California Government Code

§ 91541

GOV § 91541 Effective Nov 5, 2009Title 10 · Ch. 1 · Art. 2

Statute text

(a)None of the bonds of an authority or any other obligations of an authority shall be deemed to constitute a debt or liability of the state or any public agency, or a pledge of the faith and credit of the state or any public agency, but shall be payable solely from the funds provided therefor in the proceedings.

(b)The issuance of bonds shall not directly or indirectly or contingently obligate the state or any public agency to levy or to pledge any form of taxation whatsoever therefor or to make any appropriation for their payment.

(c)All bonds shall contain on the face thereof a statement to the following effect: “Neither the faith and credit nor the taxing power of the State of California or the (insert name of public agency) is pledged to the payment of the principal of, premium, if any, or interest on any bond, nor is the state or such (insert “city,” “county,” or “city and county” as appropriate) in any manner obligated to make any appropriation for payment.”

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Legislative history

Amended by Stats. 2009, Ch. 648, Sec. 13. (AB 1009) Effective November 5, 2009.