Added by Stats. 1996, Ch. 277, Sec. 2. Effective January 1, 1997. Operative January 1, 1998.
This chapter shall be known and may be cited as the California School Finance Authority Act.
Chapter 18 - California School Finance Authority
California Education Code — §§ 17170-17199.6
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Sections (39)
Amended by Stats. 2006, Ch. 325, Sec. 1. Effective January 1, 2007.
The Legislature hereby finds and declares that it is in the interest of the state and its people for the state to do all of the following:
(a)Reconstruct, remodel, or replace existing school buildings that are educationally inadequate or that do not meet current structural safety requirements.
(b)Acquire new schoolsites and buildings to be made available to school districts, charter schools, and community college districts for the pupils of the public education system, which is a matter of general concern inasmuch as the education of the state’s children is an obligation and function of the state.
(c)Assist school districts and community college districts by providing access to financing for working capital and capital improvements.
Added by Stats. 1996, Ch. 277, Sec. 2. Effective January 1, 1997. Operative January 1, 1998.
There is in the state government the California School Finance Authority. The authority is a public instrumentality, and the exercise by the authority of the powers conferred by this chapter is an essential public function.
Amended by Stats. 2014, Ch. 416, Sec. 1. (AB 1979) Effective January 1, 2015.
As used in this chapter, the following words and terms shall have the following meanings, unless the context indicates or requires another or different meaning or intent:
(a)“Act” means the California School Finance Authority Act.
(b)“Agent” means a county or city board of education or superintendent of schools acting with the board’s consent, on behalf of one or more school districts for any purpose of this chapter, the Board of Governors of the California Community Colleges or the Chancellor of the California Community Colleges acting with the Board of Governors’ consent, on behalf of one or more community college districts for any purpose of this
chapter, and the school district, county office of education, or other chartering entity acting with the consent of, and on behalf of, one or more charter schools for any purpose of this chapter.
(c)“Authority” means the California School Finance Authority, or any board, body, commission, department, or officer succeeding to the principal functions of the authority, or to which the powers conferred upon the authority by this chapter shall be given by law.
(d)“Bonds” or “revenue bonds” means bonds, notes, lease obligations, certificates of participation, commercial paper, and any other evidences of indebtedness.
(e)“Certificate of participation” means an undivided interest in one or more bonds, leases, loans, installment
sales, or other agreements of a participating party or parties.
(f)“Charter school” means a school established pursuant to Part 26.8 (commencing with Section 47600) of Division 4 of Title 2.
(g)“Cost,” as applied to all or part of a project financed or refinanced pursuant to this chapter, means and includes all or any part of the cost of any of the following:
(1)Construction.
(2)Acquisition or improvement of all lands, structures, real or personal property, rights, rights-of-way, franchises, easements, and interests acquired or used for a project.
(3)Demolition or removal of any buildings or
structures on land acquired for a project, including the acquisition of any lands to which the buildings or structures may be moved.
(4)All machinery and equipment.
(5)Financing or refinancing charges, including, but not limited to, credit enhancement costs, and prepayment penalties.
(6)Interest before, during, and for a period following, the completion of any construction or improvement determined by the authority.
(7)Provisions for working capital.
(8)Reserves for principal and interest, and for extensions, enlargements, additions, replacements, renovations, and improvements.
(9)Engineering, architectural, financial, and legal services, plans, specifications, studies, surveys, estimates, administrative expenses, and other expenses necessary or incident to the construction, acquisition, or improvement of any project or any financing or refinancing under this chapter.
(h)“Educational facility” means any property, facility, structure, equipment, or furnishings used or operated in conjunction with one or more public schools, including charter schools, or community colleges, including, but not limited to, all of the following:
(1)Classrooms.
(2)Auditoriums.
(3)Student
centers.
(4)Administrative offices.
(5)Sports facilities.
(6)Maintenance, storage, or utility facilities.
(7)All necessary or usual attendant and related facilities and equipment, including streets, parking, and supportive service facilities or structures required or useful for the effective operation of the educational facility.
(i)“Participating party” means:
(1)A school district, charter school, county office of education, or community college district that undertakes, itself or through an agent, the financing or refinancing of a
project or of working capital pursuant to this chapter.
(2)Any person, company, association, state or municipal government entity, partnership, firm, or other entity or group of entities that undertakes the financing or refinancing of a project pursuant to this chapter in conjunction with an entity described in paragraph (1).
(3)“Participating party” shall also be deemed to refer to the agent to the extent the agent is acting on behalf of the school district, charter school, county office of education, or community college district for any purpose of this chapter.
(4)For purposes of subdivision (d) of Section 17183,
subdivisions (a) and (b) of Section 17199.1, and Section 17199.4, “participating party” shall be deemed to refer to an entity described in paragraph (1) in conjunction with which an entity described in paragraph (2), if any, applied for financing from the authority.
(j)“Project” means the acquisition, construction, expansion, remodeling, renovation, improvement, furnishing, or equipping of an educational facility to be financed or refinanced pursuant to this chapter. “Project” may include reimbursement for the costs of acquisition, construction, expansion, remodeling, renovation, improvement, furnishing, or equipping of an educational facility to be financed or refinanced pursuant to this chapter, provided that reimbursement from bond proceeds is required to comply with federal tax law in accordance with an opinion of counsel
that supports special treatment under federal tax law for the bonds issued for the applicable financing or refinancing. “Project” may include any combination of the foregoing undertaken jointly by any participating party with one or more other participating parties.
(k)“Working capital” means funds to be used by, or on behalf of, a participating party to pay maintenance or operating expenses, or any other costs that would be treated as an expense item under generally accepted accounting principles in connection with the ownership or operation of an educational facility, including, but not limited to, all of the following:
(1)Reserves for maintenance or operating expenses.
(2)Interest for a period not to exceed two years
on any loan for working capital made pursuant to this chapter.
(3)Reserves for debt service, and any other costs necessary or incidental to, financing pursuant to this chapter.
(4)Payments made by a participating party for the rent or lease of an educational facility.
Added by Stats. 1996, Ch. 277, Sec. 2. Effective January 1, 1997. Operative January 1, 1998.
(a)The authority shall be comprised of the following members:
(1)The Treasurer, who shall serve as chairperson.
(2)The Director of the State Department of Finance.
(3)The Superintendent of Public Instruction.
(b)Each member of the authority may designate an individual from the member’s department or agency to act for the member and represent the member at all meetings.
(c)Members of the authority or their designees shall serve without compensation, but may be reimbursed by the authority for necessary and reasonable expenses incurred in the discharge of their duties.
Amended by Stats. 2008, Ch. 211, Sec. 1. Effective January 1, 2009.
(a)Upon the first appointment of its members, and thereafter on or after March 31 of each year, the authority shall elect from its members a vice chairperson and a secretary-treasurer, who shall hold office until the following March 31, and shall continue to serve until their successors have been elected.
(b)On behalf of the authority, the chairperson shall appoint an executive director, who shall not be a member of the authority, and who shall serve at the pleasure of the authority. The executive director shall receive the compensation fixed for that purpose by the authority.
The authority may delegate to the executive director or any other official or employee of the authority any powers and duties that the authority deems proper, including, but not limited to, the power to enter into contracts on behalf of the authority.
Added by Stats. 1996, Ch. 277, Sec. 2. Effective January 1, 1997. Operative January 1, 1998.
(a)Except as otherwise provided by subdivision (b), the Attorney General shall be the legal counsel for the authority.
(b)Upon the approval of the Attorney General, which shall not be unreasonably withheld, the authority may employ legal counsel as, in its judgment, is necessary or advisable to enable it to carry out the duties and functions of the authority pursuant to this chapter, including, but not limited to, the employment of bond counsel in connection with the issuance of bonds.
Added by Stats. 1996, Ch. 277, Sec. 2. Effective January 1, 1997. Operative January 1, 1998.
The executive director or other person designated by resolution of the authority shall maintain a record of the proceedings of the authority, and shall be custodian of all books, documents, and papers filed with the authority, the minute book or journal of the authority, and its official seal. The executive director or the designee may cause copies to be made of all minutes and other records and documents of the authority, and may certify under the official seal of the authority that the copies are true copies, and all persons dealing with the authority may rely upon that certification.
Added by Stats. 1996, Ch. 277, Sec. 2. Effective January 1, 1997. Operative January 1, 1998.
Two members of the authority shall constitute a quorum. The affirmative vote of a majority of a quorum shall be necessary for any action taken by the authority. A vacancy in the membership of the authority shall not impair the right of a quorum to exercise all the rights and perform all the duties of the authority. Each meeting of the authority shall be open to the public and shall be held in accordance with Article 9 (commencing with Section 11120) of Chapter 1 of Part 1 of Division 3 of Title 2 of the Government Code. Resolutions of the authority need not be published or posted. The authority may delegate by resolution to one or more of its members or its executive director any powers and duties as it may deem proper.
Added by Stats. 1996, Ch. 277, Sec. 2. Effective January 1, 1997. Operative January 1, 1998.
The provisions of this chapter shall be administered by the authority, which shall have and is hereby vested with all powers reasonably necessary to carry out the powers and responsibilities expressly granted or imposed under this chapter.
Amended by Stats. 2012, Ch. 38, Sec. 31. (SB 1016) Effective June 27, 2012.
The authority is hereby authorized to do all of the following:
(a)Adopt bylaws for the regulation of its affairs and the conduct of its business.
(b)Adopt an official seal.
(c)Sue and be sued in its own name.
(d)Receive and accept gifts, grants, or donations of money for any of the purposes of this chapter from any of the following:
(1)A federal agency.
(2)A state agency.
(3)A municipality, county, or other political subdivision of the state.
(4)An individual, association, or corporation.
(e)Engage the services of private consultants to render professional and technical assistance and advice in carrying out the purposes of this chapter.
(f)(1) Determine the location and character of any project to be financed or refinanced under this chapter, and acquire, construct, enlarge, remodel, renovate, alter, improve, furnish, equip, own, maintain, manage, repair, operate, lease as lessee or lessor, or regulate the same.
(2)Designate a participating party as its agent, with authority to enter into contracts, for any of the purposes specified in
paragraph (1).
(3)Enter into contracts for any of the purposes specified in paragraph (1).
(4)Enter into contracts for the management and operation of a project owned by the authority.
(g)Acquire, directly or by and through a participating party as its agent, by purchase solely from funds provided pursuant to this chapter, or by gift or devise, and sell, by installment or otherwise, property, rights, rights-of-way, franchises, easements, and other interests in lands, including, but not limited to, lands lying under water, and riparian rights, located within the state that the authority deems necessary or convenient for the acquisition, construction, financing, or operation of a project. The authority may do so upon the terms, and at the prices, it considers reasonable and upon which it can agree with the owner,
and may take the title to the interest in the name of the authority or in the name of a participating party as its agent.
(h)Receive and accept from any source loans, contributions, or grants for, or in aid of, the construction, financing, or refinancing of all or part of a project, in the form of money, property, labor, or other things of value.
(i)Pursuant to an agreement between the authority and the participating party, make, directly or through a lending institution, secured or unsecured loans to
a participating party, or purchase secured or unsecured loans from a participating party, or purchase all or part of any participating party’s rights to or possibilities regarding the state share of funding for school facilities approved by the State Allocation Board pursuant to Chapter 12.5 (commencing with Section 17070.10). The purchase of all or part of any rights to, or possibilities regarding, the state contribution for funding for school facilities approved by the State Allocation Board shall be limited to amounts approved and funded or amounts approved but not yet funded from proceeds of state bonds already authorized by the electors but not yet issued. Loans or purchases completed pursuant to this section may be used to finance or refinance a
project or provide working capital. A loan to finance or refinance a project shall not exceed the total cost of the project, as determined by the participating party and approved by the authority.
(j)Upon the terms and conditions the authority deems proper, lease a project being financed or refinanced pursuant to this chapter to a participating party, and charge and collect rent therefor. The authority may terminate a lease pursuant to this subdivision upon the lessee’s failure to comply with any of its obligations under the lease. The lease may include any of the following provisions:
(1)That the lessee shall have the option to renew the term of the lease for the period or periods, and at the rent, determined by the authority, or to purchase any or all of the project.
(2)That upon payment by the participating
party of all of the indebtedness incurred by the authority for the financing of the project or for the refinancing of the participating party’s outstanding indebtedness, the authority may convey any or all of the project to the lessee or lessees, with or without further consideration.
(k)Charge and equitably apportion among participating parties its administrative costs and expenses incurred pursuant to this chapter.
(l)(1) Obtain, or aid in obtaining, from any state or federal agency or any private company, any insurance, guarantee, letter, or line of credit regarding, or of, or for, the payment or repayment of all or part of the interest, principal, or both, on any loan, lease, or obligation, or any instrument evidencing or securing the same, made or entered into pursuant to this chapter, or on any bonds issued pursuant to this chapter.
(2)Notwithstanding any other provision of this chapter, enter into any agreement, contract, or any other instrument regarding any insurance, guarantee, letter, or line of credit specified in paragraph (1), and accept payment in the manner and form provided in the agreement, contract, or instrument if a participating party defaults.
(3)Assign any insurance, guarantee, letter, or line of credit specified in paragraph (1) as security for bonds issued by the authority.
(m)Enter into any
agreements or contracts, including, but not limited to, agreements for liquidity or credit enhancement, execute any instruments, and any other act or thing necessary, convenient, or desirable for the purposes of the authority or to carry out any express power granted the authority pursuant to this chapter.
(n)At the discretion of the authority, invest any moneys held in reserve or in sinking funds, or any moneys not required for immediate use or disbursement, in obligations authorized by the resolution authorizing the bonds secured by the investment, or by law governing the investment of trust funds in the custody of the Treasurer.
(o)Adopt guidelines for grants, bonds, and other evidences of indebtedness.
Added by Stats. 2002, Ch. 935, Sec. 15. Effective January 1, 2003.
(a)In addition to the powers authorized pursuant to Section 17180, the authority shall perform its duties under the Charter School Facilities Program to provide funding for facilities for charter school pupils as set forth in Article 12 (commencing with Section 17078.50) of Chapter 12.5.
(b)Notwithstanding any provision of law to the contrary, including, but not limited to, Section 17197, with regard to the authority’s implementation of funding for charter school facilities, Article 12 (commencing with Section 17078.50) shall control over conflicting provisions, if any, in this chapter.
Added by Stats. 1996, Ch. 277, Sec. 2. Effective January 1, 1997. Operative January 1, 1998.
(a)The California School Finance Authority Fund is hereby created in the State Treasury, to be administered by the authority. Notwithstanding Section 13340 of the Government Code, all moneys in the fund shall be continuously appropriated without regard to fiscal year for the purposes of this chapter. The authority may pledge any or all of the moneys in the fund as security for payment of the principal of, and interest on, any particular issuance of bonds pursuant to this chapter. For that purpose, or as necessary or convenient to the accomplishment of any other purpose of this chapter, the authority may divide the fund into separate accounts. All moneys accruing to the authority pursuant to this chapter from any source shall be deposited in the fund.
(b)Subject to any priorities created by the pledge of particular moneys in the fund to secure any issuance of bonds of the authority, and to reasonable administrative costs incurred by the authority in implementing this chapter, all moneys in the fund, regardless of the source, shall be held in trust for the security and payment of bonds of the authority, and shall not be used or pledged for any other purpose while any bonds are outstanding and unpaid. Nothing in this subdivision shall be construed to limit the power of the authority to make loans with bond proceeds in accordance with the terms of the resolution authorizing the issuance of those bonds.
(c)Pursuant to any agreements with the holders of particular bonds pledging any particular assets, revenues, or moneys, the authority may create separate accounts in the fund to manage the assets, revenues, or moneys in the manner prescribed by the agreements.
(d)From time to time, the authority may direct the Treasurer to do any of the following:
(1)Invest moneys in the fund which are not required for its current needs, including, but not limited to, proceeds from the sale of any bonds in eligible securities specified in Section 16430 of the Government Code and designated by the authority, or in any other securities or obligations designated by the authority, in the resolution authorizing the issuance of the bonds payable or secured by the moneys.
(2)Deposit moneys in the fund in interest bearing accounts in state or national banks or other financial institutions having principal offices in the state.
(3)Transfer moneys in the fund to the Surplus Money Investment Fund for investment pursuant to Article 4 (commencing with Section 16470) of Chapter 3 of Part 4 of Division 4 of Title 2 of the Government Code.
Notwithstanding Section 16305.7 of the Government Code, all interest or other earnings resulting from an investment or deposit pursuant to this subdivision shall be deposited in the fund.
(e)Except as otherwise provided in paragraph (3) of subdivision (d), no moneys in the fund shall be subject to transfer to any other fund pursuant to any provision of Part 2 (commencing with Section 16300) of Division 4 of Title 2 of the Government Code.
Added by Stats. 1997, Ch. 893, Sec. 92. Effective January 1, 1998.
(a)Except as otherwise provided in subdivision (b), all expenses incurred by the authority in implementing this chapter shall be payable solely from funds appropriated for purposes of this chapter, and the authority shall not incur liabilities in excess of the amount of those funds.
(b)The authority may request a loan by the Pooled Money Investment Board from the Pooled Money Investment Account, in accordance with Section 16312 of the Government Code, and may execute those documents required by the Pooled Money Investment Board to obtain and repay the loan. The loan shall be deposited in the fund for the purposes of carrying out the provisions of this chapter. The amount of the loan shall not exceed the amount of the unsold bonds that the authority by resolution, has authorized to be sold for the purposes of this chapter.
Amended by Stats. 2012, Ch. 38, Sec. 32. (SB 1016) Effective June 27, 2012.
(a)From time to time, the authority, by resolution, may issue its revenue bonds in order to provide funds for any of the purposes of this chapter. Bonds may be issued to finance or refinance any of the following:
(1)A single project or financing of working capital for a single participating party.
(2)A series of projects or financings of working capital for
a single participating party.
(3)A single project or financing of working capital for several participating parties.
(4)Several projects or financings of working capital for several participating parties.
(5)A joint venture school facilities construction project undertaken pursuant to Article 5 (commencing with Section 17060) of Chapter 12.
(b)Except as otherwise expressly provided by the authority, all revenue bonds shall be payable from any available revenues or moneys of the authority not otherwise pledged, subject only to any agreements with
holders of particular bonds or notes pledging any particular revenue or moneys. Notwithstanding that revenue bonds issued pursuant to this section may be payable from a special fund, the revenue bonds shall be, and shall be deemed to be for all purposes, negotiable instruments, subject only to the provisions of the revenue bonds for registration.
(c)The revenue bonds of the authority may be issued as serial bonds, term bonds, or the authority, in its discretion, may issue bonds of both types. The issuance shall be in accordance with the indenture, trust agreement, or resolution relating to the revenue bonds, which shall provide all of the following:
(1)The date or dates of the bonds.
(2)The date or dates upon which the bonds will mature, not to exceed 40 years from their respective dates.
(3)The interest rate or rates, or methods of determining the interest rate or rates, of the bonds.
(4)When the bonds are payable.
(5)The denominations of the bonds.
(6)The form of the bonds, which shall be either bearer or registered.
(7)The registration privileges of the bonds.
(8)The manner in which the bonds are to be executed.
(9)The place or places at which the bonds shall be payable in lawful money of the United States of America.
(10)The terms of redemption of the bonds.
(d)After giving due consideration to the recommendations of the participating party or parties, the revenue bonds of the authority shall be sold by the Treasurer at either a public or private sale at a price or prices, and upon the terms and conditions prescribed by the authority. The revenue bonds of the authority may be sold at, above, or below the par value of the bonds.
(e)Pending the preparation of the definitive bonds, the authority may issue interim receipts or certificates or temporary bonds that shall be exchanged for the definitive bonds.
(f)Any resolution authorizing the issuance of any bonds of the authority, or any issue of revenue bonds of the authority, may include any of the following provisions:
(1)Provisions pledging all or any part
of the proceeds of the bonds or revenue of a project or loan.
(2)Provisions concerning the replacement of mutilated, destroyed, stolen, or lost bonds.
(3)Provisions specifying insurance to be maintained on the project and the authorized uses of the proceeds of the insurance.
(4)Covenants against the mortgaging or otherwise encumbering, selling, leasing, pledging, placing a charge upon, or otherwise disposing of the project before the payment of the bonds issued to finance the project.
(5)Provisions specifying the events of default, terms upon which the
bonds may be declared due before maturity, and the terms upon which the declaration and its consequences may be waived.
(6)The rights, liabilities, powers, and duties arising upon the breach of any covenants, conditions, or obligations.
(7)Vesting of the right to enforce covenants in a trustee.
(8)The terms upon which all or any percentage of the bondholders may enforce covenants or duties.
(9)Procedures for amending the terms of the resolution, with or without the consent of the holders of a specified number of bonds.
(10)Provision for any other acts or things deemed necessary, convenient, or desirable by the authority to secure the bonds or improve their marketability.
(g)The validity of the authorization and issuance of any bond issue shall not be affected by proceedings for the acquisition, construction, or improvement of any project, or by contracts relating to those proceedings. Any resolution authorizing the issuance of any bonds of the authority may provide authorization for the bonds to bear a statement certifying that they are issued pursuant to this chapter. Bonds bearing that statement shall be conclusively deemed valid and issued in conformity with this chapter. Reference on the face of the bonds to the resolution by its date of adoption shall incorporate the provisions of the resolution and of this chapter into the terms of the bonds.
(h)Members of the authority, or any person executing the revenue bonds of the authority, shall not incur personal liability on the bonds, nor shall these persons incur personal liability or
accountability by reason of the issuance of the revenue bonds of the authority.
(i)The authority is authorized, out of any funds available for that purpose, to purchase revenue bonds of the authority. The authority may hold, pledge, cancel, or resell any bonds purchased under the authority of this subdivision, subject to, and in accordance with, agreements with bondholders.
(j)The financing or refinancing of projects or working capital may be provided pursuant to this chapter by means other than revenue bonds, at the discretion of the authority, including financing or refinancing through certificates of participation, or other interests, in bonds, loans, leases, installment sales, or other agreements of the participating party or parties. In this connection, the authority may do all things and execute and deliver all documents and instruments as may be necessary or desirable
with regard to issuance of the certificates of participation or other means of financing or refinancing.
(k)The authority may by resolution issue its revenue bonds in the form of commercial paper.
Amended by Stats. 2006, Ch. 325, Sec. 5. Effective January 1, 2007.
In enacting this chapter, it is the intent of the Legislature to provide financing only for projects demonstrated by the participating party to be financially feasible. In demonstrating financial feasibility, the participating party may take into account all of its funds, and may base future projections upon historical experience or reasonable expectations, or a combination thereof. Nothing in this section shall be construed to imply that any project is required to produce revenue in order to be financed under this chapter.
Amended by Stats. 2006, Ch. 325, Sec. 6. Effective January 1, 2007.
(a)In the discretion of the authority, any revenue bonds of the authority issued under this chapter may be secured by a trust agreement, or by indenture by and between the authority and a corporate trustee or trustees, including the Treasurer or any trust company or bank having the powers of a trust company within or outside the state.
(b)Any trust agreement, indenture, or any resolution providing for the issuance of bonds of the authority, may pledge or assign the proceeds of the bonds, and the revenues to be received by, a participating party or parties.
(c)Any trust agreement, indenture, or resolution providing for the issuance of revenue bonds of the authority may include any provisions for the protection of, and the enforcement of the rights and remedies of, bondholders as may be reasonable and proper and not in violation of any law, including provisions included in any resolution or resolutions of the authority provided under subdivision (a) or (b).
(d)Any trust agreement or indenture may prescribe the rights and remedies of the bondholders, and of the trustee or trustees, and may restrict the individual right of action of the bondholders.
(e)Any trust agreement, indenture, or resolution may include any other provisions deemed by the authority to be reasonable and proper for the security of the bondholders.
(f)Notwithstanding any other provision of law, the Treasurer shall not be deemed to have a conflict of interest by reason of his or her capacity as trustee pursuant to this chapter.
Amended by Stats. 2006, Ch. 325, Sec. 7. Effective January 1, 2007.
(a)Notwithstanding any other provision of law, revenue bonds issued under this chapter are not and shall not be deemed to constitute a debt or liability of the state, or any political subdivision thereof, and are not and shall not be deemed to be a pledge of the faith and credit of the state, or any political subdivision thereof, other than the authority. Revenue bonds of the authority shall be payable solely from funds provided under this chapter.
(b)Each revenue bond of the authority shall include a statement on the face of the bond that neither the State of California nor the authority is obligated to pay the principal or interest thereon, except from revenues of the authority, and shall also include a statement that neither the faith or credit, nor the taxing power of the State of California, or any political subdivision, is pledged to the payment of the principal or interest of the bonds.
(c)The issuance of revenue bonds under this chapter shall not directly, indirectly, or contingently obligate the state, or any political subdivision thereof, to levy or pledge any form of taxation, or make any appropriation for their payment.
Added by Stats. 1996, Ch. 277, Sec. 2. Effective January 1, 1997. Operative January 1, 1998.
(a)Any holder of revenue bonds issued under this chapter, or any coupons appertaining thereto, or the trustee or trustees under any trust agreement, indenture, or resolution, may, either at law or in equity, by suit, action, mandamus, or other proceedings, protect and enforce any rights conferred under state law, by this chapter, or under the terms of any trust agreement, indenture, or resolution, except to the extent that these rights may be otherwise restricted by any resolution authorizing the issuance of these bonds, or by any trust agreement or indenture securing these bonds.
(b)Any holder of revenue bonds issued under this chapter, or any coupons appertaining thereto, or the trustee or trustees under any trust agreement, indenture, or resolution, may enforce and compel the performance of all duties required under this chapter, or by any trust agreement, indenture, or resolution, to be performed by the authority, or by any officer, employee, or agent of the authority.
Added by Stats. 1996, Ch. 277, Sec. 2. Effective January 1, 1997. Operative January 1, 1998.
All moneys received under this chapter, whether received as proceeds from the sale of revenue bonds or as revenues, are trust funds to be held and applied solely as provided in this chapter. Any officer, bank, or trust company with whom those moneys have been deposited, shall act as trustee of those moneys and shall hold and apply them for those purposes, subject to the requirements of this chapter and the resolution authorizing the bonds of any issue, or the trust agreement or indenture securing those bonds, may provide.
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