SECTIONS 53570-53572 - California Statutes

GOVERNMENT CODE

SECTION 53570-53572

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.

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.

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.