California Military and Veterans Code

§ 481.2

MVC § 481.2Div. 2 · Part 1 · Ch. 10 · Art. 2

Statute text

Revenue bonds shall be issued in the name of the department and as the obligation of the department, but neither the principal of, nor the interest on, any revenue bonds shall be or become a lien, charge or liability against the State of California, the department, or the California National Guard Finance Committee, or against the property or funds of any of them, except to the extent of the pledge of revenues as may be provided by the resolution of issuance pursuant to which such revenue bonds are issued. Every revenue bond shall contain a recital substantially as follows: “Neither the faith and credit nor the taxing power of the State of California is pledged to the payment of the principal of or interest on this bond.”

Legislative history

Added by Stats. 1978, Ch. 1274.