(a) Bonds in the total amount of nine billion nine hundred fifty million dollars ($9,950,000,000), exclusive of refunding bonds issued in accordance with Section 2704.19, or so much thereof as is necessary, may be issued and sold to provide a fund to be used for carrying out the purposes expressed in this chapter and to be used to reimburse the General Obligation Bond Expense Revolving Fund pursuant to § 16724.5 of the Government Code. The bonds, when sold, shall be and constitute a valid and binding obligation 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 of, and interest on, the bonds as the principal and interest become due and payable.

(b) The Treasurer shall sell the bonds authorized by the committee pursuant to this section. The bonds shall be sold upon the terms and conditions specified in a resolution to be adopted by the committee pursuant to § 16731 of the Government Code.

Terms Used In California Streets and Highways Code 2704.10

  • Committee: means the High-Speed Passenger Train Finance Committee created pursuant to Section 2704. See California Streets and Highways Code 2704.01
  • Fund: means the High-Speed Passenger Train Bond Fund created pursuant to Section 2704. See California Streets and Highways Code 2704.01
  • 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. 2008, Ch. 267, Sec. 9. Approved in Proposition 1A at the November 4, 2008, election.)

  Previous section
Next section  
 Article 3 Contents