§ 5451.8. — 5451.8. (Added by Stats. 2024, Ch. 148, Sec. 2.)

California § 5451.8.

• 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)
(1)
All obligations of the City of Alameda Health Care District in connection with any and all certificates of participation executed and delivered by or on behalf of the district between January 1, 2024, and December 31, 2034, including certificates of participation executed and delivered before 2064 to refund the certificates of participation, shall be secured by a statutory lien on all of the revenues generated from parcel taxes levied pursuant to Measure A, approved by the voters of the district at the general election held on April 9, 2002.
(2)
The proceeds of the certificates of participation shall only be
used to finance construction projects and shall not be used to cover operational costs.
(b)
This lien shall arise automatically without the need for any action or authorization by the district or the board of directors of the district. The lien shall be valid and binding from the time the certificates of participation are executed and delivered.
(c)
The parcel tax revenue shall immediately be subject to this lien, and the lien shall immediately attach to the parcel tax revenue and be effective, binding, and enforceable against the district, its successors, purchasers of those revenues, creditors, and all others asserting rights therein, irrespective of whether those parties have notice of the lien and without the need for any physical delivery, recordation, filing, or further
act.

Legislative History

Added by Stats. 2024, Ch. 148, Sec. 2. (AB 2157) Effective July 18, 2024.