Section 52030 Of Chapter 4. Revenue Bonds From California Health And Safety Code >> Division 31. >> Part 5. >> Chapter 4.
52030
. For purposes of this part, a city or county shall have the
following powers:
(a) To issue its bonds to defray, in whole or in part, (1) the
costs of acquiring home mortgages or making loans to lending
institutions in order to enable them to make home mortgages, (2) the
costs of studies and surveys, insurance premiums, underwriting fees,
legal, accounting and marketing services incurred in connection with
the issuance and sale of bonds, including bond and mortgage reserve
accounts; and trustee, custodian and rating agency fees, and (3) such
other costs as are reasonably related to the foregoing.
(b) To sell or otherwise dispose of any home mortgages, in whole
or in part, or to loan sufficient funds to any person to defray, in
whole or in part, the costs of purchasing home mortgages, so that the
revenues and receipts to be derived with respect to the home
mortgages, together with any insurance proceeds, reserve accounts and
earnings thereon, shall be designed to produce revenues and receipts
at least sufficient to provide for the prompt payment at maturity of
principal, interest and redemption premiums, if any, upon all bonds
issued to finance such costs.
(c) To pledge any revenues and receipts to be received from or
with respect to any home mortgages or loans made to lending
institutions pursuant to this part to the punctual payment of bonds
authorized under this part, and the interest and redemption premiums,
if any, thereon.
(d) To mortgage, pledge, assign, or grant security interests in
any home mortgages, notes, loans made to lending institutions
pursuant to this part, or other property in favor of the holder or
holders of bonds issued therefor or the trustee for such holder or
holders.
(e) To sell and convey any home mortgages or loans made to lending
institutions pursuant to this part, for such prices and at such
times as the governing body of the city or county may determine.
(f) To issue its bonds to refund previously issued bonds in whole
or in part at any time.
(g) To make and execute contracts and other instruments necessary
or convenient to the exercise of any of the powers granted herein.