California Government Code

§ 30405

GOV § 30405 Effective Jan 1, 1996Div. 3 · Title 3 · Ch. 10

Statute text

(a)If a trustee is appointed pursuant to this chapter, the trustee may assume and exercise, solely to the extent necessary to prevent denial of confirmation of the plan of adjustment and consistent with the interests of the state to promote the timely confirmation of the plan, the following specified powers of those cities, public districts, or other governmental agencies holding claims against the county based upon investment losses incurred or derived from the failure of the Orange County Investment Pools:

(1)The authority to vote to accept or reject the plan of adjustment filed by the county in the pending case, or to change or withdraw such an acceptance or rejection.

(2)The authority to subordinate or otherwise restructure the claims specified in this subdivision against the county.

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Legislative history

Added by Stats. 1995, Ch. 747, Sec. 3. Effective January 1, 1996.