California Health and Safety Code 53170 – Bonds in the total amount of three hundred million dollars …
Bonds in the total amount of three hundred million dollars ($300,000,000), exclusive of refunding bonds issued pursuant to Section 53170.5, or so much thereof as is necessary, may be issued and sold to provide a fund to be used for carrying out the purposes expressed in this part and to be used to reimburse the General Obligation Bond Expense Revolving Fund pursuant to § 16724.5 of the Government Code. The bonds shall, when sold, be and constitute a valid and binding obligation of the State of California, and the full faith and credit of the State of California is hereby pledged for the punctual payment of both principal of, and interest on, the bonds as the principal and interest become due and payable.
(Added by Stats. 1988, Ch. 48, Sec. 1. Approved in Proposition 84 at the November 8, 1988, election.)
Terms Used In California Health and Safety Code 53170
- Bond: means a bond, authorized by Section 53170, that is tax exempt under both state and federal law, or a bond that is tax exempt under state law and taxable under federal law. See California Health and Safety Code 53151
- Fund: means the Home Building and Rehabilitation Fund created pursuant to Section 53160. See California Health and Safety Code 53151
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: means the State of California, unless applied to the different parts of the United States. See California Health and Safety Code 23