California Streets and Highways Code 2701.12 – (a) Solely for the purpose of authorizing the issuance and sale, …
(a) Solely for the purpose of authorizing the issuance and sale, pursuant to the State General Obligation Bond Law, of the bonds authorized by this chapter, the Passenger Rail Finance Committee is hereby created. For purposes of this chapter, the Passenger Rail Finance Committee is “the committee” as that term is used in the State General Obligation Bond Law. The committee consists of the Treasurer, the Director of Finance, the Controller, the Secretary of the Business, Transportation and Housing Agency, and the Director of Transportation, or their designated representatives. The Treasurer shall serve as chairperson of the committee. A majority of the committee may act for the committee.
(b) For purposes of the State General Obligation Bond Law, the department is designated the “board.”
Terms Used In California Streets and Highways Code 2701.12
- Committee: means the Passenger Rail Finance Committee created pursuant to Section 2701. See California Streets and Highways Code 2701.01
- Department: means the Department of Transportation. See California Streets and Highways Code 2701.01
- Director: means the director of the department. See California Streets and Highways Code 21
- 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.)