California Government Code

§ 53999

GOV § 53999 Effective Oct 19, 2009Div. 2 · Title 5 · Part 1 · Ch. 4.5

Statute text

(a)(1) Notwithstanding any other law, a local agency may sell Proposition 1A receivables that have not been sold pursuant to subdivision (b) of Section 6588.6 to a special fund of the local agency or another local agency, and enter into one or more sales agreements with the purchaser of the Proposition 1A receivable on the terms the local agency deems appropriate.

(2)Except for Proposition 1A receivables created as a result of reallocations pursuant to paragraph (2) of subdivision (b) of Section 100.06 of the Revenue and Taxation Code, a local agency shall complete a sale made pursuant to this section on or before November 2, 2009.

(b)(1) A local agency may make no more than five sales of its Proposition 1A receivables pursuant to this section.

…

Legislative history

Added by Stats. 2009, Ch. 634, Sec. 6. (SB 67) Effective October 19, 2009.