(a) Equipment obligations shall be sold by the Treasurer, after a resolution requesting the sale has been adopted by the commission. Equipment obligations may be sold by public bid or by a private negotiated sale. The Treasurer may sell equipment obligations at a discount not to exceed 5 percent of the par value thereof.

(b) Equipment obligations, and the interest thereon, are exempt from taxation in this state, except for gift taxes.

Terms Used In California Government Code 14064

  • commission: means the California Transportation Commission. See California Government Code 14002.5
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18

(Added by Stats. 1984, Ch. 1510, Sec. 1. Effective September 28, 1984.)

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