SECTIONS 99050-99051 - California Statutes

GOVERNMENT CODE

SECTION 99050-99051

99050. (a) This title shall be known and may be cited as the
Economic Recovery Bond Act.
(b) The Legislature finds and declares that it is essential to the
public welfare that an efficient, equitable, and alternative source
of funding be established in order to preserve public education and
critical health and safety programs that otherwise could not be
funded in light of the accumulated state budget deficit, and that
securing the availability of the proceeds of the bonds proposed to be
issued and sold pursuant to this title is the most efficient,
equitable, and economical means available.

99051. As used in this title, the following terms have the
following meanings:
(a) (1) "Accumulated state budget deficit" has the same meaning as
in Section 1.3 of Article XVI of the California Constitution.
(2) The amount referred to in paragraph (1) shall be as certified
by the Director of Finance.
(b) "Ancillary obligation" means an obligation of the state
entered into in connection with any bonds issued under this title,
including the following:
(1) A credit enhancement or liquidity agreement, including any
credit enhancement or liquidity agreement in the form of bond
insurance, letter of credit, standby bond purchase agreement,
reimbursement agreement, liquidity facility, or other similar
arrangement.
(2) A remarketing agreement.
(3) An auction agent agreement.
(4) A broker-dealer agreement or other agreement relating to the
marketing of the bonds.
(5) An interest rate or other type of swap or hedging contract.
(6) An investment agreement, forward purchase agreement, or
similar structured investment contract.
(c) "Committee" means the Economic Recovery Financing Committee
created pursuant to Section 99055.
(d) "Fund" means the Economic Recovery Fund created pursuant to
Section 99060.
(e) "Resolution" means any resolution, trust agreement, indenture,
certificate, or other instrument authorizing the issuance of bonds
pursuant to this title and providing for their security and
repayment.
(f) "Trustee" means the Treasurer or a bank or trust company
within or without the state acting as trustee for any issue of bonds
under this title and, if there is more than one issue of bonds, the
term means the trustee for each issue of bonds, respectively. If
there are cotrustees for an issue of bonds, "trustee" means those
cotrustees collectively.