Bonds in the total amount of seventy-two million four hundred five thousand dollars ($72,405,000) (exclusive of refunding bonds), 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 chapter and to be used to reimburse the General Obligation Bond Expense Revolving Fund pursuant to Section 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.
(Amended by Stats. 2012, Ch. 39, Sec. 2. (SB 1018) Effective June 27, 2012. Note: This section was added by Stats. 1988, Ch. 49, and approved in Prop. 85 on Nov. 8, 1988.)
Terms Used In California Education Code 19970
- Fund: means the California Library Construction and Restoration Fund created pursuant to Section 19955. See California Education Code 19952
- 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.