This text of California § 99003. (99003. (Added by Stats. 2003, 1st Ex. Sess., Ch. 13, Sec. 2.)) 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.
Unless the context requires otherwise, the following definitions shall govern the construction of this title:
(a)“Accumulated budget deficit” means the estimated negative balance, excluding any projected deficit financing proceeds, of the Special Fund for Economic Uncertainties as of June 30, 2003, as certified by the Director of Finance prior to the issuance of any bonds pursuant to this title.
(b)“Ancillary obligation” means the obligation of the authority under any of the following, entered into by the authority in connection with any bonds issued under this title:
(1)A credit enhancement or liquidity agreement, including any credit enhancement or liquidity agreement in the form of bond insurance, letter of credit, standby bond purchase agreement, reimbursement agreement, liquidity f
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Unless the context requires otherwise, the following definitions shall govern the construction of this title:
(a)
“Accumulated budget deficit” means the estimated negative balance, excluding any projected deficit financing proceeds, of the Special Fund for Economic Uncertainties as of June 30, 2003, as certified by the Director of Finance prior to the issuance of any bonds pursuant to this title.
(b)
“Ancillary obligation” means the obligation of the authority under any of the following, entered into by the authority in connection with any bonds issued under this title:
(1)
A credit enhancement or liquidity agreement, including any credit enhancement or liquidity agreement in the form of bond insurance, letter of credit, standby bond purchase agreement, reimbursement agreement, liquidity facility, or other similar arrangement.
(2)
A remarketing agreement.
(3)
An auction agent agreement.
(4)
A broker-dealer agreement or other agreement relating to the marketing of the bonds.
(5)
An interest rate or other type of swap or hedging contract.
(6)
An investment agreement, forward purchase agreement, or similar structured investment contract.
(c)
“Authority” means the California Fiscal Recovery Financing Authority created by Section 99004.
(d)
“Available revenues” means the special sales tax revenues appropriated pursuant to this title by the Legislature to pay principal, interest, premium, if any, replenishment of reserves, and any related costs on the bonds issued pursuant to this title or to pay amounts relating to any ancillary obligations, together with any reserves or other amounts that have been deposited with the trustee to pay the bonds or to pay ancillary obligations and any investment earnings on any of those funds. Notwithstanding any other provision of law, the Legislature shall not be obligated to appropriate or otherwise make available any other funds to pay the bonds or to pay ancillary obligations.
(e)
“Board” means the State Board of Equalization.
(f)
“Bonds” means any bonds, notes, bond anticipation notes, interim certificates, debentures, or similar instruments issued by the authority pursuant to this title.
(g)
“Fiscal Recovery Fund” means the special fund created by Section 99008.
(h)
“Indenture” means any resolution, trust agreement, indenture, certificate, or other instrument authorizing the issuance of bonds by the authority pursuant to this title, and providing for their security and repayment.
(i)
“Special sales tax revenues” means the proceeds of that portion of the sales and use tax temporarily imposed by the state pursuant to Section 6051.5 or 6201.5 of the Revenue and Taxation Code.
(j)
“Trustee” means the Treasurer or a bank or trust company within or without the state acting as trustee for any issue of bonds under this title and, if there is more than one issue of bonds, shall refer to the trustee for each issue of bonds respectively. In the event there are cotrustees for an issue of bonds, “trustee” shall refer to those cotrustees collectively.