Joint powers authorities: government receivables.

Existing law authorizes joint powers authorities to, among other things, issue bonds and loan the proceeds to local agencies to finance specified types of projects and programs. Existing law also authorizes a joint powers authority to purchase, with the proceeds of its bonds or its revenue, a local agency's right to payment of moneys due or to become due to a local agency in connection with specified provisions of law, which rights of payment are defined as VLF receivables and Proposition 1A receivables. Existing law permits a joint powers authority to pledge, assign, resell, or otherwise transfer these receivables for the purpose of securing bonds issued to finance the purchase price of the receivables, subject to specified criteria. Existing law limits the aggregate amount of all bonds issued in connection with Proposition 1A receivables and permits a joint powers authority to charge a fee to a local agency from which it purchases a Proposition 1A receivable. This bill would authorize a joint powers authority to purchase, with the proceeds of its bonds or its revenue, a local agency's right to payment of moneys due or to become due to a local agency from the federal government in connection with direct subsidy payments related to Buy America Bonds, which would be defined as government receivables. The bill would authorize local agencies to make these sales. The bill would permit the authority to pledge the government receivables to the payment of bonds issued by the authority or to resell them to public or private purchasers at public or negotiated sale, in whole or in part, separately or together with other government receivables. The bill would also make various conforming changes.