The Surplus Personal Property Revolving Fund in the State Treasury, created by § 10383.5 of the Public Contract Code, is abolished. On January 1, 1989, the Controller shall transfer the assets, liabilities, and surplus in that fund to the Service Revolving Fund. Any reference in state law to the “Surplus Personal Property Revolving Fund” shall mean the Service Revolving Fund.

(Added by Stats. 1988, Ch. 207, Sec. 1.)

Terms Used In California Government Code 16424

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Contract: A legal written agreement that becomes binding when signed.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Personal property: All property that is not real property.
  • State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18
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