California Government Code 6552 – All bonds issued by the entity shall contain a recital on their face …
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All bonds issued by the entity shall contain a recital on their face that neither the payment of the principal or any part thereof nor any interest thereon constitutes a debt, liability or obligation of any of the public agencies who are parties to the agreement creating such entity.
(Added by Stats. 1955, Ch. 329.)
Terms Used In California Government Code 6552
- bonds: means revenue bonds, notes or other evidences of indebtedness. See California Government Code 6540
- Entity: as used in this article means any agency, board or commission provided for by a joint powers agreement pursuant to Article 1 of this chapter. See California Government Code 6542
- 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.