California Insurance Code

§ 10089.29

INS § 10089.29 Effective Jan 1, 2019Div. 2 · Part 1 · Ch. 8.6

Statute text

(a)(1) Notwithstanding the prior approval requirement of Section 10089.10, the authority shall issue and sell investment grade revenue bonds or secure other debt financing of the authority, or both, in amounts determined by the board pursuant to Section 10089.32, but not to exceed one billion dollars ($1,000,000,000) plus costs of issuance and sale of those revenue bonds, costs of securing that debt financing, and amounts paid or payable to bond issuers and providers of credit support and letters of credit for, and interest on, those revenue bonds or other debt, if claims and claim expenses incurred by the authority from an earthquake event exhaust the total of the following:

(A)The authority’s available capital.

(B)The maximum amount of all contributions of initial operating capital made by participating insurers pursuant to Section 10089.15, and assessments levied and paid pursuant to Section 10089.23.

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Legislative history

Amended by Stats. 2018, Ch. 828, Sec. 3. (AB 2927) Effective January 1, 2019.