52060. This chapter constitutes an alternative method for cities
and counties to issue revenue bonds for providing home mortgages
pursuant to the provisions of Chapters 1 (commencing with Section
52000) to 5 (commencing with Section 52051), inclusive.
52061. The agency, and any city or county, or a city and a county,
may enter into an agreement which provides that the agency sell bonds
on behalf of any such city or county, or for such city and such
county, for the purpose of providing funds for home mortgages.
52062. 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.
52063. Any agreement pursuant to Section 52061 may provide any or
all of the following:
(a) That the agency will provide, either directly or through
agency approved lending institutions, for the origination and
servicing of home mortgage loans.
(b) For the payment of fees and expenses in connection with the
issuing of bonds.
(c) For any matter described in Section 51355 relating to agency
bonds.
52064. Subject only to the other provisions of this chapter and to
any agreement between the agency and city or county, the provisions
of Chapter 4 (commencing with Section 52030) shall be applicable to
any issuer and to any bonds issued pursuant to the authority of this
chapter.
52065. Bonds issued pursuant to this chapter shall not be deemed
issues of the agency for any purpose, including being counted within
any calculation of the agency's bonding authority limitations now or
hereafter established by law.
52066. Bonds of more than one city or county may be pooled for
purposes of issuance and bond proceeds, reserved or other security
for the bonds, including, but not limited to, loan or loan
participation, made or derived from bond proceeds, may likewise be
pooled to secure the issuance of any such bonds.
52060. This chapter constitutes an alternative method for cities
and counties to issue revenue bonds for providing home mortgages
pursuant to the provisions of Chapters 1 (commencing with Section
52000) to 5 (commencing with Section 52051), inclusive.
52061. The agency, and any city or county, or a city and a county,
may enter into an agreement which provides that the agency sell bonds
on behalf of any such city or county, or for such city and such
county, for the purpose of providing funds for home mortgages.
52062. 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.
52063. Any agreement pursuant to Section 52061 may provide any or
all of the following:
(a) That the agency will provide, either directly or through
agency approved lending institutions, for the origination and
servicing of home mortgage loans.
(b) For the payment of fees and expenses in connection with the
issuing of bonds.
(c) For any matter described in Section 51355 relating to agency
bonds.
52064. Subject only to the other provisions of this chapter and to
any agreement between the agency and city or county, the provisions
of Chapter 4 (commencing with Section 52030) shall be applicable to
any issuer and to any bonds issued pursuant to the authority of this
chapter.
52065. Bonds issued pursuant to this chapter shall not be deemed
issues of the agency for any purpose, including being counted within
any calculation of the agency's bonding authority limitations now or
hereafter established by law.
52066. Bonds of more than one city or county may be pooled for
purposes of issuance and bond proceeds, reserved or other security
for the bonds, including, but not limited to, loan or loan
participation, made or derived from bond proceeds, may likewise be
pooled to secure the issuance of any such bonds.
52060. This chapter constitutes an alternative method for cities
and counties to issue revenue bonds for providing home mortgages
pursuant to the provisions of Chapters 1 (commencing with Section
52000) to 5 (commencing with Section 52051), inclusive.
52061. The agency, and any city or county, or a city and a county,
may enter into an agreement which provides that the agency sell bonds
on behalf of any such city or county, or for such city and such
county, for the purpose of providing funds for home mortgages.
52062. 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.
52063. Any agreement pursuant to Section 52061 may provide any or
all of the following:
(a) That the agency will provide, either directly or through
agency approved lending institutions, for the origination and
servicing of home mortgage loans.
(b) For the payment of fees and expenses in connection with the
issuing of bonds.
(c) For any matter described in Section 51355 relating to agency
bonds.
52064. Subject only to the other provisions of this chapter and to
any agreement between the agency and city or county, the provisions
of Chapter 4 (commencing with Section 52030) shall be applicable to
any issuer and to any bonds issued pursuant to the authority of this
chapter.
52065. Bonds issued pursuant to this chapter shall not be deemed
issues of the agency for any purpose, including being counted within
any calculation of the agency's bonding authority limitations now or
hereafter established by law.
52066. Bonds of more than one city or county may be pooled for
purposes of issuance and bond proceeds, reserved or other security
for the bonds, including, but not limited to, loan or loan
participation, made or derived from bond proceeds, may likewise be
pooled to secure the issuance of any such bonds.
