California Financial Code

§ 7273

FIN § 7273 Effective Jan 1, 2020Div. 2 · Ch. 6 · Art. 2.5

Statute text

Fixed interest railroad bonds meeting the requirements of subdivisions (a) and (b), bonds secured by a mortgage on jointly operated railroad facilities meeting the requirements of subdivision (c), and railroad equipment trust certificates meeting the requirements of subdivision (d), as follows:

(a)The railroad bonds are issued by or are assumed, guaranteed, or provision is made unconditionally for the payment of principal and interest on specified dates, by a solvent railroad company:

(1)That operates at least 500 miles of standard gauge road within the continental United States and that has had average annual operating revenues of at least ten million dollars ($10,000,000) during the five years next preceding the investment.

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Legislative history

Amended by Stats. 2019, Ch. 143, Sec. 58. (SB 251) Effective January 1, 2020.