California Government Code

§ 5900

GOV § 5900 Effective Sep 30, 1986Div. 6 · Title 1 · Ch. 11

Statute text

The Legislature finds and declares all of the following:

(a)The ability of the state and local governments to issue bonds is essential to their ability to finance public improvements and other projects and programs which serve important public purposes and have major social and economic consequences to the people of California.

(b)The exemption of interest on these bonds from federal income taxation has been a major feature of this financing, reducing interest costs to the state and local government issuers and enhancing the marketability of the bonds.

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Legislative history

Added by Stats. 1986, Ch. 1389, Sec. 1. Effective September 30, 1986.