Section 33641.5 Of Article 5. Agency Bonds From California Health And Safety Code >> Division 24. >> Part 1. >> Chapter 6. >> Article 5.
33641.5
. (a) As used in this section:
(1) "Collateral" means any revenues, moneys, accounts receivable,
contracts rights, and other rights to payment of whatever kind or
other property subject to the pledge provided for or created in a
pledge document.
(2) "Pledge document" means the resolution, indenture, trust
agreement, loan agreement, lease, installment sale agreement,
reimbursement agreement, pledge agreement, or similar agreement in
which the pledge is provided for or created.
(3) "Pledge" means a committment of, by the grant of a lien on and
a security interest in, the collateral referred to in a pledge
document.
(b) A pledge of collateral by a redevelopment agency to secure,
directly or indirectly, the payment of the principal or redemption
price of, or interest on, any bonds, or any reimbursement agreement
with any provider of credit to bonds, which is issued by or entered
into by an agency shall be valid and binding in accordance with the
terms of the pledge document from the time the pledge is made for the
benefit of pledgees and successors thereto.
The collateral shall immediately be subject to the pledge, and the
pledge shall constitute a lien and security interest which
immediately shall attach to the collateral and be effective, binding,
and enforceable against the pledgor, its successors, purchasers of
the collateral, creditors, and all others asserting the rights
therein, to the extent set forth, and in accordance with, the pledge
document irrespective of whether those parties have notice of the
pledge and without the need for any physical delivery, recordation,
filing, or further act.