(a) Except as provided in subdivision (b), the bonds authorized by this chapter shall be prepared, executed, issued, sold, paid, and redeemed as provided in the State General Obligation Bond Law (Chapter 4 (commencing with Section 16720) of Part 3 of Division 4 of Title 2 of the Government Code), and all of the provisions of that law apply to the bonds and to this chapter and are hereby incorporated in this chapter as though set forth in full in this chapter.

(b) Notwithstanding any provision of the State General Obligation Bond Law, each issue of bonds authorized by the committee shall have a final maturity of not more than 20 years.

Terms Used In California Streets and Highways Code 2701.11

  • Committee: means the Passenger Rail Finance Committee created pursuant to Section 2701. See California Streets and Highways Code 2701.01
  • 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.

(Added by Stats. 1989, Ch. 108, Sec. 2. Approved in Proposition 108 at the June 5, 1990, election.)

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