CA AB582

Creates a statutory lien on all revenues from Measure W parcel taxes to secure obligations of Palm Drive Health Care District related to certificates of participation and revenue bonds issued between January 1, 2005 and December 31, 2014

Lien arises automatically without requiring any action or authorization from the district and becomes valid and binding immediately upon execution or issuance of the certificates or bonds

Lien attaches to parcel tax revenues immediately and is enforceable against the district, its successors, creditors, and all other parties without notice, recordation, or filing requirements

Designates this as a special law necessary for Palm Drive Health Care District due to unique financing circumstances that cannot be addressed by general law

Takes effect immediately as an urgency statute to enable the district to meet its financing obligations and pay employees, vendors, and creditors in a timely manner