California Health and Safety Code 50197.2 – (a) An issuer shall notify the committee if the issuer elects …
(a) An issuer shall notify the committee if the issuer elects to exchange all or part of the issuer’s authority to issue qualified mortgage bonds for authority to issue mortgage credit certificates. The notification shall include a statement which does both of the following:
(1) Specifies the amount of the qualified mortgage bond authority that the issuer will not be issuing in order to issue mortgage credit certificates.
Terms Used In California Health and Safety Code 50197.2
- Committee: means the California Debt Limit Allocation Committee established pursuant to Section 50199. See California Health and Safety Code 50172
- Issuer: means a state agency or local agency and includes a redevelopment agency, housing authority or other local entity, authorized by state law to issue qualified mortgage bonds, to which the committee has assigned an allocation under this chapter. See California Health and Safety Code 50172
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage credit certificate: means any certificate which does all of the following:
California Health and Safety Code 50172
(2) Explains how the issuer shall assure that the dollar amount of mortgage credit certificate authority will not be exceeded.
(b) An issuer may revoke the election if the issuer notifies the committee that it cannot successfully carry out that exchange.
(Added by Stats. 1985, Ch. 1399, Sec. 7.5. Effective October 1, 1985.)