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·Code GOV Government 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

(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.

California § 53859.02. (53859.02. (Amended by Stats. 1995, Ch. 784, Sec. 22.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.