§ 5450. — 5450. (Added by Stats. 1990, Ch. 966, Sec. 1.)

California § 5450.

• Jurisdiction: California
• Code GOV: Government Code - GOV
• Div.: 6.
• Title 1.: DIVISION 6. PUBLIC BONDS AND OBLIGATIONS
• Ch. 5.5.: CHAPTER 5.5. Collateral Security for Bonds

Text

(a)
“Bonds” means any bonds, notes, bond anticipation notes, commercial paper, or other evidences of indebtedness, or lease, installment purchase, or other agreements, or certificates of participation therein, that are not issued pursuant to statutory authority containing a provision governing the perfection and priority of pledges of collateral unless the provision provides that this chapter shall govern.
(b)
“Collateral” means any revenues, moneys, accounts receivable, contractual rights to payment, and other rights to payment of whatever kind, subject to the pledge provided for or created in a pledge document.
(c)
“Pledge document” means the resolution, ordinance, indenture, trust agreement, loan agreement, lease, installment sale agreement, reimbursement or similar agreement with any provider of credit enhancement for bonds, pledge agreement, or similar agreement in which the pledge is provided for or created.
(d)
“Pledge” means, and as used in any pledge document shall be deemed to create, a grant of a lien on and a security interest in and pledge of the collateral referred to in a pledge document.
(e)
“Public body” means the state or any city, county, city and county, district, other political subdivision of the state, public authority, or other public corporation which is authorized to issue bonds. “Public body” shall not include any private person, partnership, corporation, or other private entity, including any nonprofit private entity.
(f)
“Security interest” means a prior claim on any revenues, moneys, accounts receivable, contractual rights to payment, or other rights to payment, which are pledged in a pledge document, unless otherwise provided in the pledge document.

Legislative History

Added by Stats. 1990, Ch. 966, Sec. 1.