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California Code, Government Code - GOV § 99051

Current as of January 01, 2023 | Updated by FindLaw Staff

As used in this title, the following terms have the following meanings:

(a)(1) “Accumulated state budget deficit” has the same meaning as in Section 1.3 of Article XVI of the California Constitution.

(2) The amount referred to in paragraph (1) shall be as certified by the Director of Finance.

(b) “Ancillary obligation” means an obligation of the state entered into in connection with any bonds issued under this title, including the following:

(1) A credit enhancement or liquidity agreement, including any credit enhancement or liquidity agreement in the form of bond insurance, letter of credit, standby bond purchase agreement, reimbursement agreement, liquidity facility, or other similar arrangement.

(2) A remarketing agreement.

(3) An auction agent agreement.

(4) A broker-dealer agreement or other agreement relating to the marketing of the bonds.

(5) An interest rate or other type of swap or hedging contract.

(6) An investment agreement, forward purchase agreement, or similar structured investment contract.

(c) “Committee” means the Economic Recovery Financing Committee created pursuant to Section 99055.

(d) “Fund” means the Economic Recovery Fund created pursuant to Section 99060.

(e) “Resolution” means any resolution, trust agreement, indenture, certificate, or other instrument authorizing the issuance of bonds pursuant to this title and providing for their security and repayment.

(f) “Trustee” means the Treasurer or a bank or trust company within or without the state acting as trustee for any issue of bonds under this title and, if there is more than one issue of bonds, the term means the trustee for each issue of bonds, respectively. If there are cotrustees for an issue of bonds, “trustee” means those cotrustees collectively.

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Cite this article: FindLaw.com - California Code, Government Code - GOV § 99051 - last updated January 01, 2023 | https://codes.findlaw.com/ca/government-code/gov-sect-99051/

Read this complete California Code, Government Code - GOV § 99051 on Westlaw

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