California Government Code

§ 14554.2

GOV § 14554.2 Effective Jan 1, 2000Div. 3 · Title 2 · Part 5.3 · Ch. 4 · Art. 4

Statute text

The Treasurer shall issue notes from time to time pursuant to a resolution from the commission. Those pledges shall be governed under Chapter 5.5 (commencing with Section 5450) of Division 6 of Title 1 of the Government Code. The resolution may contain any of the following provisions, which shall be a part of the contract with the holders of the notes to be authorized:

(a)Provisions pledging receipt of future federal transportation funds to secure the payment of the notes or of any particular issue of notes, subject to those agreements with noteholders as may then exist, and pledging moneys held in funds and accounts pursuant to the note issue, or the earnings thereon. The Treasurer may authorize classes of notes having different priority in the receipt of available federal transportation funds.

(b)Provisions for the investment of proceeds of the notes or of the moneys received by the Treasurer for repayment of the notes.

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Legislative history

Added by Stats. 1999, Ch. 862, Sec. 3. Effective January 1, 2000.