§ 33645. — 33645. (Amended by Stats. 1987, Ch. 212, Sec. 2.)

California § 33645.

• Jurisdiction: California
• Code HSC: Health and Safety Code - HSC
• Div. 24.: DIVISION 24. COMMUNITY DEVELOPMENT AND HOUSING
• Part 1.: PART 1. COMMUNITY REDEVELOPMENT LAW
• Ch. 6.: CHAPTER 6. Financial Provisions
• Art. 5.: ARTICLE 5. Agency Bonds

Text

The agency may authorize bonds by resolution. The resolution, trust indenture, or mortgage may provide for:
(a)
The issuance of the bonds in one or more series.
(b)
The date the bonds shall bear.
(c)
The maturity dates of the bonds.
(d)
The rate or maximum rate of interest on the
indebtedness, which shall not exceed the maximum rate permitted by Section 53531 of the Government Code, and need not be recited if the rate does not exceed 4
percent. The interest may be fixed or variable and may be simple or compound. The interest shall be payable at the time or times determined by the agency.
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(e)
The denomination of the bonds.
(f)
Their form, either coupon or registered.
(g)
The conversion or registration privileges carried by the bonds.
(h)
The rank or priority of the bonds.
(i)
The manner of their execution.
(j)
The medium of payment.
(k)
The place of payment.
(
l
)
The terms of redemption with or without premium to which the bonds are subject.
(m)
The maximum amount of bonded indebtedness in compliance with, and not to exceed, the limit specified in the redevelopment plan as required in Section 33334.1.
The resolution, trust indenture, or mortgage shall provide that tax-increment funds allocated to an agency pursuant to Section 33670 shall not be payable to a trustee on account of any issued bonds when sufficient funds have been placed with the trustee to redeem all outstanding bonds of the issue.

Legislative History

Amended by Stats. 1987, Ch. 212, Sec. 2. Effective July 23, 1987. See provisions for inoperation in subd. (a) of Section 34189.