(a) For purposes of this section, “Proposition 1A receivable” means the right to payment of moneys due or to become due to a local agency, pursuant to clause (iii) of subparagraph (B) of paragraph (1) of subdivision (a) of Section 25.5 of Article XIII of the California Constitution and Section 100.06 of the Revenue and Taxation Code.
(b) Notwithstanding any other law, a local agency may purchase, with its revenue, Proposition 1A receivables sold pursuant to Section 53999.
Terms Used In California Government Code 53610
- local agency: means county, city, city and county, including a chartered city or county, school district, community college district, public district, county board of education, county superintendent of schools, or any public or municipal corporation. See California Government Code 53600
- Subdivision: means a subdivision of the section in which the term occurs unless some other section is expressly mentioned. See California Education Code 19404
(c) A purchaser of Proposition 1A receivables pursuant to this section shall not offer them for sale pursuant to Section 6588.
(Added by Stats. 2009, Ch. 634, Sec. 5. (SB 67) Effective October 19, 2009.)