Bonds in the total amount of five billion five hundred million dollars ($5,500,000,000), not including the amount of any refunding bonds issued in accordance with Section 125291.155, or as 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 article, to be used and sold for carrying out the purposes of Section 125291.100, and to reimburse the General Obligation Bond Expense Revolving Fund pursuant to § 16724.5 of the Government Code. The bonds, when sold, shall be and shall constitute a valid and binding obligation of the state, and the full faith and credit of the state is hereby pledged for the punctual payment of both the principal of, and interest on, the bonds as the principal and interest become due and payable.

(Added November 3, 2020, by initiative Proposition 14, Sec. 24. Effective on December 16, 2020.)

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Terms Used In California Health and Safety Code 125291.110

  • Fund: means the California Stem Cell Research, Treatments, and Cures Fund of 2020 created pursuant to Section 125291. See California Health and Safety Code 125291.95
  • 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