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Section 25350.105 Of Article 1. General From California Government Code >> Division 2. >> Title 3. >> Part 2. >> Chapter 5. >> Article 1.
25350.105
. (a) Taxes collected by the State Board of Equalization
pursuant to Section 7204 of the Revenue and Taxation Code, that are
derived from the taxes imposed by a county of the second class
pursuant to Part 1.5 (commencing with Section 7200) of Division 2 of
the Revenue and Taxation Code, other than that portion of those taxes
specified in Section 29530.6, and any moneys allocated from the
Sales and Use Tax Compensation Fund to the county of the second class
pursuant to Section 97.68 of the Revenue and Taxation Code, shall be
pledged, without the necessity for specific authorization of the
pledge by the board of supervisors, to all certificates of
participation or lease revenue bonds executed and delivered or
issued, as the case may be, during the year 1996, including
obligations executed and delivered or issued before 2010 to refund
those certificates of participation or lease revenue bonds, to
finance the lease or lease-purchase of property of the county and
having a stated maturity of 20 years or more. Any refunding
obligation may not have a final maturity later than the final
maturity of the refunded obligations. The amount so pledged with
respect to any fiscal year of the county may not exceed the amounts
to be paid in the fiscal year on those certificates or lease revenue
bonds.
(b) The pledge of taxes pursuant to this section shall constitute a contract between the county and the owners of any of the certificates of participation or lease revenue bonds and shall be protected from impairment by the United States and California Constitutions. The state hereby covenants with the owners of any certificates of participation or lease revenue bonds entitled to the pledge granted by this section that, as long as any of the certificates of participation or lease revenue bonds entitled to the pledge granted by this section shall remain outstanding, the provisions of Section 7202 of the Revenue and Taxation Code that authorize the imposition of the taxes may not be repealed. However, nothing precludes any alteration or amendment if and when adequate provision has been made by law for the protection from impairment of the contract represented by the certificates of participation or lease revenue bonds, and the right to so alter or amend is hereby reserved. The county may include this covenant of the state in the agreements or other documents underlying the certificates of participation or lease revenue bonds.
(b) The pledge of taxes pursuant to this section shall constitute a contract between the county and the owners of any of the certificates of participation or lease revenue bonds and shall be protected from impairment by the United States and California Constitutions. The state hereby covenants with the owners of any certificates of participation or lease revenue bonds entitled to the pledge granted by this section that, as long as any of the certificates of participation or lease revenue bonds entitled to the pledge granted by this section shall remain outstanding, the provisions of Section 7202 of the Revenue and Taxation Code that authorize the imposition of the taxes may not be repealed. However, nothing precludes any alteration or amendment if and when adequate provision has been made by law for the protection from impairment of the contract represented by the certificates of participation or lease revenue bonds, and the right to so alter or amend is hereby reserved. The county may include this covenant of the state in the agreements or other documents underlying the certificates of participation or lease revenue bonds.
