California Water Code

§ 36447.15

WAT § 36447.15 Effective Jan 1, 2011Div. 13 · Part 6 · Ch. 4.95

Statute text

(a)(1) Notwithstanding Section 36447, this section applies only to the Irvine Ranch Water District and the Santa Margarita Water District.

(2)As used in this section, “district” means the Irvine Ranch Water District and the Santa Margarita Water District.

(b)To provide credit enhancement, liquidity support, or both, in connection with, or incidental to, the issuance or carrying by the district of any general obligation bonds for improvement districts or consolidated general obligation bonds for improvement districts, the district may pledge and apply all or any part of the revenues of the district to the payment or security of any or all of the principal, redemption price, and purchase price of those bonds, and the interest thereon, in the manner and upon terms that the board may deem advisable.

…

Legislative history

Added by Stats. 2010, Ch. 624, Sec. 1. (SB 613) Effective January 1, 2011.