The public financing authority may, by majority vote, issue bonds pursuant to this chapter by adopting a resolution that includes all of the following:

(a) A description of the facilities or developments to be financed with the proceeds of the proposed bond issue.

Terms Used In California Government Code 53398.77

  • 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
  • Subdivision: means a subdivision of the section in which the term occurs unless some other section is expressly mentioned. See California Government Code 10

(b) The estimated cost of the facilities or developments, the estimated cost of preparing and issuing the bonds, and the principal amount of the bond issuance.

(c) The maximum interest rate and discount on the bond issuance.

(d) A determination of the amount of tax revenue available or estimated to be available, for the payment of the principal of, and interest on, the bonds.

(e) A finding that the amount necessary to pay the principal of, and interest on, the bond issuance will be less than, or equal to, the amount determined pursuant to subdivision (d).

(f) The issuance of the bonds in one or more series.

(g) The principal amount of the bonds that shall be consistent with the amount specified in subdivision (b).

(h) The date the bonds will bear.

(i) The date of maturity of the bonds.

(j) The denomination of the bonds.

(k) The form of the bonds.

(l) The manner of execution of the bonds.

(m) The medium of payment in which the bonds are payable.

(n) The place or manner of payment and any requirements for registration of the bonds.

(o) The terms of call or redemption, with or without premium.

(Amended by Stats. 2019, Ch. 656, Sec. 6. (AB 116) Effective January 1, 2020.)

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