Bill > SB644

This bill adds a new section to the Government Code to establish a statutory lien, meaning a legal claim on property or revenue, to secure certain financial obligations of the West Contra Costa Healthcare District. Specifically, it ensures that all obligations related to "certificates of participation" (financial instruments used by public entities to finance projects) issued by the district between June 8, 2004, and December 31, 2012, and any subsequent certificates issued to refinance those original ones, will be backed by a lien on all revenues generated from a parcel tax known as "Measure D." This measure was approved by voters on June 8, 2004. The lien will automatically take effect without any further action from the district and will immediately attach to the parcel tax revenue, making it enforceable against the district and anyone else claiming an interest in those revenues, even without formal notification. The bill also states that this is a special law due to the unique circumstances of the district's financing and is declared an urgency statute, meaning it will take effect immediately to help the district meet its financial obligations to employees, vendors, and creditors promptly.