Joint powers authorities: government receivables.

Existing law authorizes joint powers authorities to, among other things, issue bonds and loan the proceeds to local agencies to finance specified types of projects and programs. Existing law also authorizes a joint powers authority to purchase, with the proceeds of its bonds or its revenue, a local agency's right to payment of moneys due or to become due to a local agency in connection with specified provisions of law, which rights of payment are defined as VLF receivables and Proposition 1A receivables. Existing law permits a joint powers authority to pledge, assign, resell, or otherwise transfer these receivables for the purpose of securing bonds issued to finance the purchase price of…