91520. (a) There is in each public agency a public, corporate instrumentality of the State of California, known as the industrial development authority of the public agency. Each public agency is authorized to utilize that authority in the issuance of revenue bonds in the accomplishment of the public purposes as provided in Section 91502. The purposes […]
91521. (a) The sole purpose of an authority is to undertake projects through the issuance of bonds in accomplishment of the purposes provided in Section 91502, and to carry out and complete such projects and perform and exercise derivative obligations and powers. (b) The jurisdiction of an authority to undertake projects shall be coincident as to territory […]
91522. (a) All powers vested in authorities shall be exercisable as their respective boards shall provide, solely in the accomplishment of the purposes of authorities. (b) A board shall consist of any authorized number of directors not less than three. The authorized number of directors shall be established by resolution of the governing body from time to […]
91523. As an alternate to the appointment of directors pursuant to Section 91522, the governing body may, at its sole discretion and at any time regardless of the incumbency of any directors appointed pursuant to Section 91522, by resolution, declare itself to be the board, in which case all the rights, powers, privileges, duties, liabilities, […]
91524. (a) The principal office of an authority shall be located at the principal office of the public agency. (b) Each authority shall have a chairperson of its board, who shall be elected by the members of the board from among its membership. (c) Public officers of an authority consist of the chairperson and members of the board, […]
91525. (a) An authority may appoint such employees and agents, including without limitation financial advisers or consultants, accountants, architects, engineers, or other experts or advisers as it requires, and determine their qualifications, duties, terms of employment or engagement, and compensation. Officers, agents, or employees of a public agency may also be agents or employees of an […]
91525.5. A member of the board or other officer of an authority or a member of the governing body who has any financial interest, other than an interest as defined by Section 1091 or 1091.5, in any project, project agreement, indenture, bonds, or the sale thereof, shall fully disclose the nature of the interest to […]
91526. An authority may: (a) Sue and be sued in its own name. (b) Have an official seal. (c) Have perpetual succession. (d) Make and execute contracts and other instruments and documents. (e) Make, amend, and repeal bylaws governing procedures and meetings of the board and the duties of its officers, and make, amend, and repeal rules, regulations, and policies […]
91527. Authorities shall have all powers necessary or appropriate for carrying out the purposes of this title including, without limitation, the following powers, together with all powers incidental thereto: (a) To acquire property by purchase, exchange, gift, lease, contract, or otherwise, except by eminent domain. The power to acquire real property shall not be exercised for […]
91528. An authority shall not have the power to operate any facility as a business, except in the event of a default on any bonds, through a trustee, for the minimum reasonable time needed to sell or otherwise dispose of the facility in accordance with the resolution or indenture. (Added by Stats. 1980, Ch. 1358.)
91529. Companies may apply for financing pursuant to this article by filing with an authority an application therefor which includes all of the following: (a) Such financial, legal, and other information as is required by an authority. (b) An estimate of the amount of bonds proposed to be issued, of the sources of amounts otherwise required for […]
91530. (a) Applications for projects or companies not in accordance with the reasonable priorities and criteria that an authority may establish need not be accepted and further processed by an authority. (b) Acceptance of any application in no way obligates an authority to adopt a resolution of intention or undertake the project proposed. (c) Upon acceptance of any […]
91533. Authorities shall undertake projects by entry into project agreements in substance not inconsistent with the following: (a) The company shall comply with (or cause to be complied with) all legal requirements relating to the project and the operation, repair, and maintenance of the facilities, including (1) obtaining any rezonings or variances, building, development, and other […]
91534. No company shall, by reason of any project agreement, be deemed the agent of an authority in the carrying out of such agreement unless (and in such case only to the extent) such agreement specifically provides otherwise. (Added by Stats. 1980, Ch. 1358.)
91535. (a) All bonds issued by an authority in connection with a project shall be special obligations, only, of the authority, payable solely out of the revenues or out of the other sources specified in the proceedings. (b) The bonds prescribed by subdivision (a) may: (1) Be executed and delivered by the authority at any time and from […]
91536. In the discretion of an authority, any bonds issued under the provisions of this title may be secured by an indenture. Such indenture may vest in bondholders the right to remove and appoint a new trustee or agent. The trustee or agent may at any time own all or any part of the bonds, […]
91537. The issuance of bonds shall be authorized by resolution of the board adopted at any time following the determinations provided for in subdivision (j) of Section 91527 or Section 91530. The resolution may, as the board deems advisable and in accordance with the provisions of this article, provide for, or authorize the execution of […]
91537.5. The bonds may bear interest on the amount or amounts, payable at the time or times, evidenced in the manner and at the fixed or variable rate or rates as shall be established by or pursuant to a method approved by the board, but the maximum rate of interest to be paid on any […]
91538. Bonds may be sold at the prices that the board directs, at public or private sale, subject to subdivision (b) of Section 91535. (Amended by Stats. 2009, Ch. 648, Sec. 11. (AB 1009) Effective November 5, 2009.)
91539. Notwithstanding any other provision of law: (a) Authorities and their revenues, amounts for administration or costs of issuance expenses, and any other income shall be exempt from all taxes on, or measured by, income. (b) Bonds issued by authorities shall be exempt from all property taxation and the interest on such bonds shall be exempt from […]
