CA SB613

Authorizes Irvine Ranch Water District and Santa Margarita Water District to pledge and apply district revenues to secure payment of principal, interest, and redemption prices of general obligation bonds for improvement districts

Allows districts to establish covenants and provisions relating to bond proceeds use, facility maintenance, rates and charges, reserve funds, and additional indebtedness as deemed necessary

Grants districts powers under the Revenue Bond Law of 1941 to exercise credit enhancement and liquidity support options for bond issuances

Requires each district to adopt criteria before using pledge authority and to submit a report to the State Treasurer and Legislature by January 1, 2014, describing any pledges made and associated benefits or savings

Declares this special legislation necessary due to unique financing requirements of these two districts and specifies no state reimbursement is required