California Streets and Highways Code

§ 30963

SHC § 30963 Effective Jan 1, 1998Div. 17 · Ch. 4.3

Statute text

(a)The State of California pledges and agrees with the holders of the bonds issued pursuant to this chapter, and with those parties who may enter into contracts with the authority pursuant to this chapter, that the state will not limit, alter, or restrict the rights hereby vested in the authority to finance the toll bridge improvements authorized by this chapter, Chapter 4 (commencing with Section 30910), or Chapter 4.5 (commencing with Section 31000). The State of California pledges and agrees not to impair the terms of any agreements made with the holders of bonds, and with the parties who may enter into contracts with the authority pursuant to this chapter, and pledges and agrees not to impair the rights or remedies of the holders of any revenue bonds or any parties until the bonds, together with interest, are fully paid and discharged and any contracts are fully performed on the part of the authority.

(b)Nothing in this section shall be deemed to pledge the full faith and credit of the State of California.

(c)The authority may include the pledges made pursuant to this section in its revenue bonds.

Legislative history

Added by Stats. 1997, Ch. 328, Sec. 5. Effective January 1, 1998.