California Government Code

§ 6592.5

GOV § 6592.5 Effective Jul 31, 1995Div. 7 · Title 1 · Ch. 5 · Art. 4

Statute text

(a)No bonds issued by any local agency shall be purchased pursuant to this article by an authority at a price to yield in excess of 1 percent of the yield of the issue of bonds issued by the authority to purchase the bonds of the local agency. For the purposes of this subdivision, yield is determined on the issue date of the bonds.

(b)At least 95 percent of the receipts by an authority from bonds of a local agency purchased by the authority after January 1, 1995, shall be used for any of the following:

(1)To pay principal, interest, redemption prices or fees for credit enhancement on the issue of bonds of the authority used to acquire those bonds of the local agency.

…

Legislative history

Added by Stats. 1995, Ch. 229, Sec. 6. Effective July 31, 1995.