California Government Code

§ 15827

GOV § 15827 Effective Jan 1, 2019Div. 3 · Title 2 · Part 10b · Ch. 4

Statute text

(a)The rights and remedies conferred by this part upon or granted to certificate holders are in addition to and not in limitation of any rights and remedies lawfully granted to these certificate holders by the resolutions providing for the issuance of certificates.

(b)If the board defaults in the payment of principal or interest on any of the certificates after the principal or interest becomes due, whether at maturity or upon call for redemption, and if that default continues for a period of 60 days, or if the board fails or refuses to comply with the provisions of this part or defaults in any agreement made with the certificate holders, the holders of 25 percent in aggregate principal amount of the certificates then outstanding by instruments filed in the Office of the County Recorder of the County of Sacramento, and acknowledged in the same manner as a deed to be recorded except as this right is limited under the provisions of any deed of trust, indenture, or other agreement, may appoint a trustee to represent the certificate holders for the purposes provided in this part. The trustee or any trustee under any deed of trust, indenture, or other agreement may, and upon written request of the holders of 25 percent in principal amount of the certificates then outstanding, or any other percentage as is specified in the deed of trust, indenture or other agreement, shall in his or her name:

(1)By proper proceedings and actions enforce all rights of the certificate holders, including the right to require the board to collect rates, rentals and other charges adequate to carry out any agreement as to the revenues, or the pledge of revenues or receipts of the board, to lease public buildings to state agencies or otherwise and require the board to carry out any other agreements with or for the benefit of the certificate holders, and to perform its duties under this part.

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Legislative history

Amended by Stats. 2018, Ch. 92, Sec. 100. (SB 1289) Effective January 1, 2019.