California § 14553.7. 14553.7. (Added by Stats. 1999, Ch. 862, Sec. 3.)

California Statutes

§ 14553.7. — 14553.7. (Added by Stats. 1999, Ch. 862, Sec. 3.)

California § 14553.7.

JurisdictionCalifornia

Code GOVGovernment Code - GOV

Div.3.

Title 2.DIVISION 3. EXECUTIVE DEPARTMENT

Part 5.3.PART 5.3. CALIFORNIA TRANSPORTATION COMMISSION

Ch. 4.CHAPTER 4. Federal Highway Grant Anticipation Notes

Art. 3.ARTICLE 3. Selection of Projects

This text of California § 14553.7. (14553.7. (Added by Stats. 1999, Ch. 862, Sec. 3.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Cal. Government Code - GOV Code § 14553.7. (2026).

Text

In order to provide security for repayment of the notes, the commission shall adopt a resolution dedicating and pledging any future receipts of federal transportation funds received by the state to the payment of principal of, and interest and premium on the notes, for as long as any notes remain outstanding. That action shall constitute a pledge or receipt of those moneys as collateral within the meaning of subdivision (b) of Section 5450. The pledge shall be governed under Chapter 5.5 (commencing with Section 5450) of Division 6 of Title 1 of the Government
						Code. The commission shall be deemed a “public body” for purposes of Section 5451, as defined in Section 5450.

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In order to provide security for repayment of the notes, the commission shall adopt a resolution dedicating and pledging any future receipts of federal transportation funds received by the state to the payment of principal of, and interest and premium on the notes, for as long as any notes remain outstanding. That action shall constitute a pledge or receipt of those moneys as collateral within the meaning of subdivision (b) of Section 5450. The pledge shall be governed under Chapter 5.5 (commencing with Section 5450) of Division 6 of Title 1 of the Government
Code. The commission shall be deemed a “public body” for purposes of Section 5451, as defined in Section 5450.