DIVISION 32. SEISMIC SAFETY BUILDING REHABILITATION LOANS [55000. - 55117.]

Division 32 added by Stats. 1982, Ch. 1602, Sec. 1.

§§ 55000–55117 · 29 sections

1. PART 1. GENERAL PROVISIONS §§ 55000–55009 · 11 sections

   • § 55000 The Legislature finds and declares that there exist throughout the state many buildings which are structurally inadequate to safely withstand seismic forces of…
   • § 55001 As used in this division: (a) “Bonds” means bonds, notes, or other evidence of indebtedness issued by a local agency pursuant to Part 2 (commencing with…
   • § 55002 (a) Pursuant to this division, the local agency may provide financing to pay for eligible costs to an owner of an eligible building only if the legislative…
   • § 55002.5 Pursuant to this division, the local agency may provide financing to pay for or buy out any existing note or deed of trust which may be a lien against the real…
   • § 55003 The local agency may contract with state or federally chartered banks or savings and loan associations for originating or servicing loans authorized by this…
   • § 55004 The local agency shall adopt rules and regulations for the administration of the financing program, which shall include, but not be limited to, borrower…
   • § 55005 For the purposes of this division, the local agency shall have the following powers in addition to any other powers granted by this division: (a) To make and…
   • § 55006 The interest rate on financing provided pursuant to this division shall be sufficient and shall be limited to the amount necessary to pay the interest on the…
   • § 55007 The local agency may conduct a financing program under this division in tandem with a residential rehabilitation financing program under Part 13 (commencing…
   • § 55008 The exercise of the powers specified in this division shall be in all respects for the benefit of the people of the state, for their well-being and prosperity,…
   • § 55009 Any bonds issued by the local agency under the provisions of this division, their transfer, and the income therefrom shall at all times be free from all direct…
2. PART 2. BONDS §§ 55100–55117 · 18 sections

   • § 55100 The local agency may, from time to time, issue its bonds in the principal amount as the local agency shall determine to be necessary to provide sufficient…
   • § 55101 The bonds shall be authorized by resolution or resolutions of the legislative body of the local agency, shall bear such date or dates, and shall mature at the…
   • § 55102 The local agency may, from time to time, issue (1) bonds to renew bonds and (2) other bond obligations to pay bonds including the interest thereon, and,…
   • § 55103 Any resolution or resolutions authorizing any bonds or issue thereof may contain provisions, which shall be a part of the contract or contracts with the…
   • § 55104 Any resolution or resolutions authorizing any bonds or issue thereof shall specify the extent to which revenues resulting from financing provided with proceeds…
   • § 55105 Any pledge made by the local agency shall be valid and binding from the time when the pledge is made. The revenues, moneys, or property so pledged and…
   • § 55106 Bond underwriters and consultants may be selected by the local agency.
   • § 55107 Neither the members of the legislative body of the local agency, nor any official or employee thereof, nor any other person executing the bonds shall be…
   • § 55108 Any resolution authorizing any bonds or issue thereof may designate a trustee for the local agency and holders of its bonds, and shall in such case prescribe…
   • § 55109 The trustee acting on behalf of bondholders shall have and possess all the powers necessary or convenient for the exercise of any functions specifically set…
   • § 55110 Whether or not the bonds are of the form and character as to be negotiable instruments under, or subject to, the terms of the California Uniform Commercial…
   • § 55111 In the event any person whose signature appears on the bonds ceases to hold office prior to delivery of the bonds, the signature shall nevertheless be valid…
   • § 55112 The local agency may create one or more bond reserve accounts to secure payments of the principal of, and interest and sinking fund payments on, any bonds or…
   • § 55113 The local agency may provide for the issuance of refunding bonds for the purpose of refunding any bonds then outstanding which have been issued under the…
   • § 55114 Refunding bonds may be sold or exchanged for outstanding bonds issued under this part and, if sold, the proceeds thereof may be applied, in addition to any…
   • § 55115 The state does hereby pledge to and agree with the holders of any bonds issued under this part that the state will not limit or alter the rights hereby vested…
   • § 55116 All bonds issued pursuant to this division shall be limited obligations of the local agency issuing the same, payable solely out of the revenues and receipts…
   • § 55117 The bonds shall be legal investments in which all public officers and public bodies of this state, its political subdivisions, all municipalities and municipal…