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California Harbors and Navigation Code

§ 77

HNC § 77Div. 1 · Ch. 2 · Art. 5

Statute text

View on leginfo.ca.gov
(a)The department, subject to the approval of the Director of Finance, may borrow funds from the Harbors and Watercraft Revolving Fund when a borrower has defaulted from any financial obligation and funds are required to protect the security interest of the department with respect to any loan made under Section 76.3.
(b)The funds borrowed under this section shall be repaid within three years from the date of the approval of the Director of Finance. The repayment shall include the principal amount of the loan, plus interest equal to the rate of earnings of money deposited in the Surplus Money Investment Fund at the time the loan is approved by the Director of Finance.
(c)A maximum of ten million dollars ($10,000,000) per year may be used for purposes of this section.
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Legislative history

Added by Stats. 1990, Ch. 1500, Sec. 3.

Source: California Harbors and Navigation Code § 77 from the California Legislative Information (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.