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California Law (Last Updated: March 4, 2014) |
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Government Code - GOV |
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Title 1. GENERAL |
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Division 7. MISCELLANEOUS |
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Chapter 5. Joint Exercise of Powers |
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ARTICLE 4. Local Bond Pooling |
Section 6586.7.
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(a) A copy of the resolution adopted by an authority authorizing bonds or any issuance of bonds, or accepting the benefit of any bonds or proceeds of bonds, except bonds issued or authorized pursuant to Article 1 (commencing with Section 6500), or bonds issued for the purposes specified in subdivision (c) of Section 6586.5, shall be sent by certified mail to the Attorney General and the California Debt and Investment Advisory Commission not later than five days after adoption by the authority.
(b) This section does not apply to bonds:
(1) Specified in subdivision (c) of Section 6586.5.
(2) Issued pursuant to the Community Redevelopment Law, Part 1 (commencing with Section 33000) of Division 24 of the Health and Safety Code.
(3) To finance transportation facilities and vehicles.
(4) To finance a facility that is located within the boundaries of an authority, provided that the authority that issues those bonds consists of any of the following:
(A) Local agencies with overlapping boundaries.
(B) A county and a local agency or local agencies located entirely within that county.
(C) A city and a local agency or local agencies located entirely within that city.
(5) To finance a facility for which an authority has received an allocation from the California Debt Limit Allocation Committee.
(6) Of an authority that consists of no less than 250 local agencies and the agreement that established that authority requires the governing body of the local agency that is a member of the authority in whose jurisdiction the facility will be located to approve the facility and the issuance of the bonds.