53065.10.
(a) A professional sports team that will benefit from the issuance and sale of bonds by a public agency shall, at the time of issuance, post a bond or other undertaking in an amount adequate to ensure that all of the team’s obligations under a financial agreement will be satisfied in the event the professional sports team subsequently relocates.(b) If a public agency redeems existing revenue bonds that were issued to finance improvements at a sports facility by executing a new revenue bond issuance to finance improvements at a new sports facility in which the debt would be secured by revenue generated by the use of the new facility, and the revenue generated by the new facility would also be used to retire the earlier indebtedness, the bond sale may not proceed until the California Debt and Investment Advisory Commission has assessed and reported to the public agency on the future financial risk imposed on the taxpayers by the sale.