California Water Code

§ 20560.2

WAT § 20560.2 Effective Jan 1, 2016Div. 11 · Part 1 · Ch. 3

Statute text

In the case of any district that owns and operates facilities for the generation, transmission, distribution, and retail sale of electric power, the district shall give notice to the California Debt and Investment Advisory Commission, at least 30 days prior to the proposed sale date, of the proposed sale of any evidence of indebtedness issued to provide financing of any works of the district. The notice shall include the information required by subdivision (i) of Section 8855 of the Government Code. Failure to give this notice shall render the sale invalid. The California Debt and Investment Advisory Commission may waive the 30-day notice period upon application by the district. In carrying out the purpose of this section, the California Debt and Investment Advisory Commission may charge fees payable solely from the proceeds of the sale of the debt issue in an amount equal to one-fortieth of 1 percent of the principal amount of the issue, but not to exceed five thousand dollars ($5,000) for any one issue. The bonds shall be legal investments for all trust funds, for the funds of all insurance companies, commercial banks, savings banks, trust companies, the state school funds, and for any funds which may be invested in bonds of cities, cities and counties, counties, school districts, or municipalities in the state.

Legislative history

Amended by Stats. 2015, Ch. 303, Sec. 556. (AB 731) Effective January 1, 2016.