This section defines specialized financial terms related to public corporations and their debts. 'Net direct debt' refers to all types of money a public corporation owes, minus certain deductions like specific funds and revenue-generating projects. 'Net overlapping debt' relates to the portion of debt shared with other corporations covering the same geographic area, calculated based on property value. 'Funded debt' describes any debt that a corporation has which accrues interest and doesn’t need to be paid within a year.

This law states that it's legal for savings banks to invest in certain securities or assets that are detailed in Sections 803 to 819.

This law states that if California laws require or allow certain funds like pension, retirement, or trust funds to be invested in certain types of securities, those funds can be invested in the same types of securities that savings banks were allowed to invest in before 1949. Exceptions include one specific investment option mentioned in a 1949 law. Additionally, these funds can also be invested in bonds or notes that are approved for savings banks in New York or Massachusetts at the time of investment, or in securities where commercial banks are permitted to invest as outlined in subsequent sections.

This law refers to gold and silver bullion and U.S. mint certificates, emphasizing that their value must be known and confirmed.

This law section permits owning stock in a federal reserve bank or a federal home loan bank, as long as Section 1325 allows it.

This section explains that bonds, notes, and obligations backed by the United States government are secure investments, as they guarantee both the repayment of the principal amount and the interest earned.

This law section addresses bonds issued by the State of California. It explains that these bonds are supported by the state's promise to use its financial resources to pay back the principal amount and interest. It also mentions registered warrants, which are commitments by the state to pay specific amounts at a future date.

This law allows savings banks to purchase bonds from various public organizations in California, such as flood control districts, cities, or school districts, provided they have a taxable real estate value of at least $1 million. However, certain public corporations' bonds can be excluded from these investments if the commissioner decides they are not suitable.

This law allows political subdivisions, public corporations, or districts in California to issue bonds to raise funds. They can levy taxes to pay off these bonds as long as the total debt does not exceed 25% of the value of the taxable property in their area, based on the last county assessment.

This section outlines the conditions under which certain bonds or other debts from outside California can be considered viable investments. These include bonds from the Dominion of Canada, State of Israel, United States of Mexico, Commonwealth of Puerto Rico, or any U.S. state other than California.

The law stipulates that the issuer must not have defaulted for more than 90 days in the past 10 years. Specific criteria apply depending on whether the debt is a general obligation or a limited obligation. For limited obligations, the pledged taxes must meet certain collection and debt service requirements.

For public corporations outside California, they must have existed for at least 10 years, have a substantial population, and meet specific financial health criteria, such as not exceeding a certain level of debt compared to property assessments.

This section of the law outlines the conditions under which bonds issued by various water-related districts (like irrigation or water storage districts) in California are considered valid. For these bonds to be legitimate, they must either qualify under another specific section, Section 808, or meet several financial conditions set out in the Water Code. These conditions include being certified as legal securities for savings banks and ensuring the district's total debt does not exceed 50% of an assessed value limit. This value considers land assessments and property for which the bond proceeds will be used, excluding bonds that are only paid from revenue, not assessments.

This section specifies financial instruments that various federal banks and organizations are authorized to issue. These include bonds and debentures from federal land banks and intermediate credit banks under the Farm Loan and Farm Credit Acts, debentures from the Central Bank for Cooperatives and banks for cooperatives, bonds from the Federal Home Loan Bank Board, Federal Home Loan Banks, and securities from entities like the Federal National Mortgage Association and others related to mortgages and student loans.

This law section is about bonds, notes, or other financial obligations that are issued by organizations like the Federal Financing Bank, the U.S. Postal Service, and banks involved in international development and finance, such as the International Bank for Reconstruction and Development and the Asian Development Bank.

These financial instruments might also be assumed by entities like the Tennessee Valley Authority or the Government Development Bank for Puerto Rico.

This section covers financial instruments that cities, counties, and similar entities in California can issue to manage their money coming in and going out. First, they can issue short-term notes, not lasting more than 15 months, to get quick cash while they're waiting for money from taxes and other sources. They're limited to issuing up to 85% of expected revenues at any one time, and these notes have first claim on incoming money. Second, it mentions grant anticipation notes, which can be issued for up to 36 months. These are based on the expectation of receiving grant money, and the total amount of these notes can't be more than 80% of the expected grant funds.

This law sets out when it's permissible to invest in revenue securities issued by states, commonwealths, and public corporations in the U.S., including the Commonwealth of Puerto Rico. Revenue securities are investments backed by income from properties run by these entities. There are specific conditions that must be met.

Firstly, the securities must be secured by revenue from a property and are contingent on fiscal performance and income metrics for the prior five fiscal years. There are minimum income thresholds and requirements to ensure reliable income: at least $1 million in gross income if located in California, or $5 million if elsewhere. It's essential that rates are maintained to meet debt obligations legally.

Alternatively, if the securities are linked to a contract with a corporation, payments for the project must average at least $900,000 per year. Lastly, the entity must not have defaulted on debt payments in the past ten years if located outside California.

This law is about local public housing agencies issuing bonds that can be secured in two specific ways: either through an agreement to borrow and repay money from the Public Housing Administration, ensuring funds are there to pay the bonds when they mature, or by pledging annual contributions guaranteed by the Public Housing Administration. In both cases, these arrangements ensure there are funds available to pay both the principal and interest on the bonds by the time they mature.

This section refers to bonds that are backed by a guarantee from the Federal Housing Administration (FHA). Essentially, these bonds have the security of knowing that the FHA will cover risks, which can make them more attractive to investors.

This section outlines the rules for investing in certain types of debts, like bonds, from U.S. companies involved in manufacturing, extraction, and related activities. It particularly focuses on those connected to the California Industrial Development Financing Act. The law sets conditions to ensure these companies are financially solid.

Firstly, companies must issue unsecured debts only if their property is largely free of mortgages and they promise these debts will be as secure as future mortgage bonds. Secondly, these companies should be large enough to have statewide interest, with a robust financial history, specifically, a gross income averaging at least $10 million, and a net income averaging at least $1 million over five years.

The companies need a working capital that's bigger than 150% of their long-term debts. If their assets are very high, over $500 million, then some of these conditions are relaxed. Moreover, consolidated debt should not exceed a third of their assets. Finally, their income over five years must be significantly higher than their interest obligations, showing strong financial health over time.

This law outlines the criteria for certain types of railroad bonds and certificates to be considered secure investments. It covers fixed interest railroad bonds, bonds tied to jointly operated facilities, and equipment trust certificates.

For railroad bonds to qualify, the issuing railroad must be financially stable and meet specific operational criteria, such as operating at least 500 miles of track in the U.S. and generating significant revenue. Bonds must be secured by first mortgages on substantial portions of railroad properties. Equipment trust certificates, on the other hand, need to be issued by solvent railroads and must fund new equipment purchases approved by federal authorities.

The law also explains specific terms related to income and financial obligations, ensuring clarity for calculating financial stability and ensuring the underlying railroad servicing the bond is financially sound.

This section sets out rules for bonds and debentures issued by gas, electric, telephone, and water companies. For gas, electric, or gas and electric companies, the bonds or debentures must be part of an issue that originally totaled at least $1 million. These bonds and debentures must be tied to a company whose majority of income comes from its main utility business and must have strong financial health.

Telephone company bonds should also be initially at least $1 million, financially backed by the company’s assets, and most income should come from its main operations like telephone services. These companies need to demonstrate stable earnings and financial capability to cover debt.

Water company bonds must also reach an initial $1 million value and be secured with the company’s property. These companies are usually the main water supplier for sizable populations and should maintain a strong financial status.