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.
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 in whole or
in part, or any combination thereof.
(b) A requirement that the local agency issue the investor a
warrant entitling the investor to all or a specified amount or
portion of the moneys deposited in the fund, determined pursuant to
the resolution of intention, and payable at the time or times
specified in the reimbursement agreement. The reimbursement agreement
shall state that the general fund of the local agency, its credit,
or its taxing power is not liable for payment of any obligation
arising from the reimbursement agreement.
The warrants issued pursuant to this subdivision shall include all
of the following provisions:
(1) A designation of the place at which the warrant shall be paid.
(2) The source of revenue securing the warrant.
(3) The issuance and expiration date of the warrant.
(4) A specification that the warrant is a negotiable instrument.
(5) The schedule of payments to the investor, including the date
of the first payment, the number of payments, and the frequency of
payments.
(6) The purpose for which the warrant is issued.
(7) The maximum principal amount of the warrant.
(8) The rate of interest payable upon the warrant. The interest
rate shall not exceed the maximum rate permitted by Section 53531 or
any other applicable provision of law.
(9) A statement of findings that, in the opinion of the
legislative body, the interest paid on the warrant to the investor is
excluded from income in determining the investor's federal income
tax liability.
53191. The investor's interest in a reimbursement agreement may be
negotiable and divisible, as specified in the agreement.
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 of any obligations arising from the
reimbursement agreement and the credit or taxing power of the local
agency shall not be pledged for the payment of any obligations
arising from the agreement except pursuant to the financing act. The
investor may not compel the exercise of the taxing power of the local
agency or the forfeiture of any of its property to satisfy any
obligations arising from the agreement. However, notwithstanding
these provisions, the local agency is financially responsible for the
revenues which are collected pursuant to a contingent or
noncontingent assessment or levy made pursuant to a financing act, or
which ought to have been collected by the legislative body, or its
designated representative, pursuant to a reimbursement agreement.
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
act levied within the district and specificially designated for that
purpose.
53192.5. All income received by the investor from the fund is
exempt from taxation in this state, except gift, inheritance, and
estate taxes.
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.
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.
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.
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.
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.
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 in whole or
in part, or any combination thereof.
(b) A requirement that the local agency issue the investor a
warrant entitling the investor to all or a specified amount or
portion of the moneys deposited in the fund, determined pursuant to
the resolution of intention, and payable at the time or times
specified in the reimbursement agreement. The reimbursement agreement
shall state that the general fund of the local agency, its credit,
or its taxing power is not liable for payment of any obligation
arising from the reimbursement agreement.
The warrants issued pursuant to this subdivision shall include all
of the following provisions:
(1) A designation of the place at which the warrant shall be paid.
(2) The source of revenue securing the warrant.
(3) The issuance and expiration date of the warrant.
(4) A specification that the warrant is a negotiable instrument.
(5) The schedule of payments to the investor, including the date
of the first payment, the number of payments, and the frequency of
payments.
(6) The purpose for which the warrant is issued.
(7) The maximum principal amount of the warrant.
(8) The rate of interest payable upon the warrant. The interest
rate shall not exceed the maximum rate permitted by Section 53531 or
any other applicable provision of law.
(9) A statement of findings that, in the opinion of the
legislative body, the interest paid on the warrant to the investor is
excluded from income in determining the investor's federal income
tax liability.
53191. The investor's interest in a reimbursement agreement may be
negotiable and divisible, as specified in the agreement.
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 of any obligations arising from the
reimbursement agreement and the credit or taxing power of the local
agency shall not be pledged for the payment of any obligations
arising from the agreement except pursuant to the financing act. The
investor may not compel the exercise of the taxing power of the local
agency or the forfeiture of any of its property to satisfy any
obligations arising from the agreement. However, notwithstanding
these provisions, the local agency is financially responsible for the
revenues which are collected pursuant to a contingent or
noncontingent assessment or levy made pursuant to a financing act, or
which ought to have been collected by the legislative body, or its
designated representative, pursuant to a reimbursement agreement.
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
act levied within the district and specificially designated for that
purpose.
53192.5. All income received by the investor from the fund is
exempt from taxation in this state, except gift, inheritance, and
estate taxes.
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.
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.
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.
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.
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.
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 in whole or
in part, or any combination thereof.
(b) A requirement that the local agency issue the investor a
warrant entitling the investor to all or a specified amount or
portion of the moneys deposited in the fund, determined pursuant to
the resolution of intention, and payable at the time or times
specified in the reimbursement agreement. The reimbursement agreement
shall state that the general fund of the local agency, its credit,
or its taxing power is not liable for payment of any obligation
arising from the reimbursement agreement.
The warrants issued pursuant to this subdivision shall include all
of the following provisions:
(1) A designation of the place at which the warrant shall be paid.
(2) The source of revenue securing the warrant.
(3) The issuance and expiration date of the warrant.
(4) A specification that the warrant is a negotiable instrument.
(5) The schedule of payments to the investor, including the date
of the first payment, the number of payments, and the frequency of
payments.
(6) The purpose for which the warrant is issued.
(7) The maximum principal amount of the warrant.
(8) The rate of interest payable upon the warrant. The interest
rate shall not exceed the maximum rate permitted by Section 53531 or
any other applicable provision of law.
(9) A statement of findings that, in the opinion of the
legislative body, the interest paid on the warrant to the investor is
excluded from income in determining the investor's federal income
tax liability.
53191. The investor's interest in a reimbursement agreement may be
negotiable and divisible, as specified in the agreement.
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 of any obligations arising from the
reimbursement agreement and the credit or taxing power of the local
agency shall not be pledged for the payment of any obligations
arising from the agreement except pursuant to the financing act. The
investor may not compel the exercise of the taxing power of the local
agency or the forfeiture of any of its property to satisfy any
obligations arising from the agreement. However, notwithstanding
these provisions, the local agency is financially responsible for the
revenues which are collected pursuant to a contingent or
noncontingent assessment or levy made pursuant to a financing act, or
which ought to have been collected by the legislative body, or its
designated representative, pursuant to a reimbursement agreement.
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
act levied within the district and specificially designated for that
purpose.
53192.5. All income received by the investor from the fund is
exempt from taxation in this state, except gift, inheritance, and
estate taxes.
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.
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.
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.
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.
