California Penal Code 4486 – (a) When sold, the bonds authorized by this title shall …
(a) When sold, the bonds authorized by this title shall constitute valid and legally binding general obligations 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 and interest thereon.
(b) There shall be collected annually in the same manner and at the same time as other state revenue is collected such a sum, in addition to the ordinary revenues of the state, as shall be required to pay the interest and principal on the bonds maturing each year, and it is hereby made the duty of all officers charged by law with any duty in regard to the collection of the revenue to do and perform each and every act which shall be necessary to collect that additional sum.
Terms Used In California Penal Code 4486
- Fund: means the 1986 County Correctional Facility Expenditure Fund. See California Penal Code 4481
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the district and territories. See California Penal Code 7
(c) All money deposited in the fund which has been derived from premium and accrued interest on bonds sold shall be available for transfer to the General Fund as a credit to expenditures for bond interest.
(Added by Stats. 1986, Ch. 12, Sec. 1. Approved in Proposition 52 at the June 3, 1986, election.)