California Health and Safety Code 50197.5 – Any local agency may, upon the approval of the California Debt Limit …
Any local agency may, upon the approval of the California Debt Limit Allocation Committee pursuant to subdivision (d) of § 8869.85 of the Government Code, by written agreement assign to any other issuer having the authority to issue qualified mortgage bonds under the laws of this state all or any part of the local agency’s allocation pursuant to Sections 50189, 50190, and 50191 for the calendar year. Under the assignment, the issuer shall agree to issue mortgage credit certificates to qualifying homeowners of property located within the territory of the assigning local agency, provided however that if, after a reasonable attempt and for reasons beyond the control of the issuer, the issuer is unable to issue all of the assigned certificates to homeowners of property located within the territory of the assigning local agency, any remaining certificates may be issued to qualifying homeowners of property located within the county within which the assigning local agency is located.
(Added by Stats. 1989, Ch. 1069, Sec. 1.)
Terms Used In California Health and Safety Code 50197.5
- Committee: means the California Debt Limit Allocation Committee established pursuant to Section 50199. See California Health and Safety Code 50172
- County: includes city and county. See California Health and Safety Code 14
- 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.
- State: means the State of California, unless applied to the different parts of the United States. See California Health and Safety Code 23