AB 1668 Summary

• Expands the definition of "bond" to include "securities" and "other evidences of indebtedness" issued by the California Educational Facilities Authority.

• Broadens the authority's power to receive loans, contributions, and grants from any source for acquisition, construction, financing, or refinancing of projects.

• Authorizes the authority to issue notes and bonds (removing the word "negotiable") for any corporate purpose and to issue bond anticipation notes.

• Allows provisions included in trust agreements or bond resolutions to also be included directly in bonds themselves with the same legal effect.

• Modifies bond disclosure requirements to allow the required statement about state non-obligation to appear anywhere on the bond rather than specifically on its face.

• Takes effect immediately as an urgency statute.