Section 33746 Of Chapter 7.5. Loans To Tax-exempt Organizations From California Health And Safety Code >> Division 24. >> Part 1. >> Chapter 7.5.
33746
. (a) Bonds issued pursuant to this chapter shall be repayable
solely from payments of principal and interest on account of the
loans funded thereby. The agency may pledge all or any portion of
these payments to secure the bonds.
(b) Neither the members of the agency nor any person executing the
bonds shall be personally liable on the bonds or be subject to any
personal liability or accountability by reason of the issuance
thereof.
(c) The exercise of the powers granted by this chapter shall be in
all respects for the benefit of the people of this state and for
their health and welfare. Any bonds issued under this chapter, their
transfer, and income therefrom shall at all times be free from
taxation of every kind by the state and by the municipalities and
political subdivisions of the state, except estate taxes.
(d) This chapter provides an alternative method for issuing bonds
and lending moneys for acquisition of multifamily rental housing by
private nonprofit organizations.