as amended, Committee on Budget and Fiscal Review.
begin deleteBudget Act of 2015. end delete
This bill would express the intent of the Legislature to enact statutory changes relating to the Budget Act of 2015.end delete
begin deleteno end delete.
Fiscal committee: begin deleteno end delete.
State-mandated local program: begin deleteno end delete.
The people of the State of California do enact as follows:
(a) All debentures issued under this chapter to
4any lender or bondholder shall be executed in the name of the fund
5as obligor, shall be signed by the State Treasurer, and shall be
6negotiable. Pursuant to Sections 129125 and 129130, all debentures
7shall be dated as of the date of the institution of foreclosure
8proceedings or as of the date of the acquisition of the property
9after default by other than foreclosure, or as of another date as the
10office, in its discretion, may establish.
begin delete Theend delete
11 debentures shall bear interest from that date at a rate
begin delete approved by the State Treasurer, equal to either the rate applicable . All debentures shall be exempt,
13to the most recent issue of State General Fund bonds or that
14specified in Section 129130, which shall be payable on the dates
15as the office, in its discretion, may establish except in the case of
16bonds or other evidences of indebtedness as specified in Section
17129130, and shall have the same maturity date as the loan which
18they insuredend delete
27both as to principal and interest, from all taxation now or hereafter
28imposed by the state or local taxing agencies, shall be paid out of
29the fund, which shall be primarily liable therefor, and shall be,
30pursuant to Section 4 of Article XVI of the California Constitution,
31fully and unconditionally guaranteed as to principal and interest
32by the State of California, which guaranty shall be expressed on
33 the face of the debentures.
begin delete Inend delete
34 the event that the fund fails to pay upon demand, when
35due, the principal of or interest on any debentures issued under
36this chapter, the State Treasurer shall pay to the holders the amount
begin delete is authorized to be appropriated, out of any money the Treasury
begin delete not otherwise appropriatedend delete, and thereupon to the extent of the amount so paid
4the State Treasurer shall succeed to all the rights of the holders of
5the debentures. The fund shall be liable for repayment to the
6 Treasury of any money paid
begin delete therefromend delete
7 pursuant to this section in accordance with
8procedures jointly established by the State Treasurer and the office.
begin deleteIn the event of a default, any end deletedebenture issued under
10this article shall be paid on a par with general obligation bonds
11issued by the state.
If, prior to January 1,
begin delete 2016,end delete a lead agency fails
15to approve a project certified by the Governor pursuant to this
16chapter, then the certification expires and is no longer valid.
It is the intent of the Legislature to enact statutory
29changes relating to the Budget Act of 2015.