California Government Code

§ 53190.5

GOV § 53190.5Div. 2 · Title 5 · Part 1 · Ch. 1.5 · Art. 4

Statute text

A reimbursement agreement shall contain both of the following provisions:

(a)A requirement that the investor advance funds to the local agency to be used by the local agency exclusively to pay the costs of the work described in the resolution of intention adopted pursuant to Section 53181, or that the investor perform the work in whole or in part, or any combination thereof.

(b)A requirement that the local agency issue the investor a warrant entitling the investor to all or a specified amount or portion of the moneys deposited in the fund, determined pursuant to the resolution of intention, and payable at the time or times specified in the reimbursement agreement. The reimbursement agreement shall state that the general fund of the local agency, its credit, or its taxing power is not liable for payment of any obligation arising from the reimbursement agreement. The warrants issued pursuant to this subdivision shall include all of the following provisions:

…

Legislative history

Added by Stats. 1986, Ch. 1512, Sec. 1.