California Government Code

§ 63071

GOV § 63071 Effective Jun 29, 2020Div. 1 · Title 6.7 · Ch. 5

Statute text

(a)Notwithstanding any other provision of law, but consistent with Sections 1 and 18 of Article XVI of the California Constitution, a sponsor may issue bonds for purchase by the bank pursuant to a bond purchase agreement. The bank may issue bonds or authorize a special purpose trust to issue bonds. These bonds may be issued pursuant to the charter of any city or any city and county that authorized the issuance of these bonds as a sponsor and may also be issued by any sponsor pursuant to the Revenue Bond Law of 1941 (Chapter 6 (commencing with Section 54300) of Division 2 of Title 5) to pay the costs and expenses pursuant to this title, subject to the following conditions:

(1)With the prior approval of the bank, the sponsor may sell these bonds in any manner as it may determine, either by private sale or by means of competitive bid.

(2)Notwithstanding Section 54418, the bonds may be sold at a discount at any rate as the bank and sponsor shall determine.

…

Legislative history

Amended by Stats. 2020, Ch. 10, Sec. 3. (AB 78) Effective June 29, 2020.