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Section 813 Of Chapter 10. Legal Investments For Nonbank Licensees From California Financial Code >> Division 1. >> Chapter 10.
813
. (a) Notes with a maturity not exceeding 15 months after the
date of issue, issued in anticipation of uncollected taxes, income,
revenue, cash receipts, and other moneys of the State of California
or any city, county, city and county, or school district thereof;
provided the notes and warrants and the interest thereon shall be a
first lien and charge against, and shall be payable from, the first
moneys received by the local agency from such pledged moneys;
provided the total amount of the notes issued at any one time or
during any specified period does not exceed 85 percent of the
receipts or revenues.
(b) Grant anticipation notes issued by the agencies and payable not later than 36 months after the date of issue, provided that the total amount of the notes and interest payable thereon issued at any one time or during any specified period does not exceed 80 percent of the grant funds stated in writing by the granting authority as committed or appropriated, and shall be paid on a specified date or dates within a 36-month period from the dating of the notes.
(b) Grant anticipation notes issued by the agencies and payable not later than 36 months after the date of issue, provided that the total amount of the notes and interest payable thereon issued at any one time or during any specified period does not exceed 80 percent of the grant funds stated in writing by the granting authority as committed or appropriated, and shall be paid on a specified date or dates within a 36-month period from the dating of the notes.
