TITLE 10. CALIFORNIA INDUSTRIAL DEVELOPMENT FINANCING ACT [91500. - 91562.]
Title 10 added by Stats. 1980, Ch. 1358.
§§ 91500–91562 · 40 sections
CHAPTER 1. California Industrial Development Financing §§ 91500–91562 · 40 sections
ARTICLE 1. General Provisions and Definitions §§ 91500–91504 · 6 sections
- § 91500 This title may be cited as the California Industrial Development Financing Act.
- § 91501 The Legislature hereby finds that it is necessary and essential that the state, in cooperation with the federal government, use all practical means and…
- § 91502 It is the purpose of this title to carry out and make effective the findings of the Legislature, and to that end, to provide business with an alternative…
- § 91502.1 (a) The Legislature declares that it is the policy of this state, consistent with environmental, resource conservation, and other policies, to facilitate for…
- § 91503 The property acquired pursuant to this article shall be suitable for, or shall evidence an obligation respecting, certain activities or uses. The activities or…
- § 91504 Unless the context otherwise requires, the definitions in this article shall govern the construction of this title, as follows: (a) “Acquire” and its variants…
ARTICLE 2. Industrial Development Authorities §§ 91520–91549 · 30 sections
- § 91520 (a) There is in each public agency a public, corporate instrumentality of the State of California, known as the industrial development authority of the public…
- § 91521 (a) The sole purpose of an authority is to undertake projects through the issuance of bonds in accomplishment of the purposes provided in Section 91502, and to…
- § 91522 (a) All powers vested in authorities shall be exercisable as their respective boards shall provide, solely in the accomplishment of the purposes of…
- § 91523 As an alternate to the appointment of directors pursuant to Section 91522, the governing body may, at its sole discretion and at any time regardless of the…
- § 91524 (a) The principal office of an authority shall be located at the principal office of the public agency. (b) Each authority shall have a chairperson of its…
- § 91525 (a) An authority may appoint such employees and agents, including without limitation financial advisers or consultants, accountants, architects, engineers, or…
- § 91525.5 A member of the board or other officer of an authority or a member of the governing body who has any financial interest, other than an interest as defined by…
- § 91526 An authority may: (a) Sue and be sued in its own name. (b) Have an official seal. (c) Have perpetual succession. (d) Make and execute contracts and other…
- § 91527 Authorities shall have all powers necessary or appropriate for carrying out the purposes of this title including, without limitation, the following powers,…
- § 91528 An authority shall not have the power to operate any facility as a business, except in the event of a default on any bonds, through a trustee, for the minimum…
- § 91529 Companies may apply for financing pursuant to this article by filing with an authority an application therefor which includes all of the following: (a) Such…
- § 91530 (a) Applications for projects or companies not in accordance with the reasonable priorities and criteria that an authority may establish need not be accepted…
- § 91533 Authorities shall undertake projects by entry into project agreements in substance not inconsistent with the following: (a) The company shall comply with (or…
- § 91534 No company shall, by reason of any project agreement, be deemed the agent of an authority in the carrying out of such agreement unless (and in such case only…
- § 91535 (a) All bonds issued by an authority in connection with a project shall be special obligations, only, of the authority, payable solely out of the revenues or…
- § 91536 In the discretion of an authority, any bonds issued under the provisions of this title may be secured by an indenture. Such indenture may vest in bondholders…
- § 91537 The issuance of bonds shall be authorized by resolution of the board adopted at any time following the determinations provided for in subdivision (j) of…
- § 91537.5 The bonds may bear interest on the amount or amounts, payable at the time or times, evidenced in the manner and at the fixed or variable rate or rates as shall…
- § 91538 Bonds may be sold at the prices that the board directs, at public or private sale, subject to subdivision (b) of Section 91535.
- § 91539 Notwithstanding any other provision of law: (a) Authorities and their revenues, amounts for administration or costs of issuance expenses, and any other income…
- § 91540 (a) All property, revenues, and funds, owned or possessed by an authority for the purposes of this title, shall be exempt from levy and sale by virtue of…
- § 91541 (a) None of the bonds of an authority or any other obligations of an authority shall be deemed to constitute a debt or liability of the state or any public…
- § 91542 At such time as all obligations under the project agreements respecting any particular project have been satisfied or otherwise discharged or adequately…
- § 91543 All general or special laws or parts thereof inconsistent with this title shall be inapplicable to the exercise of any of the powers conferred under the…
- § 91544 (a) Whenever the governing body, by ordinance, shall declare that there is no longer a need for an authority to, and that the authority shall not further,…
- § 91545 Any action pursuant to Section 91544 shall have no effect on, and shall not be deemed to impair, any contracts previously entered into by an authority,…
- § 91546 This title, being necessary for the welfare of the state and its inhabitants, shall be liberally construed to effect its purposes.
- § 91547 The State of California does hereby pledge to and agree with the holders of any bonds issued, and with those companies which may enter into project agreements…
- § 91548 An action may be brought pursuant to Chapter 9 (commencing with Section 860) of Part 2 of Title 10 of the Code of Civil Procedure, to determine the validity of…
- § 91549 (a) Except as may be authorized by other state legislation, this title provides the exclusive authority of public agencies for the undertaking, carrying out,…
ARTICLE 3. Small Business Financing §§ 91560–91562 · 4 sections
- § 91560 (a) The Legislature finds and declares that small businesses may have difficulty establishing adequate security for bonds issued by an authority in their…
- § 91561.3 Each local authority may enter into joint powers agreements with other local authorities to issue pooled bonds in response to small business loan requests.
- § 91561.5 For purposes of this article, “small business” means small business as defined in Section 14837.
- § 91562 A small business loan issued pursuant to this chapter, shall be for no less than seventy-five thousand dollars ($75,000), nor more than five hundred thousand…