(a) The authority may incur general obligation bonded indebtedness, secured by the levy of ad valorem property taxes, pursuant to paragraph (2) of subdivision (b) of Section 1 of Article XIII A of the California Constitution, for the acquisition or improvement of real property or for funding or refunding of any outstanding indebtedness in connection with the acquisition or improvement of that real property.
(b) For purposes of incurring general obligation bonded indebtedness pursuant to this subdivision, the authority shall comply with the requirements of Chapter 3 (commencing with Section 53400) of Part 1 of Division 2 of Title 5.
(Added by Stats. 2019, Ch. 598, Sec. 1. (AB 1487) Effective January 1, 2020.)
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