Section § 17700

Explanation

This law allows the state of California or any state-run entity, like the State Public Works Board, to legally confirm the validity of its financial instruments such as bonds or contracts. These financial tools might be related directly to the state or involve local agencies under the state's purview.

If a state entity issues bonds or other financial obligations and uses the proceeds to buy or make loans tied to local agencies' financial instruments, it can also verify their validity through legal action.

Any legal action under this law must be filed in the Superior Court of Sacramento County.

(a)CA Government Code § 17700(a) The state or any state board, department, agency, or authority, including, but not limited to, the State Public Works Board, may bring an action to determine the validity of its bonds, warrants, contracts, obligations, or evidences of indebtedness pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of the Code of Civil Procedure.
(b)Copy CA Government Code § 17700(b)
(1)Copy CA Government Code § 17700(b)(1) Any state board, department, agency, or authority that issues bonds, notes, or other obligations the proceeds of which are to be used to purchase, or to make loans evidenced or secured by, the bonds, warrants, contracts, obligations, or evidences of indebtedness of one or more local agencies, may bring an action to determine the validity of the bonds, warrants, contracts, obligations, or evidences of indebtedness of those local agencies to be purchased by, or used to evidence or secure loans by, the state board, department, agency, or authority, pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of the Code of Civil Procedure.
(2)CA Government Code § 17700(b)(2) For purposes of this subdivision, “local agency” shall have the same meaning as set forth in Section 53510.
(c)CA Government Code § 17700(c) For the purposes of Section 860 of the Code of Civil Procedure, any action initiated pursuant to this section shall be brought in the Superior Court of the County of Sacramento.