ARTICLE 3. Surplus Property Authority

Article 3 added by Stats. 1963, Ch. 1227.

§§ 40520–40529 · 10 sections

• § 40520 There is, in each city, city and county, or county of the State, a public corporation known as the “surplus property authority” of the city, city and county,…
• § 40521 The authority shall not transact any business or exercise any powers unless and until the legislative body shall by ordinance declare that there is need for…
• § 40522 The determination that there is need for an authority to function may be initiated by the legislative body on its own motion or upon the filing of a petition…
• § 40523 In any suit, action, or proceeding by or against or in any manner relating to an authority, the authority shall be conclusively deemed to have become…
• § 40524 At the time the authority becomes authorized to transact business and exercise its powers, and from time to time thereafter, the legislative body, subject to…
• § 40525 Quarterly, semiannually, or annually, as the legislative body prescribes, the authority shall file with the legislative body a detailed report of all its…
• § 40526 At least once annually the authority shall publish a statement of all its financial affairs, audited by independent certified public accountants. The statement…
• § 40527 If within four years after the adoption of an ordinance declaring the need for an authority to function in a local agency, the authority has not acquired or…
• § 40528 After adoption of an ordinance declaring there is no need for an authority to function, and while it is in effect, the legislative body may wind up the affairs…
• § 40529 At any time after the activation of an authority, the legislative body by a two-thirds vote may adopt an ordinance transferring the property of the authority…