California Government Code 16943 – Unless the context otherwise requires, the following definitions …
Unless the context otherwise requires, the following definitions shall govern the construction of this chapter:
(a) “Ancillary obligation” means the obligation of the state under any credit enhancement or liquidity agreement, including any of the following:
Terms Used In California Government Code 16943
- Contract: A legal written agreement that becomes binding when signed.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18
- state agency: includes every state office, officer, department, division, bureau, board, and commission. See California Government Code 11000
(1) An obligation in the form of bond insurance, a letter of credit, standby bond purchase agreement, reimbursement agreement, liquidity facility, or other similar arrangement.
(2) An obligation under any remarketing agreement, auction agent agreement, broker-dealer agreement, or other agreement relating to the marketing of the bonds, interest rate or other type of swap or hedging contract.
(3) An obligation under any investment agreement, forward purchase agreement, or similar structured investment contract, entered into by the committee in connection with any bonds issued under this chapter.
(b) “Bonds” means any bonds, notes, bond anticipation notes, interim certificates, debentures, or other obligations or forms of indebtedness issued pursuant to this chapter.
(c) “Committee” means the Pension Obligation Bond Committee established pursuant to Section 16920.
(d) “Pension obligations” means the obligations of the state or any state agency to the retirement system imposed by the retirement laws in the amounts determined by the board of administration of the retirement system.
(e) “Program” means the program established by this chapter under which the committee shall issue bonds for the purpose of funding or refunding pension obligations.
(f) “Retirement laws” means § 17 of Article XVI of the California Constitution and the Public Employees’ Retirement Law (Part 3 (commencing with Section 20000) of Division 5) and any other laws providing for payment to be made by the state or any state agency to the retirement system to provide retirement benefits to employees of the state or any other individuals for which the state has an obligation to pay all or a portion of the contributions to the retirement system to ensure the payment of retirement benefits to those individuals.
(g) “Retirement system” means the Public Employees’ Retirement System established pursuant to the Public Employees’ Retirement Law (Part 3 (commencing with Section 20000) of Division 5).
(Added by Stats. 2004, Ch. 215, Sec. 4. Effective August 11, 2004.)