Opinion No. (1998)

DANIEL E. LUNGREN Attorney General ANTHONY M. SUMMERS Deputy Attorney General THE HONORABLE WILLIAM A. CRAVEN, MEMBER OF THE CALIFORNIA STATE SENATE, has requested an opinion on the following questions: With respect to the issuance of revenue bonds under Article 2 of the Joint Exercise of Powers Act: 1. Must the ordinance by which a party to a joint powers agreement authorizes the issuance of revenue bonds generally identify the projects to be funded and the revenue sources to be relied upon, or is it sufficient for the ordinance to refer to a list of potential projects and revenue sources? 2. Must each party to a joint powers agreement that will receive proceeds from particular revenue bonds adopt an authorizing ordinance prior to the sale of the bonds? 3. May the proceeds of the bond sale be used to finance projects not identified in the bond indenture? 4. May a joint powers agency use the bond revenues to finance loans to or purchase instruments of indebtedness from its members? 5. May a joint powers agency allow a public entity to become a "limited" or "associate" member of the agency without becoming a party to the agreement creating the agency? CONCLUSIONS With respect to…