California § 53859.02. 53859.02. (Amended by Stats. 1995, Ch. 784, Sec. 22.)

California Statutes

§ 53859.02. — 53859.02. (Amended by Stats. 1995, Ch. 784, Sec. 22.)

California § 53859.02.

JurisdictionCalifornia

Code GOVGovernment Code - GOV

Div.2.

Title 5.DIVISION 2. CITIES, COUNTIES, AND OTHER AGENCIES

Part 1.PART 1. POWERS AND DUTIES COMMON TO CITIES, COUNTIES, AND OTHER AGENCIES

Ch. 4.CHAPTER 4. Financial Affairs

Art. 7.7.ARTICLE 7.7. Grant Anticipation Notes

This text of California § 53859.02. (53859.02. (Amended by Stats. 1995, Ch. 784, Sec. 22.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Cal. Government Code - GOV Code § 53859.02. (2026).

Text

(a)A local agency may borrow money pursuant to this article, the indebtedness to be represented by a grant anticipation note or notes issued to the lender pursuant to this article. The money borrowed may be used and expended by the local agency solely for the purpose for which the grant or loan is to be received.

(b)Proceeds of sales or funds set aside for the repayment of any notes issued pursuant to this article shall not be invested for a term that exceeds the term of the notes.

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(a)
A local agency may borrow money pursuant to this article, the indebtedness to be represented by a grant anticipation note or notes issued to the lender pursuant to this article. The money borrowed may be used and expended by the local agency solely for the purpose for which the grant or loan is to be received.
(b)
Proceeds of sales or funds set aside for the repayment of any notes issued pursuant to this article shall not be invested for a term that exceeds the term of
the notes.