proceeds of the bonds placed in escrow or otherwise.
(Added by Stats. 1985, Ch. 1033, Sec. 18. Effective September 27, 1985.)
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 11 - Provisions Applicable to All Refunding Bonds of All Local Agencies › Section 53589.

53589. This article provides a complete, additional, and alternative method for doing the things authorized by this article and shall be regarded as supplemental and additional to the powers conferred by any other laws. The issuance of bonds and the entering into any credit reimbursement or other agreement under this article does not need to comply with the requirements of any other law applicable to the local agency or the issuance of bonds or the incurring of indebtedness, except that bonds which were subject to investigations, reports, and approval or certification by the Treasurer pursuant to the District Securities Investigation Law of 1965, Chapter 2.5 (commencing with Section 58750) of Division 2 of Title 6, and the Districts Securities Law, Chapter 1 (commencing with Section 20000) of Division 10 of the Water Code prior to the adoption of this article shall continue to be subject to the investigations, reports, and approval or certification.
(Amended by Stats. 1986, Ch. 1388, Sec. 3. Effective September 30, 1986.)
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 11 - Provisions Applicable to All Refunding Bonds of All Local Agencies › Section 53589.5.

53589.5. An action may be brought pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of the Code of Civil Procedure to determine the validity of any issuance or proposed issuance of refunding bonds under this article, and the legality and validity of all proceedings previously taken or proposed to be taken in a resolution or ordinance adopted by the local agency for the authorization, issuance, sale, and delivery of the bonds, for entering into any credit reimbursement or other agreement in connection therewith, for the use of the proceeds of the bonds, and for the payment of the principal of, and interest on, the bonds.
(Added by renumbering Section 53590 (as added by Stats. 1985, Ch. 1033, Sec. 20) by Stats. 1987, Ch. 56, Sec. 85.)
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 12 - Financial Advisers and Bond Counsel › Section 53590.

53590. The following terms shall have the following meanings for purposes of this article:
(a) “Bond counsel” means any attorney or firm of attorneys that represents the issuer of a new issue of bonds with respect to the issuance of the bonds and that renders a written legal opinion to, or as counsel for, the issuer with respect to the validity of the bonds.
(b) “Bond” means any bonds, notes, or other evidences of indebtedness issued by any local agency or certificates of participation in any lease, sale, or other obligations of any local agency. “New issue of bonds” means the original issuance of bonds, including refunding bonds, by the issuer to one or more purchasers until, in the case of underwriters, the end of the underwriting period. In the case of bonds with a tender or put option feature, or commercial paper, “new issue of bonds” means only the original issuance and not any remarketing, rollover, or reissuance.
(c)  A “financial advisory relationship” exists when an investment firm, or other person or firm in the business of providing financial advisory or financial consulting services to issuers with respect to municipal securities, renders, or enters into an agreement to render, financial advisory or financial consultant services to, or on behalf of, an issuer with respect to a new issue or issues of bonds, including advice with respect to the structure, timing, terms, and other similar matters concerning the issue or issues, for a fee or other compensation or in expectation of such compensation for the rendering of those services. However, a financial advisory relationship does not exist when, in the course of acting as an underwriter, an investment firm renders advice to an issuer, including advice with respect to the structure, timing, terms, and other similar matters concerning a new issue of bonds or when, for any new issuer of bonds, an investment firm advises and assists an issuer with respect to obtaining consent from holders of previously issued bonds in connection with, among other things, amendments of covenants or defaults.
(d) “Investment firm” means any bank, investment bank, partnership, corporation, association, or other firm engaged in the business of buying and selling bonds for its own account or for the account of others as part of its regular business.
(e) “Local agency” means a public district, public corporation, authority, agency, board, commission, county, city and county, city, school district, or other local public entity.
(Added by Stats. 1985, Ch. 1033, Sec. 21. Effective September 27, 1985.)
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 12 - Financial Advisers and Bond Counsel › Section 53591.

53591. No investment firm that has, or has had, a financial advisory relationship with respect to a new issue of bonds shall acquire as principal either alone or as a participant in a syndicate or other similar account formed for the purpose of purchasing, directly or indirectly, from the issuer all or any portion of the issue, or arrange for the acquisition or participation by a person controlling, controlled by, or under common control with the investment firm, unless the issue is to be sold by the issuer at competitive bid and the issuer has, prior to the bid, expressly consented in writing to the acquisition or participation. The limitations and requirements set forth in this section also apply to any investment firm controlling, controlled by, or under common control with the investment firm having a financial advisory relationship. The use of the term “indirectly” in this section does not preclude any investment firm which has a financial advisory relationship with respect to a new issue of bonds from purchasing any of those bonds from an underwriter, either for its own trading account or for the account of its customers, except to the extent that the purchase is made to contravene the purpose and intent of this section.
(Added by Stats. 1985, Ch. 1033, Sec. 21. Effective September 27, 1985.)
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 12 - Financial Advisers and Bond Counsel › Section 53592.

53592. Each financial advisory relationship shall be evidenced by a written document executed prior to, upon, or promptly after the inception of the financial advisory relationship, or promptly after the creation or selection of the issuer if the issuer does not exist or has not been determined at the time the relationship commences. That written document shall set forth the basis of compensation for the financial advisory services to be rendered, which, except for bonds issued prior to January 1, 1988, to finance single-family or multifamily housing, shall be on a basis other than as a percentage of the amount of the bonds to be sold.
(Added by Stats. 1985, Ch. 1033, Sec. 21. Effective September 27, 1985.)
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 12 - Financial Advisers and Bond Counsel › Section 53593.

53593. No bond counsel with respect to a new issue of bonds shall also be counsel, with respect to that new issue of bonds, to the underwriter or other initial purchaser of the bonds. This section does not preclude the bond counsel from rendering one or more opinions to the underwriter or purchaser with respect to the bonds, the documents or laws pursuant to which the bonds are issued, the official statement, offering circular, or other disclosure document describing the bonds, or any related matter, if the opinion is rendered as bond counsel and not as counsel to the underwriter or purchaser.
(Added by Stats. 1985, Ch. 1033, Sec. 21. Effective September 27, 1985.)
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 12 - Financial Advisers and Bond Counsel › Section 53594.

53594. Injunctive relief shall be available, subject to judicial discretion, to prohibit or enjoin any violation of this article, but no violation shall affect the authority, validity, or enforceability of bonds.
(Added by Stats. 1985, Ch. 1033, Sec. 21. Effective September 27, 1985.)
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 13 - Collateralized Borrowing › Section 53595.

53595. As used in this article:
(a) “Debt instruments” means bonds, notes, certificates of participation, or other evidences of indebtedness issued by a local agency pursuant to this article.
(b) “Indenture” means the instrument providing the terms and conditions for the issuance of the debt instruments, and may be a resolution, order, agreement, or other instrument.
(c) “Legislative body” means the city council, board of supervisors, or other legislative or governing body of a local agency.
(d) “Local agency” means any city, county, city and county, district, including, but not limited to, a school district or other public entity authorized to enter into a tax increment agreement.
(e) “Redevelopment agency” means a redevelopment agency established pursuant to Part 1 (commencing with Section 33000) of Division 24 of the Health and Safety Code and includes a community development commission exercising the powers granted to a redevelopment agency pursuant to Section 34141 of the Health and Safety Code.
(f) “Tax increment” means that portion of tax revenues allocated to a redevelopment agency pursuant to subdivision (b) of Section 33670 of the Health and Safety Code.
(g) “Tax increment agreement” means any agreement between a local agency and a redevelopment agency which allocates tax increment to the local agency pursuant to Section 33401 of the Health and Safety Code.
(h) “Tax increment revenues” means tax increment received or receivable by a local agency pursuant to a tax increment agreement.
(Added by Stats. 1993, Ch. 902, Sec. 1. Effective October 8, 1993.)
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 13 - Collateralized Borrowing › Section 53595.5.

53595.5. This article shall apply only to local agencies located within a county with a population of over 4,000,000 persons.
(Added by Stats. 1993, Ch. 902, Sec. 1. Effective October 8, 1993.)
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 13 - Collateralized Borrowing › Section 53595.10.

53595.10. A local agency may pledge, sell, transfer, assign, or otherwise dispose of tax increment revenues for any purpose for which the general funds of the local agency may be expended.
(Added by Stats. 1993, Ch. 902, Sec. 1. Effective October 8, 1993.)
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 13 - Collateralized Borrowing › Section 53595.15.

53595.15. (a) A pledge by a local agency of tax increment revenues received pursuant to a tax increment agreement shall be valid and binding upon the local agency from the time the pledge is made for the benefit of pledgees and successors in interest thereof. The tax increment revenues pledged by the local agency or its assignees shall immediately, upon receipt by the local agency from the redevelopment agency, be subject to the lien of the pledge without physical delivery or further act.
(b) Except as otherwise specified in this section, the lien of the pledge shall be valid and binding against all parties, irrespective of whether the parties have notice of the claim. The indenture by which the pledge is created need not be recorded. The pledge shall remain a valid and binding pledge until the debt instruments secured by the pledge are no longer outstanding.
(c) Nothing in this article affects the rights, duties, or obligations of a redevelopment agency with regard to the allocation of tax increment by a redevelopment agency to a local agency pursuant to a tax increment agreement, the terms of which shall exclusively govern the rights, duties, and obligations of the redevelopment agency. This article does not vest in any pledgee, holder of debt instruments, successor in interest thereof, or any person, other than the local agency, any lien, right, claim, interest, or cause of action against a redevelopment agency for tax increment revenues held by, or to be received by, the redevelopment agency.
(Added by Stats. 1993, Ch. 902, Sec. 1. Effective October 8, 1993.)
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 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.)
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 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.)
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 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.)
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 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.)