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Marks-Roos
Named after its legislative sponsors, the Marks-Roos Local Bond Pooling Act (California Government Code §6584-6599.1) is a law enacted by the California Legislature in 1985. The main purpose of this statute is to allow local California governments to work together to get financing in a way that will conceivably lower borrowing costs. Underlying this concept is the belief that money can be saved through economies of scale by selling one large bond issue to finance several small projects. Through this legislation, local municipalities and other political subdivisions can join together by signing a Joint Powers Agreement, which creates a Joint Powers Authority ("JPA"). In its broadest terms, the Marks-Roos Act authorizes JPAs to issue Marks-Roos bonds and loan the proceeds to local governmental agencies and non-profit corporations to finance public capital improvements, working capital or insurance programs. Alternatively, JPAs can purchase the bonds of local agencies with the pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joint Powers Authority
A joint powers authority (JPA) is an entity permitted under the laws of some U.S. states, whereby two or more public authorities (e.g. local governments, or utility or transport districts), not necessarily located in the same state, may jointly exercise any power common to all of them. Joint powers authorities may be used where: *an activity naturally transcends the boundaries of existing public authorities. An example would be the Transbay Joint Powers Authority, set up to promote the construction of a new transit center in San Francisco, with several transportation boards and counties around the San Francisco Bay Area as members; *by combining their commercial efforts, public authorities can achieve economies of scale or market power. An example is National IPA, a purchasing consortium of local government and education agencies, also known as cooperative purchasing. Joint powers authorities are particularly widely used in California (where they are permitted under Section 650 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
California Legislature
The California State Legislature is a bicameral state legislature consisting of a lower house, the California State Assembly, with 80 members; and an upper house, the California State Senate, with 40 members. Both houses of the Legislature convene at the California State Capitol in Sacramento. The California state legislature is one of just ten full-time state legislatures in the United States. The houses are distinguished by the colors of the carpet and trim of each house. The Senate is distinguished by red and the Assembly by the color green, inspired by the House of Lords and House of Commons respectively. The Democratic Party currently holds veto-proof supermajorities in both houses of the California State Legislature. The Assembly consists of 60 Democrats and 19 Republicans, with one independent, while the Senate is composed of 31 Democrats and 9 Republicans. Except for a brief period from 1995 to 1996, the Assembly has been in Democratic hands since the 1970 el ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economies Of Scale
In microeconomics, economies of scale are the cost advantages that enterprises obtain due to their scale of operation, and are typically measured by the amount of output produced per unit of time. A decrease in cost per unit of output enables an increase in scale. At the basis of economies of scale, there may be technical, statistical, organizational or related factors to the degree of market control. This is just a partial description of the concept. Economies of scale apply to a variety of the organizational and business situations and at various levels, such as a production, plant or an entire enterprise. When average costs start falling as output increases, then economies of scale occur. Some economies of scale, such as capital cost of manufacturing facilities and friction loss of transportation and industrial equipment, have a physical or engineering basis. The economic concept dates back to Adam Smith and the idea of obtaining larger production returns through the use ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Proposition 13
Proposition 13 (officially named the People's Initiative to Limit Property Taxation) is an amendment of the Constitution of California enacted during 1978, by means of the initiative process. The initiative was approved by California voters on June 6, 1978. It was upheld as constitutional by the United States Supreme Court in the case of ''Nordlinger v. Hahn'', . Proposition 13 is embodied in Article XIII A of the Constitution of the State of California. The most significant portion of the act is the first paragraph, which limits the tax rate for real estate: The proposition decreased property taxes by assessing values at their 1976 value and restricted annual increases of assessed value to an inflation factor, not to exceed 2% per year. It prohibits reassessment of a new base year value except in cases of (a) change in ownership, or (b) completion of new construction. These rules apply equally to all real estate, residential and commercial—whether owned by individuals or c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
