California Financial Code

§ 818

FIN § 818 Effective Jan 1, 2020Div. 1 · Ch. 10

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).

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

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

…

Legislative history

Amended by Stats. 2019, Ch. 143, Sec. 55. (SB 251) Effective January 1, 2020.