(a) All moneys received pursuant to this article and pledged to the payment of any class, series, or issue of debt instruments, whether as tax increment revenues or from any other source, shall be deemed to be trust funds to be held and applied solely as provided in this article. Until the funds are applied as provided by this article, and notwithstanding any other provision of law, the moneys may be invested in obligations or securities authorized by resolutions of the legislative body of the local agency authorizing the issuance of debt instruments.
(b) Any officer with whom, or any bank or trust company with which, the moneys are deposited shall act as trustee of the moneys and shall hold and apply the moneys for the purpose of this article, subject to any regulations of the local agency adopted pursuant to this article and the indenture securing the bonds.
Terms Used In California Government Code 53595.30
- Debt instruments: means bonds, notes, certificates of participation, or other evidences of indebtedness issued by a local agency pursuant to this article. See California Government Code 53595
- Indenture: means the instrument providing the terms and conditions for the issuance of the debt instruments, and may be a resolution, order, agreement, or other instrument. See California Government Code 53595
- Legislative body: means the city council, board of supervisors, or other legislative or governing body of a local agency. See California Government Code 53595
- Local agency: means any city, county, city and county, district, including, but not limited to, a school district or other public entity authorized to enter into a tax increment agreement. See California Government Code 53595
- Tax increment: means that portion of tax revenues allocated to a redevelopment agency pursuant to subdivision (b) of Section 33670 of the Health and Safety Code. See California Government Code 53595
- Trustee: A person or institution holding and administering property in trust.
(Added by Stats. 1993, Ch. 902, Sec. 1. Effective October 8, 1993.)