reglab/statecodes huggingface dataset:
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 1.5 - Registered Public Obligations › Section 5062.

5062. This chapter shall be construed in conjunction with the Uniform Commercial Code and the principles of contract law relative to the registration and transfer of obligations.
(Added by Stats. 1983, Ch. 59, Sec. 1. Effective June 2, 1983.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 2 - Protection of Bond Guarantors › Section 5102.

5102. As used in this chapter, “guarantor” means the person or persons guaranteeing the payment of bonds, the repurchase thereof, or the payment or repurchase of any interest therein.
(Enacted by Stats. 1943, Ch. 134.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 2 - Protection of Bond Guarantors › Section 5104.

5104. As used in this chapter, “order” means declaration, proclamation, or order of any officer or court having jurisdiction to make the declaration, proclamation, or order.
(Enacted by Stats. 1943, Ch. 134.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 2 - Protection of Bond Guarantors › Section 5105.

5105. Whenever by operation of law or by order the bonded indebtedness of any issuing body is reduced in amount, the interest thereon reduced, the time for the payment thereof or of any tax or assessment levied to pay the indebtedness, the interest thereon, or any portion of both or either of them, extended, or any other term or condition for the payment thereof altered, the obligations of all guarantors are reduced as to principal and interest, or either of them, extended as to the time of payment and altered as to any and all terms thereof in the same manner and to the same extent as the obligation or obligations of the issuing body and the tax or assessment payers, or either of them, are reduced, extended or altered.
(Enacted by Stats. 1943, Ch. 134.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 2 - Protection of Bond Guarantors › Section 5106.

5106. Whenever by operation of law or by order any issuing body defaults in the payment of its bonded indebtedness, the obligations of guarantors shall be extended for the period of the default but not to exceed three years after the commencement thereof.
(Enacted by Stats. 1943, Ch. 134.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 2 - Protection of Bond Guarantors › Section 5108.

5108. If the guarantors function in the capacity of trustee or if the custody of the bonds is in the possession of a trustee, and administered by the trustee, he shall be required to distribute interest and principal, in the proportion that each is received by him, to the beneficiaries under the trust.
(Enacted by Stats. 1943, Ch. 134.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 4 - Signatures › Section 5302.

5302. (a) Wherever any statute requires that any bond issued by a public body be signed, manually by two or more officers or other individuals, all signatures and countersignatures may be printed, lithographed, engraved, or otherwise mechanically reproduced except that one of said signatures or countersignatures to the bonds shall be manually affixed. The signature may be affixed in accordance with the provisions of the Uniform Facsimile Signatures of Public Officials Act, Chapter 6 (commencing with Section 5500) of Title 1.
(b) Notwithstanding subdivision (a), the governing board of the public body may, in its discretion, determine that all of the required signatures and countersignatures shall be by facsimiles, provided, however, that the bonds shall not be valid or become obligatory for any purpose until manually signed by an authenticating agent duly appointed by the governing board or its authorized designee.
(Amended by Stats. 1988, Ch. 1055, Sec. 2.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 4 - Signatures › Section 5303.

5303. Whenever under any law of this State, or under the provisions of any ordinance, resolution or order, bonds of any public body are required or permitted to be signed or countersigned manually by any public officer who is permitted by law to have a deputy, such bonds may be signed or countersigned on behalf of such officer by any deputy of such officer who has been authorized by such officer in writing so to sign or countersign.
(Added by Stats. 1959, Ch. 1061.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 4 - Signatures › Section 5304.

5304. If any officer or deputy whose signature, countersignature or attestation appears on bonds or coupons ceases to be such officer or deputy before delivery of the bonds, his signature, countersignature or attestation appearing either on the bonds or coupons or both is valid and sufficient for all purposes to the same extent as if he had remained in office until the delivery of the bonds.
(Added by Stats. 1970, Ch. 609.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 5 - Tax or Assessment Levy for Unsold Bonds › Section 5400.

5400. “Public body” as used in this chapter means any county, city and county, city, public district, public authority or other public corporation which is authorized to issue bonds.
(Added by Stats. 1955, Ch. 333.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 5 - Tax or Assessment Levy for Unsold Bonds › Section 5401.

5401. “Bonds” as used in this chapter means any bonds or other evidences of indebtedness the principal and interest of which are payable or may be paid from ad valorem taxes or assessments levied by or on behalf of a public body.
(Added by Stats. 1955, Ch. 333.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 5 - Tax or Assessment Levy for Unsold Bonds › Section 5402.

5402. “Governing body” as used in this chapter means the board of supervisors, city council, board of directors or other legislative or governing body which has the power to fix the annual tax or assessment levy for a public body.
(Added by Stats. 1955, Ch. 333.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 5 - Tax or Assessment Levy for Unsold Bonds › Section 5403.

5403. When bonds to be issued by or on behalf of a public body have been authorized by an election or other method provided by law, and where it is expected that all or any part of such bonds will be sold at such time that principal or interest on such bonds will become due before the proceeds of a tax or assessment levied after such sale would be available to pay such principal or interest, the governing body, at the time of fixing the annual tax or assessment levy, may levy a tax or assessment, as the case may be, in an amount clearly sufficient to pay that portion of the principal of and interest on said bonds which it is expected will become due before the proceeds of the next succeeding tax or assessment levy will be available.
(Added by Stats. 1955, Ch. 333.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 5 - Tax or Assessment Levy for Unsold Bonds › Section 5404.

5404. If at any time following the levy of the tax or assessment authorized by Section 5403, the board, council or other body having the power to sell the bonds shall determine that the bonds are not to be issued and sold, the proceeds of the tax or assessment so levied to pay such principal or interest may be transferred to the general fund of the public body.
(Added by Stats. 1955, Ch. 333.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 5.5 - Collateral Security for Bonds › Section 5450.

5450. (a) “Bonds” means any bonds, notes, bond anticipation notes, commercial paper, or other evidences of indebtedness, or lease, installment purchase, or other agreements, or certificates of participation therein, that are not issued pursuant to statutory authority containing a provision governing the perfection and priority of pledges of collateral unless the provision provides that this chapter shall govern.
(b) “Collateral” means any revenues, moneys, accounts receivable, contractual rights to payment, and other rights to payment of whatever kind, subject to the pledge provided for or created in a pledge document.
(c) “Pledge document” means the resolution, ordinance, indenture, trust agreement, loan agreement, lease, installment sale agreement, reimbursement or similar agreement with any provider of credit enhancement for bonds, pledge agreement, or similar agreement in which the pledge is provided for or created.
(d) “Pledge” means, and as used in any pledge document shall be deemed to create, a grant of a lien on and a security interest in and pledge of the collateral referred to in a pledge document.
(e) “Public body” means the state or any city, county, city and county, district, other political subdivision of the state, public authority, or other public corporation which is authorized to issue bonds. “Public body” shall not include any private person, partnership, corporation, or other private entity, including any nonprofit private entity.
(f) “Security interest” means a prior claim on any revenues, moneys, accounts receivable, contractual rights to payment, or other rights to payment, which are pledged in a pledge document, unless otherwise provided in the pledge document.
(Added by Stats. 1990, Ch. 966, Sec. 1.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 5.5 - Collateral Security for Bonds › Section 5451.

5451. (a) A pledge of collateral by any public body to secure, directly or indirectly, the payment of the principal or redemption price of, or interest on, any bonds, or any reimbursement or similar agreement with any provider of credit enhancement for bonds, which is issued by or entered into by a public body, shall be valid and binding in accordance with the terms of the pledge document from the time the pledge is made for the benefit of pledgees and successors thereto.
(b) The collateral shall immediately be subject to the pledge, and the pledge shall constitute a lien and security interest which shall immediately attach to the collateral and be effective, binding, and enforceable against the pledgor, its successors, purchasers of the collateral, creditors, and all others asserting the rights therein, to the extent set forth, and in accordance with, the pledge document irrespective of whether those parties have notice of the pledge and without the need for any physical delivery, recordation, filing, or further act.
(Added by Stats. 1990, Ch. 966, Sec. 1.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 5.5 - Collateral Security for Bonds › Section 5451.5.

5451.5. (a) All obligations of the West Contra Costa Healthcare District in connection with any and all certificates of participation executed and delivered by or on behalf of the district between June 8, 2004, and December 31, 2012, including certificates of participation executed and delivered before January 1, 2035, to refund those certificates of participation, shall be secured by a statutory lien on all of the revenues generated from parcel taxes levied pursuant to Measure D, approved by the voters of the district at the special election held on June 8, 2004.
(b) This lien shall arise automatically without the need for any action or authorization by the district or the board of directors of the district. The lien shall be valid and binding from the time the certificates of participation are executed and delivered.
(c) The parcel tax revenue shall immediately be subject to this lien, and the lien shall immediately attach to the parcel tax revenue and be effective, binding, and enforceable against the district, its successors, purchasers of those revenues, 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.
(Added by Stats. 2011, Ch. 742, Sec. 1. (SB 644) Effective October 9, 2011.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 5.5 - Collateral Security for Bonds › Section 5451.7.

5451.7. (a) All obligations of the Palm Drive Health Care District in connection with any and all certificates of participation executed and delivered, or revenue bonds issued, by or on behalf of the district between January 1, 2005, and December 31, 2014, including certificates of participation executed and delivered or revenue bonds issued before 2035 to refund the revenue bonds or certificates of participation, shall be secured by a statutory lien on all of the revenues generated from parcel taxes levied pursuant to Measure W, approved by the voters of the district at the general election held on November 2, 2004.
(b) This lien shall arise automatically without the need for any action or authorization by the district or the board of directors of the district. The lien shall be valid and binding from the time the certificates of participation are executed and delivered or the revenue bonds are issued.
(c) The parcel tax revenue shall immediately be subject to this lien, and the lien shall immediately attach to the parcel tax revenue and be effective, binding, and enforceable against the district, its successors, purchasers of those revenues, 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.
(Added by Stats. 2014, Ch. 23, Sec. 1. (AB 582) Effective June 16, 2014.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 6 - Uniform Facsimile Signatures of Public Officials Act › Section 5500.

5500. As used in this chapter:
(a) “Public security” means a bond, note, certificate of indebtedness, or other obligation for the payment of money, issued by any county, city, or public district.
(b) “Instrument of payment” means a check, draft, warrant, or order for the payment, delivery, or transfer of funds.
(c) “Authorized officer” means any official of this State or any of its departments, agencies, or other instrumentalities, or any county, city, or public district whose signature to a public security or instrument of payment is required or permitted, or any deputy of such official who has been authorized by such official in writing to affix the official’s signature.
(d) “Facsimile signature” means the reproduction by engraving, imprinting, stamping, or other means of the manual signature of an authorized officer.
(Added by Stats. 1959, Ch. 1061.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 6 - Uniform Facsimile Signatures of Public Officials Act › Section 5501.

5501. Any authorized officer may, after filing with the Secretary of State his manual signature certified by him under oath, execute or cause to be executed with a facsimile signature in lieu of his manual signature:
(a) Any public security, provided that at least one signature required or permitted to be placed thereon shall be manually subscribed; and
(b) Any instrument of payment.
Upon compliance with this section by the authorized officer, his facsimile signature has the same legal effect as his manual signature.
(Added by Stats. 1959, Ch. 1061.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 6 - Uniform Facsimile Signatures of Public Officials Act › Section 5502.

5502. When the seal of this State or any of its departments, agencies, or other instrumentalities, or of any county, city, or public district, is required in the execution of a public security or instrument of payment, the authorized officer may cause the seal to be printed, engraved, stamped, or otherwise placed in facsimile thereon. The facsimile seal has the same legal effect as the impression of the seal.
(Added by Stats. 1959, Ch. 1061.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 6 - Uniform Facsimile Signatures of Public Officials Act › Section 5503.

5503. Any person who with intent to defraud uses on a public security or an instrument of payment;
(a) A facsimile signature, or any reproduction of it, of any authorized officer, or
(b) Any facsimile seal, or any reproduction of it, of this State or any of its departments, agencies, or other instrumentalities, or of any county, city, or public district, is guilty of a felony.
(Added by Stats. 1959, Ch. 1061.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 6 - Uniform Facsimile Signatures of Public Officials Act › Section 5504.

5504. This act shall be so construed as to effectuate its general purpose to make uniform the law of states which enact it.
(Added by Stats. 1959, Ch. 1061.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 6 - Uniform Facsimile Signatures of Public Officials Act › Section 5506.

5506. If any provision of this chapter or the application thereof to any person or circumstance is held invalid, the invalidity shall not affect other provisions or applications of the chapter which can be given effect without the invalid provision or application, and to this end the provisions of this chapter are severable.
(Added by Stats. 1959, Ch. 1061.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 7 - Denominations › Section 5600.

5600. “Public body” as used in this chapter means any county, city and county, city, public district, public authority or other public corporation, or any agency of any thereof, which is authorized to issue bonds.
(Added by Stats. 1963, Ch. 736.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 7 - Denominations › Section 5601.

5601. “Bonds” as used in this chapter means bonds, warrants, notes and other evidences of indebtedness issued by or on behalf of any public body.
(Added by Stats. 1963, Ch. 736.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 7 - Denominations › Section 5602.

5602. “Governing body” means a board of supervisors, city council, board of directors or other legislative or governing body which has the power to provide for the issuance of bonds to be issued by or on behalf of any public body.
(Added by Stats. 1963, Ch. 736.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 7 - Denominations › Section 5603.

5603. Any provision of law specifying the maximum or minimum denomination of bonds to the contrary notwithstanding, a governing body in its ordinance, resolution or order providing for the issuance of any bonds may provide that such bonds shall be issued in a denomination or denominations of any amount or amounts prescribed by it. All bonds of an issue or series of bonds need not be of the same denomination.
(Added by Stats. 1963, Ch. 736.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 7 - Denominations › Section 5604.

5604. A governing body, in its ordinance, resolution or order providing for the issuance of any bonds, may provide a method whereby, at any time after the original issuance of the bonds, two or more bonds of the same issue or series and which are of like tenor may be exchanged for a single bond of like tenor and in a principal amount equal to the total of principal amounts of the bonds so exchanged, and may also provide a method whereby, at any time after the original issuance of the bonds, any single bond may be exchanged for two or more bonds of like tenor and of principal amounts totaling the principal amount of the bond so exchanged, and may also provide for the signature or signatures to be affixed to any bonds or coupons issued in any such exchange. For the purposes of this section bonds are of “like tenor” if they bear the same interest rate, mature on the same date and are otherwise identical as to tenor except for bond number, denomination or coupon amounts.
(Added by Stats. 1963, Ch. 736.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 8 - Contracts Concerning Public Securities › Section 5650.

5650. As used in this chapter, “public securities” means any issue of bonds, notes, warrants or other evidences of indebtedness and the interest coupons, if any, attached thereto, issued or proposed to be issued by any public body.
(Added by Stats. 1968, Ch. 1315.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 8 - Contracts Concerning Public Securities › Section 5651.

5651. As used in this chapter, “public body” means any county, city and county, city, municipal corporation, political subdivision, public district, public corporation or public authority, or any agency thereof.
(Added by Stats. 1968, Ch. 1315.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 8 - Contracts Concerning Public Securities › Section 5652.

5652. No public body shall enter into any contract which provides that such public body shall be furnished any report relating to the financial feasibility of any public project or of the issuance or sale of any public securities if: (1) such contract is entered into with any person engaged in the business of rating public securities and distributing information concerning such rating to the public, unless such contract provides that no rating will thereafter be given or assigned for a period of two years by such person on any security issued, or to be issued, by said public body or any entity to which it is a party; (2) payment for any services provided for in such contract is contingent upon a finding in such report that the public undertaking or the issuance or sale of any public securities is financially feasible; or (3) the contract fails to provide that it is for personal services and nonassignable. Nothing in this section shall prohibit any public body from entering into a contract solely for a rating.
(Amended by Stats. 1969, Ch. 935.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 9 - Sale of State Bonds › Section 5700.

5700. “Bonds” as used in this chapter means (a) any bonds or other evidences of indebtedness issued after the effective date of this chapter by the state or any state department, board, agency or authority or (b) any bonds or other evidences of indebtedness issued by any joint powers agency created under Chapter 5 (commencing with Section 6500) of Division 7 that are payable from payments made with respect to a lease or sale of property to or from the state or any state department, board, agency, or authority. For purposes of this chapter, “evidence of indebtedness” includes, but is not limited to, certificates of participation or interests in any rental or lease payments or installment purchase payments, in an aggregate principal amount exceeding $10,000,000, to be made by the state or any state department, board, agency, or authority with respect to buildings or other capital improvements.
(Amended by Stats. 1984, Ch. 1743, Sec. 1. Effective September 30, 1984.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 9 - Sale of State Bonds › Section 5702.

5702. The State Treasurer shall be the sole agent for offering and selling bonds. In selling bonds on behalf of any department of state government or agency of the state, the State Treasurer shall schedule the sale of such bonds in such a manner that the sale shall be coordinated with the program of such department or agency necessitating the sale of such bonds.
(Added by Stats. 1968, Ch. 1025.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 9.5 - California Savings Bond Program › Section 5750.

5750. The Legislature finds and declares all of the following:
(a) There is a growing need for the state to finance capital projects to renew and expand the state’s infrastructure through the use of various types of revenue obligations that are paid from the General Fund.
(b) The need for these capital expenditures could also offer a simple way for California families to save for the costs of higher education and other significant expenditures that must be planned for over an extended period of time.
(c) Families need convenient and simple methods to make secure investments for major expenses, such as funding higher education expenses.
(d) The California Savings Bond Program will benefit the state by providing sources of revenue for capital redevelopment projects and will benefit individuals and families by providing a simple and safe method of saving funds for expenses, such as higher education expenses.
(e) Families who use this program for college savings should not be penalized by the financial aid system.
(Added by Stats. 1992, Ch. 954, Sec. 1. Effective January 1, 1993.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 9.5 - California Savings Bond Program › Section 5751.

5751. As used in this chapter, the following terms have the following meanings:
(a) “Bonds” means general obligation bonds, revenue bonds, or any derivative evidence of indebtedness which includes, but is not limited to, interests in pools, money market mutual funds, and unit investment trusts, issued by or on behalf of any state agency.
(b) “Governing body” means the board, authority, trustees, director, commission, committee, secretary, or other policy making body that exercises authority over a state agency.
(c) “State agency” has the same meaning as defined by Section 11000.
(Added by Stats. 1992, Ch. 954, Sec. 1. Effective January 1, 1993.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 9.5 - California Savings Bond Program › Section 5752.

5752. The Treasurer may sell California savings bonds in accordance with the requirements of this chapter. Notwithstanding any provision of law, when the Treasurer determines that bonds are to be sold, the Treasurer may request the governing body to authorize bonds with the following terms and the governing body shall authorize these terms:
(a) The bonds may be issued in a denomination or denominations of any amount or amounts requested by the Treasurer and all bonds of the same issue or same series need not be of the same denomination.
(b) The bonds may bear no interest or may bear interest payable only at maturity or at the times and in the manner established in the resolution, indenture, agreement, or other instrument providing for the issuance of the bonds.
(c) For purposes of determining the principal amount of bonds outstanding, in the case of any bonds that do not provide for payment of interest on the bond prior to maturity, the principal amount of these bonds shall be the cash price paid by the initial purchasers of the bonds to the state plus the amount of any costs of issuance of the bonds. Within 30 days of the delivery of any bonds, the Treasurer shall submit to the governing body a certificate stating the principal amount of bonds, calculated as stated in this subdivision, which have been sold, and this certification shall be conclusive for all purposes.
(d) The bonds may be issued in any form requested by the Treasurer in order to satisfy the requirements of a book entry system of depository trust companies or other similar financial institutions.
(e) In addition to the standard designation, the bonds may be designated “California savings bonds” entitled to the benefits of this chapter.
(Added by Stats. 1992, Ch. 954, Sec. 1. Effective January 1, 1993.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 9.5 - California Savings Bond Program › Section 5753.

5753. In arranging the sale of bonds, the Treasurer may impose the following requirements on any financial institution that sells the bonds to the public:
(a) California residents planning to use the tax-exempt income for college expenses shall have first priority for purchase of the bonds and all other California residents shall be given second priority for purchase of the bonds.
(b) The broker or institution marketing the bonds may not establish a minimum order size.
(c) As long as the demand by individual investors is greater than the supply of bonds, the bonds shall not be sold to institutional investors.
(Added by Stats. 1992, Ch. 954, Sec. 1. Effective January 1, 1993.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 9.5 - California Savings Bond Program › Section 5754.

5754. (a) A person who redeems California savings bonds and who has owned the bonds for at least five years, or a person designated by the owner, may exclude the amount redeemed to a maximum of twenty-five thousand dollars ($25,000), per year per student, adjusted for inflation after January 1, 1993, according to the California Consumer Price Index, from any required calculations of income and net worth for the purpose of making state financial aid determinations for any public or private postsecondary educational institution in this state. This exclusion shall only be available for bonds redeemed or to be redeemed in the 12-month period preceding the date of award for financial aid. Notwithstanding Section 69506 of the Education Code, the modification made by this section to the methodology set forth in federal law or regulation for determining the expected family contribution of students seeking any state-funded financial assistance is determined by the Legislature to be in the best interest of the state.
(b) This chapter does not apply to college savings bonds issued by the Treasurer prior to January 1, 1993, except that a person who redeems college savings bonds issued prior to January 1, 1993, and who has owned the bonds for at least five years, or a person designated by the owner, may exclude the amount redeemed to a maximum of twenty-five thousand dollars ($25,000), per year per student, adjusted for inflation after January 1, 1993, according to the California Consumer Price Index, from any required calculations of income and net worth for the purpose of making state financial aid determinations for any public or private postsecondary educational institution in this state. This exclusion shall only be available for bonds redeemed or to be redeemed in the 12-month period preceding the date of award for financial aid.
(Added by Stats. 1992, Ch. 954, Sec. 1. Effective January 1, 1993.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 9.5 - California Savings Bond Program › Section 5755.

5755. The general authority of the Treasurer to sell bonds, as provided in this chapter, is intended to be in addition to, and not limited by, specific provisions authorizing the issuance of bonds and is a separate and complete authority for the actions authorized by this chapter.
(Added by Stats. 1992, Ch. 954, Sec. 1. Effective January 1, 1993.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 10 - Sale of Local Securities › Section 5800.

5800. As used in this chapter, “nonprofit corporation” means any nonprofit corporation formed under the Corporations Code, or otherwise, which proposes to aid any public body by issuing securities to finance any one or more public projects.
(Added by Stats. 1972, Ch. 292.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 10 - Sale of Local Securities › Section 5802.

5802. As used in this chapter, “parking authority” means any entity created pursuant to Division 18 (commencing with Section 31500) of the Streets and Highways Code.
(Added by Stats. 1972, Ch. 292.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 10 - Sale of Local Securities › Section 5804.

5804. As used in this chapter, “public body” means any county, city and county, city, municipal corporation, political subdivision, public district, public corporation or public authority, or any agency of any thereof, but does not include the federal government or any federal department or agency, this state, an adjoining state or any state department or agency.
(Added by Stats. 1972, Ch. 292.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 10 - Sale of Local Securities › Section 5805.

5805. As used in this chapter, “securities” means any bonds, notes, warrants or other evidences of indebtedness and the interest coupons, if any, attached thereto, issued or proposed to be issued in an aggregate principal amount of five hundred thousand dollars ($500,000) or more by any issuer to finance a public project.
(Added by Stats. 1972, Ch. 292.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 10 - Sale of Local Securities › Section 5806.

5806. As used in this chapter, “public project” means any land, structure, facility or equipment or other personal property, the acquisition, construction or completion of which is to be financed by securities of an issuer if any of the payments of principal of and interest on such securities is to be paid by such issuer from funds derived from rental or other payments which any one or more public bodies has agreed to pay to such issuer under a public leaseback.
(Added by Stats. 1972, Ch. 292.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 10 - Sale of Local Securities › Section 5807.

5807. As used in this chapter, “public leaseback” means any lease by a public body of all or any part of a public project where the lease is between such public body as lessee and an issuer as lessor and the lease is executed before the public project is acquired, constructed or completed.
(Added by Stats. 1972, Ch. 292.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 10 - Sale of Local Securities › Section 5808.

5808. (a) Before selling any securities, any issuer shall advertise such securities 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 public body to be aided by the public project to be financed by the issuance of such securities. If one or more satisfactory bids are received pursuant to such notice, such securities shall be awarded to the highest responsible bidder. If no bids are received or if the issuer determines that the bids received are not satisfactory as to price or responsibility of the bidders, the issuer may reject all bids received, if any, and either readvertise or sell such securities at private sale.
(b) Any issuer may privately negotiate the acquisition of a private water company or the capital stock of such a company with the owner or owners thereof and issue its securities directly to such owner or owners without complying with any of the provisions of subdivision (a), provided that such acquisition is made pursuant to a written agreement entered into prior to January 1, 1978.
(c) Any issuer utilizing the provisions of subdivision (b) may issue its securities to the holders of outstanding securities issued by the same issuer in connection with the exercise of a conversion privilege embodied in any such outstanding security.
(Amended by Stats. 1977, Ch. 1220.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 10 - Sale of Local Securities › Section 5809.

5809. All securities as defined in Section 5805, and all bonds, notes, warrants or other evidences of indebtedness of an issuer in an aggregate principal amount less than five hundred thousand dollars ($500,000), that are issued to finance a public project either by public leaseback or by any lease between a public body as lessee and an issuer as lessor executed after the public project is acquired, constructed or completed and the interest thereon or income therefrom are exempt from all taxation in the state other than gift, inheritance and estate taxes. This section is declaratory of existing law as to the securities, bonds, notes, warrants or other evidences of indebtedness of any issuer that is a joint powers authority or parking authority.
(Added by Stats. 1974, Ch. 1162.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 10.5 - General Bond Provisions › Section 5850.

5850. As used in this chapter:
(a) “Bonds” means any bonds, notes, certificates of indebtedness or other evidences of indebtedness issued after January 1, 1989, by a public body which is authorized to issue bonds, notes, certificates of indebtedness or other evidence of indebtedness.
(b) “Public body” means the county, city, city and county, public district, public authority, public corporation, nonprofit corporation or other statutorily constituted public entity which is authorized to issue bonds.
(c) “Governing body” means the governing board, commission, city council, board of supervisors, board of directors or similar multimember body which exercises authority over a public body.
(Added by Stats. 1988, Ch. 1055, Sec. 3.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 10.5 - General Bond Provisions › Section 5851.

5851. Notwithstanding any other provision of law specifying that interest on bonds is payable semiannually, interest on bonds is payable at the times established in the resolution, indenture, agreement or other instrument providing for the issuance of the bonds.
(Added by Stats. 1988, Ch. 1055, Sec. 3.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 10.5 - General Bond Provisions › Section 5852.

5852. Notwithstanding any other provision of law specifying that bonds shall be issued pursuant to a resolution of a governing body of a public body, a governing body of a public body may authorize the issuance of bonds pursuant to a resolution, indenture, agreement or other instrument providing for the issuance of bonds.
(Added by Stats. 1988, Ch. 1055, Sec. 3.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 10.5 - General Bond Provisions › Section 5852.1.

5852.1. (a) (1) Prior to authorization of the issuance of bonds with a term greater than 13 months pursuant to this chapter, the governing body of a public body shall obtain and disclose all of the following information in a meeting open to the public:
(A) The true interest cost of the bonds, which means the rate necessary to discount the amounts payable on the respective principal and interest payment dates to the purchase price received for the new issue of bonds.
(B) The finance charge of the bonds, which means the sum of all fees and charges paid to third parties.
(C) The amount of proceeds received by the public body for sale of the bonds less the finance charge of the bonds described in subparagraph (B) and any reserves or capitalized interest paid or funded with proceeds of the bonds.
(D) The total payment amount, which means the sum total of all payments the borrower will make to pay debt service on the bonds plus the finance charge of the bonds described in subparagraph (B) not paid with the proceeds of the bonds. The total payment amount shall be calculated to the final maturity of the bonds.
(2) The information in paragraph (1) shall be obtained as follows:
(A) As a good faith estimate from an underwriter, financial adviser, or private lender.
(B) From a third-party borrower pursuant to subdivision (b).
(b) (1) If the public body issuing bonds is a conduit financing provider, as defined in subdivision (b) of Section 5870, issuing bonds on behalf of a third-party borrower, the information in paragraph (1) of subdivision (a) shall be presented to the third-party borrower as a good faith estimate by an underwriter, financial adviser, or private lender engaged by the third-party borrower.
(2) If the third-party borrower has a governing board, the information shall be presented to the governing board or the official or officials or committee designated by the governing board to obligate the third-party borrower in connection with the financing. If the third-party borrower does not have a governing board, the information shall be presented to the official or officials of the third-party borrower who has the authority to obligate the third-party borrower in connection with the financing.
(3) The third-party borrower shall provide the information received pursuant to this subdivision to the public body prior to the disclosure of the information as required pursuant to subdivision (a).
(c) The requirements of this section shall not apply to any public body that is a state entity. For purposes of this subdivision, “state entity” means any agency, department, bureau, board, or commission of any kind.
(d) This section, including the failure to comply with the requirements of this section, shall not affect the validity of the bonds or the authorization of the bonds by the public body.
(Added by Stats. 2017, Ch. 625, Sec. 1. (SB 450) Effective January 1, 2018.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 10.5 - General Bond Provisions › Section 5853.

5853. The general authority provided in this chapter is intended to be in addition to, and not limited by, specific provisions authorizing the issuance of bonds, notes or other evidences of indebtedness and is separate and complete authority for the actions authorized in this chapter.
(Added by Stats. 1988, Ch. 1055, Sec. 3.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 10.5 - General Bond Provisions › Section 5854.

5854. Section 3 of Article XIII C of the California Constitution, as adopted at the November 5, 1996, general election, shall not be construed to mean that any owner or beneficial owner of a municipal security, purchased before or after that date, assumes the risk of, or in any way consents to, any action by initiative measure that constitutes an impairment of contractual rights protected by Section 10 of Article I of the United States Constitution.
(Added by Stats. 1997, Ch. 38, Sec. 3. Effective July 1, 1997.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 10.7 - Conduit Financing Transparency and Accountability › Section 5870.

5870. As used in this chapter, the following definitions apply:
(a) “Conduit financing” means the issuance of conduit revenue bonds.
(b) “Conduit financing provider” means any county, city, city and county, public district, public authority, public corporation, nonprofit corporation, joint powers authority, or other statutorily constituted public entity that issues one or more conduit revenue bonds.
(c) “Conduit revenue bond” means any municipal security the proceeds of which are loaned to any nongovernmental borrower, including, but not limited to, persons, for-profit corporations, nonprofit corporations pursuant to Section 501(c)(3) of the Internal Revenue Code, partnerships, and other legal entities for purposes that are permitted for qualified private activity bonds under applicable federal law.
(Added by Stats. 2009, Ch. 557, Sec. 1. (SB 99) Effective January 1, 2010.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 10.7 - Conduit Financing Transparency and Accountability › Section 5871.

5871. A conduit financing provider shall make the following information available on its Internet Web site, to the extent that it maintains an Internet Web site:
(a) Agendas for regular meetings posted by a conduit financing provider pursuant to Section 54954.2.
(b) Notices of special meetings posted by a conduit financing provider pursuant to Section 54956.
(c) Notices of meetings of a conduit financing provider provided pursuant to Section 11125.
(d) Staff reports on the items included on the agendas listed in subdivisions (a), (b), and (c).
(e) Minutes of the meetings for which the agendas listed in subdivisions (a), (b), and (c) were produced.
(f) Audits of the conduit financing provider’s accounts and records.
(g) Copies of reports of the conduit financing provider’s annual financial transactions required pursuant to Section 12460 or 12463.
(h) Annual lists of applications approved for financing by the governing body of the conduit financing provider for any fiscal year in which at least one application is approved.
(Added by Stats. 2009, Ch. 557, Sec. 1. (SB 99) Effective January 1, 2010.)
2023 California Code › Government Code - GOV › TITLE 1 - GENERAL › DIVISION 6 - PUBLIC BONDS AND OBLIGATIONS › CHAPTER 10.7 - Conduit Financing Transparency and Accountability › Section 5872.

5872. (a) When an audit of a conduit financing provider’s accounts and records is required by law, in addition to any other requirements, the audit shall include all of the following:
(1) A disclosure of fees imposed on borrowers by, or on behalf of, the conduit financing provider.
(2) A disclosure of expenditures related to those fees made by or on behalf of the conduit financing provider.
(3) The dollar amount and nature of these fees and expenses.
(4) A disclosure of the amount of bonds authorized but unsold at the end of the time period covered by the audit.
(5) A disclosure of the amount of debt the conduit financing provider has issued during the period covered by the audit and the amount of debt still outstanding at the end of the time period covered by the audit.
(b) An audit of a conduit financing provider’s accounts and records shall be made publicly available pursuant to the California Public Records Act (Division 10 (commencing with Section 7920.000)).
(c) Notwithstanding any other reporting periods permitted pursuant to subdivision (f) of Section 6505, Section 26909, or any other provision of law, a conduit financing provider shall annually conduct an audit of its accounts and records and report the results of that audit to the Controller. The minimum requirements of the annual audit and report shall be prescribed by the Controller and conform to generally accepted auditing standards.
(Amended by Stats. 2021, Ch. 615, Sec. 139. (AB 474) Effective January 1, 2022. Operative January 1, 2023, pursuant to Section 463 of Stats. 2021, Ch. 615.)