California Code of Regulations
Title 4 - Business Regulations
Division 9.6 - California Debt and Investment Advisory Commission
Chapter 1 - General Provisions
Article 6 - Reporting for Marks-Roos Bonds
Section 6050 - Definitions

Universal Citation: 4 CA Code of Regs 6050

Current through Register 2024 Notice Reg. No. 38, September 20, 2024

The following terms as used in Article 6 of this chapter shall have the meaning defined below and shall prevail over the definitions of the same terms in Section 6000.

(a) "Administrative Fees" means fees charged by the Authority to Local Obligors for the administrative costs of the Authority's Debt and the program established by the Authority to purchase the Debt of Local Obligors.

(b) "Costs of Issuance" means the total of all fees and expenses listed in Section 6020(u) through Section 6020(gg), inclusive, of this Chapter.

(c) "Date of the Bond Issue" means the date of Sale.

(d) "Default" means the event defined in Government Code section 6599.1(c)(1).

(e) "Delinquency Rate" means the percentage of taxes or others revenues that are the source of repayment for Local Obligations that are unpaid on an annual basis.

(f) "Draw on Reserve Fund" means the event defined in Government Code section 6599.1(c)(2).

(g) "Final Maturity" means the point at which the holders of all bonds constituting an Issue have been fully repaid the Principal amount of the bond(s) plus accrued interest and redemption premium, if applicable.

(h) "Marks-Roos Yearly Fiscal Status Report" means the collection of all information that is required to be supplied to the Commission pursuant to Government Code section 6599.1(b).

(i) "Marks-Roos Draw on Reserve/Default Report" means the notification that is required pursuant to Government Code section 6599.1(c).

(j) "On Going Fees" means any Costs of Issuance that are incurred after the date of Settlement.

(k) "Outstanding" means all bonds constituting an Issue have not reached a condition of Final Maturity.

(l) "Reporting Year" means the year beginning July 1 through June 30.

(m) "Retired" means that all bonds constituting an Issue have reached the condition of Final Maturity.

1. New article 6 (sections 6050-6053) and section filed 2-28-2017; operative 4-1-2017 (Register 2017, No. 9).

Note: Authority cited: Section 8855(e), Government Code. Reference: Section 6599.1, Government Code.

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