SECTIONS 52060-52066

52060.  This chapter constitutes an alternative method for citiesand counties to issue revenue bonds for providing home mortgagespursuant to the provisions of Chapters 1 (commencing with Section52000) 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 bondson behalf of any such city or county, or for such city and suchcounty, for the purpose of providing funds for home mortgages.52062.  Any agreement made pursuant to Section 52061 shall containprovisions doing all of the following: (a) Limiting the maximum amount of bonds to be issued by a city orcounty. (b) Requiring that the city, or county, or each city and countythat is a party to the agreement, not issue additional bonds for homemortgage loans within a period of three years from the date of thebonds issued pursuant to the agreement, or until all of the proceedsof those bonds have been used to make home mortgage loans, withoutthe express written consent of the agency. (c) Requiring that all bonds and any prospectus in connection withthose bonds contain a legend condition to the following effect:"Neither the faith and credit of the State of California or theagency nor the taxing power of the state is pledged to the payment ofprincipal or interest on this bond." (d) Requiring agency approval of the bond counsel of the city orcounty, or the bond counsel of each city and county that is a partyto the agreement. (e) Designating, consistent with the agency's program forfinancing residential structures of four units or less authorized byArticle 2 (commencing with Section 51125) of Chapter 5 of Part 3 andthe regulations adopted pursuant thereto, maximum sales prices ofhomes, maximum loan amounts for home mortgages involvingrehabilitation and refinancing, borrower eligibility criteria,geographic areas where loans can be made, insurance requirements, theminimum percentage of bond proceeds to be utilized for homemortgages involving new construction and rehabilitation and theamount to be allocated to a bond reserve fund.52063.  Any agreement pursuant to Section 52061 may provide any orall of the following: (a) That the agency will provide, either directly or throughagency approved lending institutions, for the origination andservicing of home mortgage loans. (b) For the payment of fees and expenses in connection with theissuing of bonds. (c) For any matter described in Section 51355 relating to agencybonds.52064.  Subject only to the other provisions of this chapter and toany agreement between the agency and city or county, the provisionsof Chapter 4 (commencing with Section 52030) shall be applicable toany issuer and to any bonds issued pursuant to the authority of thischapter.52065.  Bonds issued pursuant to this chapter shall not be deemedissues of the agency for any purpose, including being counted withinany calculation of the agency's bonding authority limitations now orhereafter established by law.52066.  Bonds of more than one city or county may be pooled forpurposes of issuance and bond proceeds, reserved or other securityfor the bonds, including, but not limited to, loan or loanparticipation, made or derived from bond proceeds, may likewise bepooled to secure the issuance of any such bonds.