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·Code GOV Government 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

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.

California § 14553.7. (14553.7. (Added by Stats. 1999, Ch. 862, Sec. 3.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.