§ 52062. — 52062. (Amended by Stats. 1996, Ch. 833, Sec. 14.)

Any agreement made pursuant to Section 52061 shall contain provisions doing all of the following:
(a)
Limiting the maximum amount of bonds to be issued by a city or county.
(b)
Requiring that the city, or county, or each city and county that is a party to the agreement, not issue additional bonds for home mortgage loans within a period of three years from the date of the bonds issued pursuant to the agreement, or until all of the proceeds of those bonds have been used to make home mortgage loans, without the express written consent of the agency.
(c)
Requiring that all bonds and any prospectus in connection with those bonds contain a legend condition to the following effect: “Neither the faith and credit of the State of California or the agency nor the taxing power of the state is pledged to the payment of principal or interest on this bond.”
(d)
Requiring agency approval of the bond counsel of the city or county, or the bond counsel of each city and county that is a party to the agreement.
(e)
Designating, consistent with the agency’s program for financing residential structures of four units or less authorized by Article 2 (commencing with Section 51125) of Chapter 5 of Part 3 and the regulations adopted pursuant thereto, maximum sales prices of homes, maximum loan amounts for home mortgages involving rehabilitation and refinancing, borrower eligibility criteria, geographic areas where loans can be made, insurance requirements, the minimum percentage of bond proceeds to be utilized for home mortgages involving new construction and rehabilitation and the amount to be allocated to a bond reserve fund.

Legislative History

Amended by Stats. 1996, Ch. 833, Sec. 14. Effective January 1, 1997.