California Government Code

§ 63031

GOV § 63031 Effective Jan 1, 1996Div. 1 · Title 6.7 · Ch. 2 · Art. 2

Statute text

No liability shall be incurred by the bank beyond the extent to which funds have been provided under this division. However, for the purposes of meeting the necessary expenses of initial organization and operation until the date that the bank derives revenues or proceeds from bonds as provided under this division, the bank may borrow money as needed for the purposes of meeting the necessary expenses of initial organization and operation from the Pooled Money Investment Account, as specified in subdivision (w) of Section 63025.1 or from any special funds, including the special funds of existing financing authorities. The borrowed money shall be repaid with interest within a reasonable time after the bank receives revenues or proceeds from bonds as provided under this division.

Legislative history

Amended by Stats. 1995, Ch. 863, Sec. 15. Effective January 1, 1996.