State Codes and Statutes

Statutes > California > Gov > 54702.1-54702.15

GOVERNMENT CODE
SECTION 54702.1-54702.15



54702.1.  (a) A local agency may, from time to time, issue its bonds
for the purpose of financing construction of rental housing for
employees. In anticipation of the sale of bonds, the local agency may
issue negotiable bond anticipation notes and may renew such notes
from time to time. Bond anticipation notes may be paid from the
proceeds of sale of the bonds of the local agency in anticipation of
which they were issued. Bond anticipation notes and the resolution or
resolutions authorizing such note may contain any provisions,
conditions, or limitations which a bond, agreement relating thereto,
or bond resolution of the local agency may contain except that any
such note or renewal thereof shall mature at a time not later than
two years from the date of the issuance of the original note.
   (b) The bonds shall be a special obligation of the local agency
payable from all or any part of the rental or lease revenues or other
funds as specified in this chapter. The bonds shall be negotiable
instruments for all purposes, subject only to the provisions of such
bonds for registration.


54702.2.  In determining the amount of bonds to be issued, the local
agency may include all costs of the issuance of such bonds, bond
reserve funds, and bond interest.



54702.3.  The bonds may be issued as serial bonds or as term bonds,
or the local agency, in its discretion, may issue bonds of both
types. The bonds shall be authorized by resolution of the local
agency and shall bear interest at such fixed or variable rate or
rates, be payable at such time or times, be in such denominations, be
in such form either coupon or registered, carry such registration
privileges, be executed in such manner, be payable in lawful money of
the United States of America at such place or places, and be subject
to such terms of redemption as the resolution or resolutions of the
local agency may provide. The bonds may be sold at either a public or
private sale and for such prices as the local agency shall
determine. Pending preparation of the definitive bonds, the local
agency may issue interim receipts, certificates, or temporary bonds,
which shall be exchanged for such definitive bonds. The local agency
may sell bonds at a price below the par value thereof, but the
discount on any bond so sold shall not exceed 6 percent of the par
value thereof.



54702.4.  Any resolution or resolutions authorizing any bonds or any
issue of bonds may contain provisions respecting any of the
following terms and conditions, which shall be a part of the contract
with the holders of the bonds:
   (a) The pledge of all or any part of the rental and lease
revenues, subject to such agreements with bondholders as may then
exist.
   (b) The setting aside of reserves or sinking funds and the
regulation and disposition thereof.
   (c) Limitations on the purposes to which the proceeds of a sale of
any issue of bonds, then or thereafter issue, may be applied, and
pledging such proceeds to secure the payment of the bonds or any
issue of bonds.
   (d) Limitations on the issuance of additional bonds, the terms
upon which additional bonds may be issued and secured, and the
refunding of outstanding bonds.
   (e) The procedure, if any, by which the terms of any contract with
bondholders may be amended or abrogated, the amount of bonds the
holders of which must consent thereto, and the manner in which such
consent may be given.
   (f) Limitation on expenditures for operation, administration, or
other expenses of the local agency.
   (g) Specification of the acts or omissions to act which shall
constitute a default in the duties of the local agency to holders of
the bonds, and providing the rights and remedies of such holders in
the event of default.
   (h) The mortgaging of any housing and the site thereof for the
purpose of securing the bondholders.



54702.5.  No member of the legislative body nor any person executing
the bonds shall be liable personally on the bonds or be subject to
any personal liability or accountability by reason of the issuance
thereof.


54702.6.  The local agency may purchase its bonds from any source of
funds available therefor. The local agency may hold, pledge, cancel,
or resell such bonds, subject to and in accordance with agreements
with the bondholders.


54702.7.  In the discretion of the local agency, any bonds issued
under the provisions of this chapter may be secured by a trust
agreement by and between the local agency and a corporate trustee or
trustees, which may be any trust company or bank having the powers of
a trust company within or without this state. Such a trust agreement
or the resolution providing for the issuance of bonds may pledge or
assign the revenues to be received and may convey or mortgage any
housing the construction of which is to be financed from the proceeds
of such bonds. Such trustee agreement or resolution providing for
the issuance of bonds may contain such provisions for protecting and
enforcing the rights and remedies of the bondholders as may be
reasonable and proper and not in violation of law, including such
provisions as may be included in any resolution or resolutions of the
local agency authorizing the issuance of the bonds. Any such trust
agreement may set forth the rights and remedies of the bondholders
and of the trustee or trustees, and may restrict the individual right
of action by bondholders. In addition to the foregoing, any such
trustee agreement or resolution may contain such other provisions as
the local agency may deem reasonable and proper for the security of
the bondholders. All expenses incurred in carrying out the provisions
of such trustee agreement or resolution may be treated as a part of
the cost of issuance of the bonds.



54702.8.  Any holder of bonds issued under the provisions of this
chapter or any of the coupons appertaining thereto, and the trustee
or trustees appointed pursuant to any resolution authorizing the
issuance of such bonds, except to the extent the rights thereof may
be restricted by the resolution authorizing the issuance of the
bonds, may, either at law or in equity, by suit, action, mandamus, or
other proceedings, protect or enforce any and all rights specified
in the laws of this state or in such resolution, and may enforce and
compel the performance of all duties required by this chapter or by
such resolution to be performed by the local agency or by any
officer, employee, or agent thereof.



54702.9.  Any local agency may provide for the issuance of bonds of
the city for the purpose of refunding any bonds of the local agency
then outstanding, including the payment of any redemption premiums
thereof and any interest accrued or to accrue to the earliest or
subsequent date of redemption, purchase, or maturity of such bonds,
and, if deemed advisable by the local agency, for the additional
purpose of paying all or any part of the cost of additional
construction of rental housing for employees.
   The proceeds of bonds issued pursuant to this section may, in the
discretion of the local agency, be applied to the purchase or
retirement at maturity or redemption of outstanding bonds, either at
their earliest or any subsequent redemption date or upon the purchase
or retirement at the maturity thereof and, pending such application,
that portion of the proceeds allocated for such purpose may be
placed in escrow, to be applied to such purchase or retirement at
maturity or redemption on such date, as may be determined by the
local agency. Pending use for purchase, retirement at maturity, or
redemption of outstanding bonds, any proceeds held in such an escrow
may be invested and reinvested as provided in the resolution
authorizing the issuance of the refunding bonds. Any interest or
earnings realized on any such investment may also be applied to the
payment of the outstanding bonds to be refunded. After the terms of
the escrow have been fully satisfied and carried out, any balance of
such proceeds and any interest or increment earned or realized from
the investment thereof may be returned to the local agency to be used
by it for any of the purposes of this chapter. That portion of the
proceeds of any bonds issued pursuant to this section which is
designated for the purpose of paying all or any part of the cost of
additional construction may be invested and reinvested in obligations
of, or guaranteed by, the United States of America or in
certificates of deposit or time deposits secured by obligation of, or
guaranteed by, the United States of America, maturing not later than
the time or times when such proceeds will be needed for the purpose
of paying all or any part of such costs.
   All bonds issued pursuant to this section shall be subject to the
provisions of this chapter in the same manner and to the same extent
as other bonds issued pursuant to this chapter.




54702.10.  Notwithstanding any other provision of law, revenue bonds
issued pursuant to this chapter shall be legal investments for all
trust funds, insurance companies, savings and loan associations,
investment companies and banks, both savings and commercial, and
shall be legal investments for executors, administrators, guardians,
conservators, trustees, and all other fiduciaries. Such bonds shall
be legal investments for state school funds and for any funds which
may be invested in county, municipal, or school district bonds, and
such bonds shall be deemed to be securities which may properly and
legally be deposited with, and received by, any state or municipal
officer or by any agency or political subdivision of the state for
any purpose for which the deposit of bonds or obligations of the
state is now, or may hereafter be authorized by law, including
deposits to secure public funds.



54702.11.  The exercise of the powers granted by this chapter shall
be in all respects for the benefit of the people of this state and
for their health and welfare. Any bonds issued under the provisions
of this chapter, their transfer and the income therefrom, shall at
all times be free from taxation of every kind by the state and by the
municipalities and other political subdivisions of the state, except
inheritance and gift taxes.



54702.12.  If the jurisdiction of the local agency to order a
proposed act is not affected, an omission of any officer or the local
agency in proceedings under this chapter or any other defect in the
proceedings shall not invalidate the proceedings or bonds issued
pursuant to this chapter.



54702.13.  This chapter is full authority for the issuance of bonds
by a local agency for the purpose of financing construction of rental
housing for employees.



54702.14.  This chapter shall be deemed to provide a complete,
additional, and alternative method for doing the things authorized
thereby, and shall be regarded as supplemental and additional to the
powers conferred by other laws. The issuance of bonds and refunding
bonds under the provisions of this chapter need not comply with the
requirements of any other law applicable to the issuance of bonds
except that Sections 8855, 8856, and 8857 shall apply.



54702.15.  An action may be brought pursuant to Chapter 9
(commencing with Section 860) of Title 10 of Part 2 of the Code of
Civil Procedure to determine the validity of any issuance or proposed
issuance of bonds under this chapter and the legality and validity
of all proceedings previously taken or proposed in a resolution of a
local agency to be taken for the authorization, issuance, sale, and
delivery of the bonds and for the payment of the principal thereof
and interest thereon.


State Codes and Statutes

Statutes > California > Gov > 54702.1-54702.15

GOVERNMENT CODE
SECTION 54702.1-54702.15



54702.1.  (a) A local agency may, from time to time, issue its bonds
for the purpose of financing construction of rental housing for
employees. In anticipation of the sale of bonds, the local agency may
issue negotiable bond anticipation notes and may renew such notes
from time to time. Bond anticipation notes may be paid from the
proceeds of sale of the bonds of the local agency in anticipation of
which they were issued. Bond anticipation notes and the resolution or
resolutions authorizing such note may contain any provisions,
conditions, or limitations which a bond, agreement relating thereto,
or bond resolution of the local agency may contain except that any
such note or renewal thereof shall mature at a time not later than
two years from the date of the issuance of the original note.
   (b) The bonds shall be a special obligation of the local agency
payable from all or any part of the rental or lease revenues or other
funds as specified in this chapter. The bonds shall be negotiable
instruments for all purposes, subject only to the provisions of such
bonds for registration.


54702.2.  In determining the amount of bonds to be issued, the local
agency may include all costs of the issuance of such bonds, bond
reserve funds, and bond interest.



54702.3.  The bonds may be issued as serial bonds or as term bonds,
or the local agency, in its discretion, may issue bonds of both
types. The bonds shall be authorized by resolution of the local
agency and shall bear interest at such fixed or variable rate or
rates, be payable at such time or times, be in such denominations, be
in such form either coupon or registered, carry such registration
privileges, be executed in such manner, be payable in lawful money of
the United States of America at such place or places, and be subject
to such terms of redemption as the resolution or resolutions of the
local agency may provide. The bonds may be sold at either a public or
private sale and for such prices as the local agency shall
determine. Pending preparation of the definitive bonds, the local
agency may issue interim receipts, certificates, or temporary bonds,
which shall be exchanged for such definitive bonds. The local agency
may sell bonds at a price below the par value thereof, but the
discount on any bond so sold shall not exceed 6 percent of the par
value thereof.



54702.4.  Any resolution or resolutions authorizing any bonds or any
issue of bonds may contain provisions respecting any of the
following terms and conditions, which shall be a part of the contract
with the holders of the bonds:
   (a) The pledge of all or any part of the rental and lease
revenues, subject to such agreements with bondholders as may then
exist.
   (b) The setting aside of reserves or sinking funds and the
regulation and disposition thereof.
   (c) Limitations on the purposes to which the proceeds of a sale of
any issue of bonds, then or thereafter issue, may be applied, and
pledging such proceeds to secure the payment of the bonds or any
issue of bonds.
   (d) Limitations on the issuance of additional bonds, the terms
upon which additional bonds may be issued and secured, and the
refunding of outstanding bonds.
   (e) The procedure, if any, by which the terms of any contract with
bondholders may be amended or abrogated, the amount of bonds the
holders of which must consent thereto, and the manner in which such
consent may be given.
   (f) Limitation on expenditures for operation, administration, or
other expenses of the local agency.
   (g) Specification of the acts or omissions to act which shall
constitute a default in the duties of the local agency to holders of
the bonds, and providing the rights and remedies of such holders in
the event of default.
   (h) The mortgaging of any housing and the site thereof for the
purpose of securing the bondholders.



54702.5.  No member of the legislative body nor any person executing
the bonds shall be liable personally on the bonds or be subject to
any personal liability or accountability by reason of the issuance
thereof.


54702.6.  The local agency may purchase its bonds from any source of
funds available therefor. The local agency may hold, pledge, cancel,
or resell such bonds, subject to and in accordance with agreements
with the bondholders.


54702.7.  In the discretion of the local agency, any bonds issued
under the provisions of this chapter may be secured by a trust
agreement by and between the local agency and a corporate trustee or
trustees, which may be any trust company or bank having the powers of
a trust company within or without this state. Such a trust agreement
or the resolution providing for the issuance of bonds may pledge or
assign the revenues to be received and may convey or mortgage any
housing the construction of which is to be financed from the proceeds
of such bonds. Such trustee agreement or resolution providing for
the issuance of bonds may contain such provisions for protecting and
enforcing the rights and remedies of the bondholders as may be
reasonable and proper and not in violation of law, including such
provisions as may be included in any resolution or resolutions of the
local agency authorizing the issuance of the bonds. Any such trust
agreement may set forth the rights and remedies of the bondholders
and of the trustee or trustees, and may restrict the individual right
of action by bondholders. In addition to the foregoing, any such
trustee agreement or resolution may contain such other provisions as
the local agency may deem reasonable and proper for the security of
the bondholders. All expenses incurred in carrying out the provisions
of such trustee agreement or resolution may be treated as a part of
the cost of issuance of the bonds.



54702.8.  Any holder of bonds issued under the provisions of this
chapter or any of the coupons appertaining thereto, and the trustee
or trustees appointed pursuant to any resolution authorizing the
issuance of such bonds, except to the extent the rights thereof may
be restricted by the resolution authorizing the issuance of the
bonds, may, either at law or in equity, by suit, action, mandamus, or
other proceedings, protect or enforce any and all rights specified
in the laws of this state or in such resolution, and may enforce and
compel the performance of all duties required by this chapter or by
such resolution to be performed by the local agency or by any
officer, employee, or agent thereof.



54702.9.  Any local agency may provide for the issuance of bonds of
the city for the purpose of refunding any bonds of the local agency
then outstanding, including the payment of any redemption premiums
thereof and any interest accrued or to accrue to the earliest or
subsequent date of redemption, purchase, or maturity of such bonds,
and, if deemed advisable by the local agency, for the additional
purpose of paying all or any part of the cost of additional
construction of rental housing for employees.
   The proceeds of bonds issued pursuant to this section may, in the
discretion of the local agency, be applied to the purchase or
retirement at maturity or redemption of outstanding bonds, either at
their earliest or any subsequent redemption date or upon the purchase
or retirement at the maturity thereof and, pending such application,
that portion of the proceeds allocated for such purpose may be
placed in escrow, to be applied to such purchase or retirement at
maturity or redemption on such date, as may be determined by the
local agency. Pending use for purchase, retirement at maturity, or
redemption of outstanding bonds, any proceeds held in such an escrow
may be invested and reinvested as provided in the resolution
authorizing the issuance of the refunding bonds. Any interest or
earnings realized on any such investment may also be applied to the
payment of the outstanding bonds to be refunded. After the terms of
the escrow have been fully satisfied and carried out, any balance of
such proceeds and any interest or increment earned or realized from
the investment thereof may be returned to the local agency to be used
by it for any of the purposes of this chapter. That portion of the
proceeds of any bonds issued pursuant to this section which is
designated for the purpose of paying all or any part of the cost of
additional construction may be invested and reinvested in obligations
of, or guaranteed by, the United States of America or in
certificates of deposit or time deposits secured by obligation of, or
guaranteed by, the United States of America, maturing not later than
the time or times when such proceeds will be needed for the purpose
of paying all or any part of such costs.
   All bonds issued pursuant to this section shall be subject to the
provisions of this chapter in the same manner and to the same extent
as other bonds issued pursuant to this chapter.




54702.10.  Notwithstanding any other provision of law, revenue bonds
issued pursuant to this chapter shall be legal investments for all
trust funds, insurance companies, savings and loan associations,
investment companies and banks, both savings and commercial, and
shall be legal investments for executors, administrators, guardians,
conservators, trustees, and all other fiduciaries. Such bonds shall
be legal investments for state school funds and for any funds which
may be invested in county, municipal, or school district bonds, and
such bonds shall be deemed to be securities which may properly and
legally be deposited with, and received by, any state or municipal
officer or by any agency or political subdivision of the state for
any purpose for which the deposit of bonds or obligations of the
state is now, or may hereafter be authorized by law, including
deposits to secure public funds.



54702.11.  The exercise of the powers granted by this chapter shall
be in all respects for the benefit of the people of this state and
for their health and welfare. Any bonds issued under the provisions
of this chapter, their transfer and the income therefrom, shall at
all times be free from taxation of every kind by the state and by the
municipalities and other political subdivisions of the state, except
inheritance and gift taxes.



54702.12.  If the jurisdiction of the local agency to order a
proposed act is not affected, an omission of any officer or the local
agency in proceedings under this chapter or any other defect in the
proceedings shall not invalidate the proceedings or bonds issued
pursuant to this chapter.



54702.13.  This chapter is full authority for the issuance of bonds
by a local agency for the purpose of financing construction of rental
housing for employees.



54702.14.  This chapter shall be deemed to provide a complete,
additional, and alternative method for doing the things authorized
thereby, and shall be regarded as supplemental and additional to the
powers conferred by other laws. The issuance of bonds and refunding
bonds under the provisions of this chapter need not comply with the
requirements of any other law applicable to the issuance of bonds
except that Sections 8855, 8856, and 8857 shall apply.



54702.15.  An action may be brought pursuant to Chapter 9
(commencing with Section 860) of Title 10 of Part 2 of the Code of
Civil Procedure to determine the validity of any issuance or proposed
issuance of bonds under this chapter and the legality and validity
of all proceedings previously taken or proposed in a resolution of a
local agency to be taken for the authorization, issuance, sale, and
delivery of the bonds and for the payment of the principal thereof
and interest thereon.



State Codes and Statutes

State Codes and Statutes

Statutes > California > Gov > 54702.1-54702.15

GOVERNMENT CODE
SECTION 54702.1-54702.15



54702.1.  (a) A local agency may, from time to time, issue its bonds
for the purpose of financing construction of rental housing for
employees. In anticipation of the sale of bonds, the local agency may
issue negotiable bond anticipation notes and may renew such notes
from time to time. Bond anticipation notes may be paid from the
proceeds of sale of the bonds of the local agency in anticipation of
which they were issued. Bond anticipation notes and the resolution or
resolutions authorizing such note may contain any provisions,
conditions, or limitations which a bond, agreement relating thereto,
or bond resolution of the local agency may contain except that any
such note or renewal thereof shall mature at a time not later than
two years from the date of the issuance of the original note.
   (b) The bonds shall be a special obligation of the local agency
payable from all or any part of the rental or lease revenues or other
funds as specified in this chapter. The bonds shall be negotiable
instruments for all purposes, subject only to the provisions of such
bonds for registration.


54702.2.  In determining the amount of bonds to be issued, the local
agency may include all costs of the issuance of such bonds, bond
reserve funds, and bond interest.



54702.3.  The bonds may be issued as serial bonds or as term bonds,
or the local agency, in its discretion, may issue bonds of both
types. The bonds shall be authorized by resolution of the local
agency and shall bear interest at such fixed or variable rate or
rates, be payable at such time or times, be in such denominations, be
in such form either coupon or registered, carry such registration
privileges, be executed in such manner, be payable in lawful money of
the United States of America at such place or places, and be subject
to such terms of redemption as the resolution or resolutions of the
local agency may provide. The bonds may be sold at either a public or
private sale and for such prices as the local agency shall
determine. Pending preparation of the definitive bonds, the local
agency may issue interim receipts, certificates, or temporary bonds,
which shall be exchanged for such definitive bonds. The local agency
may sell bonds at a price below the par value thereof, but the
discount on any bond so sold shall not exceed 6 percent of the par
value thereof.



54702.4.  Any resolution or resolutions authorizing any bonds or any
issue of bonds may contain provisions respecting any of the
following terms and conditions, which shall be a part of the contract
with the holders of the bonds:
   (a) The pledge of all or any part of the rental and lease
revenues, subject to such agreements with bondholders as may then
exist.
   (b) The setting aside of reserves or sinking funds and the
regulation and disposition thereof.
   (c) Limitations on the purposes to which the proceeds of a sale of
any issue of bonds, then or thereafter issue, may be applied, and
pledging such proceeds to secure the payment of the bonds or any
issue of bonds.
   (d) Limitations on the issuance of additional bonds, the terms
upon which additional bonds may be issued and secured, and the
refunding of outstanding bonds.
   (e) The procedure, if any, by which the terms of any contract with
bondholders may be amended or abrogated, the amount of bonds the
holders of which must consent thereto, and the manner in which such
consent may be given.
   (f) Limitation on expenditures for operation, administration, or
other expenses of the local agency.
   (g) Specification of the acts or omissions to act which shall
constitute a default in the duties of the local agency to holders of
the bonds, and providing the rights and remedies of such holders in
the event of default.
   (h) The mortgaging of any housing and the site thereof for the
purpose of securing the bondholders.



54702.5.  No member of the legislative body nor any person executing
the bonds shall be liable personally on the bonds or be subject to
any personal liability or accountability by reason of the issuance
thereof.


54702.6.  The local agency may purchase its bonds from any source of
funds available therefor. The local agency may hold, pledge, cancel,
or resell such bonds, subject to and in accordance with agreements
with the bondholders.


54702.7.  In the discretion of the local agency, any bonds issued
under the provisions of this chapter may be secured by a trust
agreement by and between the local agency and a corporate trustee or
trustees, which may be any trust company or bank having the powers of
a trust company within or without this state. Such a trust agreement
or the resolution providing for the issuance of bonds may pledge or
assign the revenues to be received and may convey or mortgage any
housing the construction of which is to be financed from the proceeds
of such bonds. Such trustee agreement or resolution providing for
the issuance of bonds may contain such provisions for protecting and
enforcing the rights and remedies of the bondholders as may be
reasonable and proper and not in violation of law, including such
provisions as may be included in any resolution or resolutions of the
local agency authorizing the issuance of the bonds. Any such trust
agreement may set forth the rights and remedies of the bondholders
and of the trustee or trustees, and may restrict the individual right
of action by bondholders. In addition to the foregoing, any such
trustee agreement or resolution may contain such other provisions as
the local agency may deem reasonable and proper for the security of
the bondholders. All expenses incurred in carrying out the provisions
of such trustee agreement or resolution may be treated as a part of
the cost of issuance of the bonds.



54702.8.  Any holder of bonds issued under the provisions of this
chapter or any of the coupons appertaining thereto, and the trustee
or trustees appointed pursuant to any resolution authorizing the
issuance of such bonds, except to the extent the rights thereof may
be restricted by the resolution authorizing the issuance of the
bonds, may, either at law or in equity, by suit, action, mandamus, or
other proceedings, protect or enforce any and all rights specified
in the laws of this state or in such resolution, and may enforce and
compel the performance of all duties required by this chapter or by
such resolution to be performed by the local agency or by any
officer, employee, or agent thereof.



54702.9.  Any local agency may provide for the issuance of bonds of
the city for the purpose of refunding any bonds of the local agency
then outstanding, including the payment of any redemption premiums
thereof and any interest accrued or to accrue to the earliest or
subsequent date of redemption, purchase, or maturity of such bonds,
and, if deemed advisable by the local agency, for the additional
purpose of paying all or any part of the cost of additional
construction of rental housing for employees.
   The proceeds of bonds issued pursuant to this section may, in the
discretion of the local agency, be applied to the purchase or
retirement at maturity or redemption of outstanding bonds, either at
their earliest or any subsequent redemption date or upon the purchase
or retirement at the maturity thereof and, pending such application,
that portion of the proceeds allocated for such purpose may be
placed in escrow, to be applied to such purchase or retirement at
maturity or redemption on such date, as may be determined by the
local agency. Pending use for purchase, retirement at maturity, or
redemption of outstanding bonds, any proceeds held in such an escrow
may be invested and reinvested as provided in the resolution
authorizing the issuance of the refunding bonds. Any interest or
earnings realized on any such investment may also be applied to the
payment of the outstanding bonds to be refunded. After the terms of
the escrow have been fully satisfied and carried out, any balance of
such proceeds and any interest or increment earned or realized from
the investment thereof may be returned to the local agency to be used
by it for any of the purposes of this chapter. That portion of the
proceeds of any bonds issued pursuant to this section which is
designated for the purpose of paying all or any part of the cost of
additional construction may be invested and reinvested in obligations
of, or guaranteed by, the United States of America or in
certificates of deposit or time deposits secured by obligation of, or
guaranteed by, the United States of America, maturing not later than
the time or times when such proceeds will be needed for the purpose
of paying all or any part of such costs.
   All bonds issued pursuant to this section shall be subject to the
provisions of this chapter in the same manner and to the same extent
as other bonds issued pursuant to this chapter.




54702.10.  Notwithstanding any other provision of law, revenue bonds
issued pursuant to this chapter shall be legal investments for all
trust funds, insurance companies, savings and loan associations,
investment companies and banks, both savings and commercial, and
shall be legal investments for executors, administrators, guardians,
conservators, trustees, and all other fiduciaries. Such bonds shall
be legal investments for state school funds and for any funds which
may be invested in county, municipal, or school district bonds, and
such bonds shall be deemed to be securities which may properly and
legally be deposited with, and received by, any state or municipal
officer or by any agency or political subdivision of the state for
any purpose for which the deposit of bonds or obligations of the
state is now, or may hereafter be authorized by law, including
deposits to secure public funds.



54702.11.  The exercise of the powers granted by this chapter shall
be in all respects for the benefit of the people of this state and
for their health and welfare. Any bonds issued under the provisions
of this chapter, their transfer and the income therefrom, shall at
all times be free from taxation of every kind by the state and by the
municipalities and other political subdivisions of the state, except
inheritance and gift taxes.



54702.12.  If the jurisdiction of the local agency to order a
proposed act is not affected, an omission of any officer or the local
agency in proceedings under this chapter or any other defect in the
proceedings shall not invalidate the proceedings or bonds issued
pursuant to this chapter.



54702.13.  This chapter is full authority for the issuance of bonds
by a local agency for the purpose of financing construction of rental
housing for employees.



54702.14.  This chapter shall be deemed to provide a complete,
additional, and alternative method for doing the things authorized
thereby, and shall be regarded as supplemental and additional to the
powers conferred by other laws. The issuance of bonds and refunding
bonds under the provisions of this chapter need not comply with the
requirements of any other law applicable to the issuance of bonds
except that Sections 8855, 8856, and 8857 shall apply.



54702.15.  An action may be brought pursuant to Chapter 9
(commencing with Section 860) of Title 10 of Part 2 of the Code of
Civil Procedure to determine the validity of any issuance or proposed
issuance of bonds under this chapter and the legality and validity
of all proceedings previously taken or proposed in a resolution of a
local agency to be taken for the authorization, issuance, sale, and
delivery of the bonds and for the payment of the principal thereof
and interest thereon.