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§ 8136. Application Approval.

4 CA ADC § 8136Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 4. Business Regulations
Division 11. California Pollution Control Financing Authority (Refs & Annos)
Article 12. Rate Reduction Bonds
4 CCR § 8136
§ 8136. Application Approval.
(a) The Authority shall determine that an issue of Rate Reduction Bonds is qualified for issuance under 6588.7 of the Government Code if the Application establishes to the satisfaction of Authority that:
(1) The project to be financed with the proceeds of the sale of Rate Reduction Bonds is a Utility Project;
(2) The Local Agency Applicant is electing to finance costs of the Utility Project pursuant to Section 6588.7 of the Government Code and the Financing Costs associated with the financing are to be paid from Utility Project Property, including the Utility Project Charge for the Rate Reduction Bonds issued for the Utility Project in accordance with Section 6588.7 of the Government Code;
(3) Based on information available to, and projections used by, the legislative body of the Local Agency Applicant, the rates of the Publicly Owned Utility plus the Utility Project Charge resulting from the financing of the Utility Project with Rate Reduction Bonds are expected to be lower than the rates of the Publicly Owned Utility if the Utility Project was financed with bonds payable from the revenues of the Publicly Owned Utility; and
(4) The projected Financing Costs fall within the normal range of financing costs for comparable types of debt issuance.
(b) The Authority shall provide an explanation in writing for any refusal to qualify a proposed issuance but shall not alter or modify any term or condition related to the Utility Project Property.

Credits

Note: Authority cited: Sections 6588.7(b)(2), 6588.7(b)(3), 6588.7(b)(4) and 6588.7(b)(7), Government Code. Reference: Section 6588.7(b), Government Code.
History
1. New section filed 11-10-2014 as an emergency; operative 11-10-2014 (Register 2014, No. 46). A Certificate of Compliance must be transmitted to OAL by 5-11-2015 or emergency language will be repealed by operation of law on the following day.
2. Repealed by operation of Government Code section 11346.1(g) (Register 2015, No. 20).
3. New section refiled 5-19-2015 as an emergency; operative 5-19-2015 (Register 2015, No. 21). A Certificate of Compliance must be transmitted to OAL by 8-17-2015 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 5-19-2015 order transmitted to OAL 7-28-2015 and filed 9-8-2015 (Register 2015, No. 37).
This database is current through 6/28/24 Register 2024, No. 26.
Cal. Admin. Code tit. 4, § 8136, 4 CA ADC § 8136
End of Document