An authority shall not have the power to operate any facility as a business, except in the event of a default on any bonds, through a trustee, for the minimum reasonable time needed to sell or otherwise dispose of the facility in accordance with the resolution or indenture.
Cal. Gov. Code § 91528
Industrial Development Authorities
Known as the California Industrial Development Financing Act
The act spans §§ 91500 to 91562 (40 sections).
Added by Stats. 1980, Ch. 1358.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.