§ 3209. — 3209. (Added by Stats. 2024, Ch. 559, Sec. 46.)

(a)
The State of California does hereby pledge to and agree with the holders of any bonds or other indebtedness issued, and with those joint powers agencies that may enter into project agreements with fairs or other third parties or authorize bonds or other indebtedness to be issued, in reliance on the revenue and deposits set forth in Section 3203 or the allocations set forth in subdivision (a) of Section 3205, that the state will not alter or change the structure of funding and deposits set forth in, or the pledge of funds for, debt service, security, including any coverage factors, and expenses, pursuant to those sections until the bonds and other indebtedness are fully paid or discharged and the project is fully performed or discharged. However, nothing precludes any alteration or change if and when
adequate provision has been made by law for the protection from impairment of the contracts represented by the bonds, other indebtedness and projects, and the right to so alter or change is hereby reserved. Joint powers agencies may include this pledge and undertaking of the state in the bonds, agreements evidencing other indebtedness, and project agreements.
(b)
The provisions of this chapter related to the issuance of bonds pursuant to Sections 3205 to 3209, inclusive, insofar as they are substantially the same as existing code provisions relating to the same subject matter, shall be construed as restatements and continuations thereof, and not as new enactments.

Legislative History

Added by Stats. 2024, Ch. 559, Sec. 46. (AB 2143) Effective January 1, 2025.