53190. If the legislative body determines by ordinance to proceed with the establishment of the district pursuant to subdivision (b) of Section 53184, the legislative body, or its designated representative, may enter into a reimbursement agreement with any private person or entity, or with any public entity, hereafter referred to as the investor. (Added by […]
53190.5. A reimbursement agreement shall contain both of the following provisions: (a) A requirement that the investor advance funds to the local agency to be used by the local agency exclusively to pay the costs of the work described in the resolution of intention adopted pursuant to Section 53181, or that the investor perform the work […]
53191. The investor’s interest in a reimbursement agreement may be negotiable and divisible, as specified in the agreement. (Added by Stats. 1986, Ch. 1512, Sec. 1.)
53191.5. The obligations of the local agency arising from the reimbursement agreement shall be secured by a pledge of the revenues arising from the contingent or noncontingent assessments or levies made pursuant to a financing act levied within the integrated financing district. The general fund of the local agency is not liable for the payment […]
53192. Any obligations arising from the reimbursement agreement are not a debt of the local agency, or a legal or equitable pledge, charge, lien, or encumbrance upon any of its property, or upon any of its income, receipts, or revenues, except the revenues arising from the contingent assessments or levies made pursuant to the financing […]
53192.5. All income received by the investor from the fund is exempt from taxation in this state, except gift, inheritance, and estate taxes. (Added by Stats. 1986, Ch. 1512, Sec. 1.)
53193. The reimbursement agreement may provide for the terms and conditions under which the investor may enforce the convenants and duties imposed by the agreement. (Added by Stats. 1986, Ch. 1512, Sec. 1.)
53193.5. The local agency shall preserve and protect the security of the reimbursement agreement and the rights of the investor against all claims and demands of all persons. (Added by Stats. 1986, Ch. 1512, Sec. 1.)
53194. The investor may enforce his or her rights against the local agency, its legislative body, or any of its officers, agents, or employees, and compel them to perform and carry out their duties under this chapter and any reimbursement agreement with the investor. (Added by Stats. 1986, Ch. 1512, Sec. 1.)
53194.5. The remedies conferred upon the investor by this chapter do not exclude any other remedy. Each remedy is cumulative and in addition to every other remedy and may be exercised without exhausting, and without regard to, any other remedy conferred by this chapter or other law. (Added by Stats. 1986, Ch. 1512, Sec. 1.)
