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HomeGovernment CodeDiv. 2Pt. 1Ch. 3Art. 11§ 53580 Local Agency Bond Definitions

§ 53580 Local Agency Bond Definitions

Government Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 53580 Local Agency Bond Definitions

Key Takeaways

  • •This law defines what 'local agency' means—like cities, schools, or other public groups.
  • •It explains what 'bonds' are—money borrowed by these groups to pay for big projects.
  • •'Refunding bonds' are just new bonds used to pay off old ones.
  • •'Federal securities' are special types of bonds backed by the government.

Example

Your city wants to build a new park but doesn’t have enough money.

The city can sell 'bonds' to borrow money from people. Later, if they need to pay off those bonds, they might issue 'refunding bonds' to cover the old debt.

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

Official Source
View on CA.gov

§ 53580 Local Agency Bond Definitions

The following terms shall have the following meanings: (a) The term “local agency” means public district, public corporation, authority, agency, board, commission, county, city and county, city, school district, or other public entity or any improvement district or zone thereof. (b) The term “bonds” as used in this article means: bonds as defined in Section 53550, or revenue bonds as defined in Section 53570. (c) The term “refunding bonds” means bonds issued to refund bonds. (d) The term “federal securities” as used in this article means those securities defined in subdivision (g) of Section 53550 and in subdivision (a) of Section 53651. (Added by Stats. 1975, Ch. 897.)

Last verified: January 22, 2026

Key Terms

bondslocal agencyfederal securitiescorporationcommissionschoolfineauthority

Related Statutes

  • § 53530 Local Agency Bond Definitions
  • § 53550 Local Agency Bond Definitions
  • § 5850 Public Bond Definitions
  • § 16430 Eligible Surplus Investment Securities
  • § 23332 County Formation Requirements

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Government Code. Section 53580.
View Official Source