California Health and Safety Code

§ 34350

HSC § 34350Div. 24 · Part 2 · Ch. 1 · Art. 5

Statute text

An authority shall have the following powers:

(a)To issue bonds for any of its corporate purposes.

(b)To sell or otherwise dispose of any mortgage loans, in whole or in part, or to loan sufficient funds to any person to defray, in whole or in part, the costs of purchasing mortgage loans, so that the revenues and receipts to be derived with respect to the loans, together with any insurance proceeds, reserve accounts, and earnings thereon, shall be designed to produce revenues and receipts at least sufficient to provide for the prompt payment at maturity of principal, interest, and redemption premiums, if any, upon all bonds issued to finance such costs.

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Legislative history

Amended by Stats. 1983, Ch. 1309, Sec. 9.