California § 14554. 14554. (Added by Stats. 1999, Ch. 862, Sec. 3.)

California Statutes

§ 14554. — 14554. (Added by Stats. 1999, Ch. 862, Sec. 3.)

California § 14554.

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. 4.ARTICLE 4. Issuance of Notes

This text of California § 14554. (14554. (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 § 14554. (2026).

Text

(a)In order to provide for the financing of selected projects, the Treasurer may issue tax-exempt or taxable notes under this article. Proceeds of the sale of those notes shall be deposited in the Transportation Financing Subaccount, which is hereby created as a special trust fund in the State Highway Account in the State Transportation Fund. The funds in the subaccount shall be available for use as directed by the commission and administered by the department and to pay costs associated with the issuance or further security of the notes or for capitalized interest of up to 12 months.

(b)Any issue of notes may be secured and made more attractive to capital markets through financial instruments, including, but not limited to, the following:

(1)Credit enhancements, including, but no

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(a)
In order to provide for the financing of selected projects, the Treasurer may issue tax-exempt or taxable notes under this article. Proceeds of the sale of those notes shall be deposited in the Transportation Financing Subaccount, which is hereby created as a special trust fund in the State Highway Account in the State Transportation Fund. The funds in the subaccount shall be available for use as directed by the commission and administered by the department and to pay costs associated with the issuance or further security of the notes
or for capitalized interest of up to 12 months.
(b)
Any issue of notes may be secured and made more attractive to capital markets through financial instruments, including, but not limited to, the following:
(1)
Credit enhancements, including, but not limited to, letters of credit, bond insurance, and surety bonds provided by private sector financial institutions.
(2)
Insurance and guarantees provided by any other agency of the state.