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HomeHealth and Safety CodeDiv. 24Pt. 2Ch. 1Art. 5§ 34360 Authority Bond Covenant Limits

§ 34360 Authority Bond Covenant Limits

Health and Safety Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 34360 Authority Bond Covenant Limits

Key Takeaways

  • •This law lets a government group make promises about how they will handle their money and property.
  • •They can promise not to use their money or property as a guarantee for loans.
  • •They can set rules about selling or renting out their housing projects.
  • •They can make plans for what to do if their bonds (like IOUs) are lost or damaged.

Example

A city wants to build a new park but needs to borrow money.

The city can make promises about how they will pay back the money they borrow. They can say they won't use the park's money or property to guarantee other loans. They can also set rules about selling or renting parts of the park.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 34360 Authority Bond Covenant Limits

An authority may: (a)  Covenant against pledging all or part of its rents, fees, and revenues, against mortgaging all or part of its real or personal property, to which its right or title then exists or may thereafter come into existence, or against permitting or suffering any lien on such revenues or property. (b)  Covenant with respect to limitations on its right to sell, lease, or otherwise dispose of all or part of any housing project. (c)  Covenant as to what other or additional debts or obligations may be incurred by it. (d)  Covenant as to the bonds to be issued, as to their issuance in escrow or otherwise, and as to the use and disposition of the bond proceeds. (e)  Provide for the replacement of lost, destroyed, or mutilated bonds. (f)  Covenant against extending the time for the payment of its bonds or interest on them. (g)  Redeem the bonds, covenant for their redemption, and provide the redemption terms and conditions. (Added by Stats. 1951, Ch. 710.)

Last verified: January 23, 2026

Key Terms

propertyliencovenantagreementobligationleasehow ithousing authority

Related Statutes

  • § 33652 Agency Revenue And Property Restrictions
  • § 34363 Authority Bond Covenant Powers
  • § 34359 Authority Financial Powers
  • § 129140 Loan Acquisition To Prevent Foreclosure
  • § 129150 Lender Release Of Liability

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Health and Safety Code. Section 34360.
View Official Source