ARTICLE 7.7. Grant Anticipation Notes

Article 7.7 added by Stats. 1972, Ch. 552.

§§ 53859–53859.08 · 9 sections

• § 53859 As used in this article: (a) “local agency” means county, city and county, city, school district, community college district, or any other municipal or public…
• § 53859.01 The powers conferred by this article are in addition to and alternative to any powers conferred by any other law for borrowing by a local agency and any amount…
• § 53859.02 (a) A local agency may borrow money pursuant to this article, the indebtedness to be represented by a grant anticipation note or notes issued to the lender…
• § 53859.03 The grant anticipation note or notes shall be issued pursuant to a resolution authorizing the issuance thereof, adopted by the legislative body of the local…
• § 53859.04 Any grant anticipation note issued under this article may be negotiable or may be payable to order or to bearer and may be in any denomination. Except as…
• § 53859.05 The resolution authorizing the issuance of any note may provide that such note shall be subject to call and redemption prior to maturity, at the option of the…
• § 53859.06 Grant or loan funds from the state or federal government for any legally authorized capital improvement for which the local agency is authorized to expend…
• § 53859.07 Notwithstanding the provisions of Sections 53854 and 53856, any note issued pursuant to this article to the extent not paid from grant or loan funds of the…
• § 53859.08 A grant or loan anticipation note or notes shall not be issued pursuant to this article in an amount at any time outstanding which shall exceed 95 percent of…