§ 14555.9. — 14555.9. (Added by Stats. 1999, Ch. 862, Sec. 3.)

California § 14555.9.

• Jurisdiction: 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. 4.: ARTICLE 4. Issuance of Notes

Text

Notes issued under the provisions of this chapter may not be deemed to constitute a debt or liability of the state or of any political subdivision thereof, or a pledge of the full faith and credit of the state or of any political subdivision thereof, but shall be payable solely from the funds and revenues pledged therefor. All the notes shall contain on their face a statement to the effect that the State of California shall not be obligated to pay the principal, or the interest on the notes, except from the revenues received by the Treasurer as shall be
provided by the documents governing the revenue note issuance, and that neither the faith and credit nor the taxing power of the State of California or of any of its political subdivisions is pledged to the payment of the principal or interest on the notes. The issuance of notes under this part shall not directly or indirectly or contingently obligate the state or any of its political subdivisions to levy or to pledge any form of taxation whatever or to make any appropriation for their payment.

Legislative History

Added by Stats. 1999, Ch. 862, Sec. 3. Effective January 1, 2000.