Bill Text: CA AB582 | 2013-2014 | Regular Session | Chaptered

California Assembly Bill 582 (Prior Session Legislation)

Bill Title: Palm Drive Health Care District: certificates of participation: lien.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Passed) 2014-06-16 - Chaptered by Secretary of State - Chapter 23, Statutes of 2014. [AB582 Detail]

Download: California-2013-AB582-Chaptered.html

BILL NUMBER: AB 582	CHAPTERED
	BILL TEXT

	CHAPTER  23
	FILED WITH SECRETARY OF STATE  JUNE 16, 2014
	APPROVED BY GOVERNOR  JUNE 16, 2014
	PASSED THE SENATE  APRIL 10, 2014
	PASSED THE ASSEMBLY  MAY 29, 2014
	AMENDED IN SENATE  FEBRUARY 24, 2014
	AMENDED IN SENATE  FEBRUARY 12, 2014
	AMENDED IN SENATE  JULY 2, 2013
	AMENDED IN SENATE  JUNE 13, 2013
	AMENDED IN ASSEMBLY  MAY 24, 2013
	AMENDED IN ASSEMBLY  APRIL 1, 2013

INTRODUCED BY   Assembly Members Levine and Chesbro
   (Principal coauthor: Senator Evans)

                        FEBRUARY 20, 2013

   An act to add Section 5451.7 to the Government Code, relating to
local finance, and declaring the urgency thereof, to take effect
immediately.



	LEGISLATIVE COUNSEL'S DIGEST


   AB 582, Levine. Palm Drive Health Care District: certificates of
participation: lien.
   The Local Health Care District Law authorizes health care
districts in the state to provide for various forms of financing for
the purpose of carrying out their duties under the law, including
financing secured by public revenues.
   This bill would require that all obligations of the Palm Drive
Health Care District in connection with specified certificates of
participation be secured by a statutory lien on all of the revenues
generated from certain dedicated parcel taxes, according to specified
criteria.
   This bill would make legislative findings and declarations as to
the necessity of a special statute for the Palm Drive Health Care
District.
   This bill would declare that it would take effect immediately as
an urgency statute.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 5451.7 is added to the Government Code, to
read:
   5451.7.  (a) All obligations of the Palm Drive Health Care
District in connection with any and all certificates of participation
executed and delivered, or revenue bonds issued, by or on behalf of
the district between January 1, 2005, and December 31, 2014,
including certificates of participation executed and delivered or
revenue bonds issued before 2035 to refund the revenue bonds or
certificates of participation, shall be secured by a statutory lien
on all of the revenues generated from parcel taxes levied pursuant to
Measure W, approved by the voters of the district at the general
election held on November 2, 2004.
   (b) This lien shall arise automatically without the need for any
action or authorization by the district or the board of directors of
the district. The lien shall be valid and binding from the time the
certificates of participation are executed and delivered or the
revenue bonds are issued.
   (c) The parcel tax revenue shall immediately be subject to this
lien, and the lien shall immediately attach to the parcel tax revenue
and be effective, binding, and enforceable against the district, its
successors, purchasers of those revenues, creditors, and all others
asserting rights therein, irrespective of whether those parties have
notice of the lien and without the need for any physical delivery,
recordation, filing, or further act.
  SEC. 2.  The Legislature finds and declares that a special law is
necessary and that a general law cannot be made applicable within the
meaning of Section 16 of Article IV of the California Constitution
because of the unique circumstances regarding financing obligations
of the Palm Drive Health Care District.
  SEC. 3.  This act is an urgency statute necessary for the immediate
preservation of the public peace, health, or safety within the
meaning of Article IV of the Constitution and shall go into immediate
effect. The facts constituting the necessity are:
   In order to enable the Palm Drive Health Care District to complete
its financing, and meet its obligations to employees, vendors, and
other creditors in a timely manner, it is necessary for this act to
take effect immediately.