State Codes and Statutes

Statutes > California > Puc > 3380.1-3383

PUBLIC UTILITIES CODE
SECTION 3380.1-3383



3380.1.  For the purposes provided in this division, the authority
is authorized to incur indebtedness and to issue securities of any
kind or class, at public or private sale by the Treasurer, and to
renew the same, provided that all such indebtedness, howsoever
evidenced, shall be payable solely from revenues. The authority may
issue bonds for the purposes of this division in an amount not to
exceed five billion dollars ($5,000,000,000), exclusive of any
refundings.


3380.2.  In connection with the issuance of bonds, in addition to
the powers otherwise provided in this division, the authority may do
all of the following:
   (a) Issue, from time to time, bonds payable from and secured by a
pledge of all or any part of the revenues in order to finance the
activities authorized by this division, including, without
limitation, an enterprise or multiple enterprises, a single project
for a single participating party, a series of projects for a single
participating party, a single project for several participating
parties, or several projects for several participating parties, and
to sell those bonds at public or private sale by the Treasurer, in
the form and on those terms and conditions as the Treasurer, as agent
for sale, shall approve.
   (b) Pledge all or any part of the revenues to secure bonds and any
repayment or reimbursement obligations of the authority to any
provider of insurance or a guarantee of liquidity or credit facility
entered into to provide for the payment or debt service on any bond.
   (c) Employ and compensate bond counsel, financial consultants,
underwriters, and other advisers determined necessary and appointed
by the Treasurer in connection with the issuance and sale of any
bond.
   (d) Issue bonds to refund or purchase or otherwise acquire bonds
on terms and conditions as the Treasurer, as agent for sale, shall
approve.
   (e) Perform all acts that relate to the function and purpose of
the authority under this division, whether or not specifically
designated in this chapter.



3381.  Bonds issued by the authority are legal investments for all
trust funds, the funds of all insurance companies, banks, both
commercial and savings, trust companies, executors, administrators,
trustees, and other fiduciaries, for state school funds, pension
funds, and for any funds that may be invested in county, school, or
municipal bonds. The bonds issued under this division are securities
that may legally be deposited with, and received by, any state or
municipal officer or agency or political subdivision of the state,
including, without limitation, local agencies, schools, and pension
funds, 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.



3382.  The authority is authorized to obtain loans from the Pooled
Money Investment Account pursuant to Sections 16312 and 16313 of the
Government Code. These loans shall be subject to the terms negotiated
with the Pooled Money Investment Board, including, but not limited
to, a pledge of authority bond proceeds or revenues.




3383.  Bonds issued under this division shall not be deemed to
constitute a debt or liability of the state or of any political
subdivision thereof, other than the authority, or a pledge of the
faith and credit of the state or of any political subdivision, other
than the authority, but shall be payable solely from the funds herein
provided therefor. All bonds issued under this division shall
contain on the face thereof a statement to the following effect:
"Neither the faith and credit nor the taxing power of the State of
California or any local agency is pledged to the payment of the
principal of or interest on this bond." The issuance of bonds under
this division shall not directly or indirectly or contingently
obligate the state or any political subdivision thereof to levy or to
pledge any form of taxation whatever therefor or to make any
appropriation for their payment. Nothing in this section shall
prevent nor be construed to prevent the authority from pledging its
full faith and credit to the payment of bonds or issue of bonds
authorized pursuant to this division.


State Codes and Statutes

Statutes > California > Puc > 3380.1-3383

PUBLIC UTILITIES CODE
SECTION 3380.1-3383



3380.1.  For the purposes provided in this division, the authority
is authorized to incur indebtedness and to issue securities of any
kind or class, at public or private sale by the Treasurer, and to
renew the same, provided that all such indebtedness, howsoever
evidenced, shall be payable solely from revenues. The authority may
issue bonds for the purposes of this division in an amount not to
exceed five billion dollars ($5,000,000,000), exclusive of any
refundings.


3380.2.  In connection with the issuance of bonds, in addition to
the powers otherwise provided in this division, the authority may do
all of the following:
   (a) Issue, from time to time, bonds payable from and secured by a
pledge of all or any part of the revenues in order to finance the
activities authorized by this division, including, without
limitation, an enterprise or multiple enterprises, a single project
for a single participating party, a series of projects for a single
participating party, a single project for several participating
parties, or several projects for several participating parties, and
to sell those bonds at public or private sale by the Treasurer, in
the form and on those terms and conditions as the Treasurer, as agent
for sale, shall approve.
   (b) Pledge all or any part of the revenues to secure bonds and any
repayment or reimbursement obligations of the authority to any
provider of insurance or a guarantee of liquidity or credit facility
entered into to provide for the payment or debt service on any bond.
   (c) Employ and compensate bond counsel, financial consultants,
underwriters, and other advisers determined necessary and appointed
by the Treasurer in connection with the issuance and sale of any
bond.
   (d) Issue bonds to refund or purchase or otherwise acquire bonds
on terms and conditions as the Treasurer, as agent for sale, shall
approve.
   (e) Perform all acts that relate to the function and purpose of
the authority under this division, whether or not specifically
designated in this chapter.



3381.  Bonds issued by the authority are legal investments for all
trust funds, the funds of all insurance companies, banks, both
commercial and savings, trust companies, executors, administrators,
trustees, and other fiduciaries, for state school funds, pension
funds, and for any funds that may be invested in county, school, or
municipal bonds. The bonds issued under this division are securities
that may legally be deposited with, and received by, any state or
municipal officer or agency or political subdivision of the state,
including, without limitation, local agencies, schools, and pension
funds, 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.



3382.  The authority is authorized to obtain loans from the Pooled
Money Investment Account pursuant to Sections 16312 and 16313 of the
Government Code. These loans shall be subject to the terms negotiated
with the Pooled Money Investment Board, including, but not limited
to, a pledge of authority bond proceeds or revenues.




3383.  Bonds issued under this division shall not be deemed to
constitute a debt or liability of the state or of any political
subdivision thereof, other than the authority, or a pledge of the
faith and credit of the state or of any political subdivision, other
than the authority, but shall be payable solely from the funds herein
provided therefor. All bonds issued under this division shall
contain on the face thereof a statement to the following effect:
"Neither the faith and credit nor the taxing power of the State of
California or any local agency is pledged to the payment of the
principal of or interest on this bond." The issuance of bonds under
this division shall not directly or indirectly or contingently
obligate the state or any political subdivision thereof to levy or to
pledge any form of taxation whatever therefor or to make any
appropriation for their payment. Nothing in this section shall
prevent nor be construed to prevent the authority from pledging its
full faith and credit to the payment of bonds or issue of bonds
authorized pursuant to this division.



State Codes and Statutes

State Codes and Statutes

Statutes > California > Puc > 3380.1-3383

PUBLIC UTILITIES CODE
SECTION 3380.1-3383



3380.1.  For the purposes provided in this division, the authority
is authorized to incur indebtedness and to issue securities of any
kind or class, at public or private sale by the Treasurer, and to
renew the same, provided that all such indebtedness, howsoever
evidenced, shall be payable solely from revenues. The authority may
issue bonds for the purposes of this division in an amount not to
exceed five billion dollars ($5,000,000,000), exclusive of any
refundings.


3380.2.  In connection with the issuance of bonds, in addition to
the powers otherwise provided in this division, the authority may do
all of the following:
   (a) Issue, from time to time, bonds payable from and secured by a
pledge of all or any part of the revenues in order to finance the
activities authorized by this division, including, without
limitation, an enterprise or multiple enterprises, a single project
for a single participating party, a series of projects for a single
participating party, a single project for several participating
parties, or several projects for several participating parties, and
to sell those bonds at public or private sale by the Treasurer, in
the form and on those terms and conditions as the Treasurer, as agent
for sale, shall approve.
   (b) Pledge all or any part of the revenues to secure bonds and any
repayment or reimbursement obligations of the authority to any
provider of insurance or a guarantee of liquidity or credit facility
entered into to provide for the payment or debt service on any bond.
   (c) Employ and compensate bond counsel, financial consultants,
underwriters, and other advisers determined necessary and appointed
by the Treasurer in connection with the issuance and sale of any
bond.
   (d) Issue bonds to refund or purchase or otherwise acquire bonds
on terms and conditions as the Treasurer, as agent for sale, shall
approve.
   (e) Perform all acts that relate to the function and purpose of
the authority under this division, whether or not specifically
designated in this chapter.



3381.  Bonds issued by the authority are legal investments for all
trust funds, the funds of all insurance companies, banks, both
commercial and savings, trust companies, executors, administrators,
trustees, and other fiduciaries, for state school funds, pension
funds, and for any funds that may be invested in county, school, or
municipal bonds. The bonds issued under this division are securities
that may legally be deposited with, and received by, any state or
municipal officer or agency or political subdivision of the state,
including, without limitation, local agencies, schools, and pension
funds, 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.



3382.  The authority is authorized to obtain loans from the Pooled
Money Investment Account pursuant to Sections 16312 and 16313 of the
Government Code. These loans shall be subject to the terms negotiated
with the Pooled Money Investment Board, including, but not limited
to, a pledge of authority bond proceeds or revenues.




3383.  Bonds issued under this division shall not be deemed to
constitute a debt or liability of the state or of any political
subdivision thereof, other than the authority, or a pledge of the
faith and credit of the state or of any political subdivision, other
than the authority, but shall be payable solely from the funds herein
provided therefor. All bonds issued under this division shall
contain on the face thereof a statement to the following effect:
"Neither the faith and credit nor the taxing power of the State of
California or any local agency is pledged to the payment of the
principal of or interest on this bond." The issuance of bonds under
this division shall not directly or indirectly or contingently
obligate the state or any political subdivision thereof to levy or to
pledge any form of taxation whatever therefor or to make any
appropriation for their payment. Nothing in this section shall
prevent nor be construed to prevent the authority from pledging its
full faith and credit to the payment of bonds or issue of bonds
authorized pursuant to this division.