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California Law (Last Updated: March 4, 2014) |
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Government Code - GOV |
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Title 6.7. INFRASTRUCTURE FINANCE |
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Division 1. THE BERGESON-PEACE INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK ACT |
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Chapter 2. California Infrastructure and Economic Development Bank |
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ARTICLE 6.5. Tribal Compact Assets Securitization |
Section 63048.75.
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Any sale of some or all of the compact assets under this article shall be treated as a true sale and absolute transfer of the property so transferred to the special purpose trust and not as a pledge or grant of a security interest by the state, the bank board, or the bank for any borrowing. The characterization of the sale of any of those assets as an absolute transfer by the participants shall not be negated or adversely affected by the fact that only a portion of the compact assets is transferred, nor by the state's acquisition of an ownership interest in any residual interest in the compact assets, nor by any characterization of the special purpose trust or its bonds for purposes of accounting, taxation, or securities regulation, nor by any other factor whatsoever.