CA AB2080

Authorizes joint powers authorities to purchase direct subsidy payments (government receivables) from the federal government related to Build America Bonds, using bond proceeds or revenue.

Allows local agencies to sell their right to these federal direct subsidy payments to joint powers authorities and permits authorities to pledge or resell government receivables to secure bonds or to public/private purchasers.

Defines "government receivable" as federal direct subsidy payments under Section 6431 of Title 26 of the United States Code with respect to Build America Bonds, including any residual interests retained by the local agency.

Makes conforming amendments to provisions governing joint powers authorities' powers regarding VLF receivables and Proposition 1A receivables to include similar treatment for government receivables.

Applies existing authority requirements and procedures for purchasing, pledging, and reselling receivables to the new government receivables, with local agencies retaining no interest in receivables after sale.