California Government Code

§ 62583

GOV § 62583 Effective Jan 1, 2025Title 6.5 · Part 2 · Ch. 2 · Art. 3

Statute text

(a)The authority or any person executing the bonds issued pursuant to this title shall not be personally liable on the bonds by reason of their issuance.

(b)The bonds and other obligations of the authority are not a debt of any city, county, or special district, or any of its affiliated entities, or of the state or of any of its political subdivisions, other than the authority, and neither a city, county, special district, nor the state or any of its political subdivisions, other than the authority, shall be liable on the bonds, and the bonds or obligations shall be payable exclusively from funds or properties of the authority, as specified in the applicable bond or other security document. Bonds issued pursuant to this title shall contain a statement to this effect on their face.

(c)If the signature of any member of the authority or staff member of the authority appears on bonds issued pursuant to this title, and that individual ceases to be a member of the authority or staff member of the authority before delivery of the bonds, that member’s signature shall be as effective as if the member had remained in office.

Legislative history

Added by Stats. 2024, Ch. 767, Sec. 1. (SB 440) Effective January 1, 2025.