California § 53859.06. 53859.06. (Amended by Stats. 1978, Ch. 637.)

California Statutes

§ 53859.06. — 53859.06. (Amended by Stats. 1978, Ch. 637.)

California·Code GOV Government Code - GOV·Div. 2.·Title 5. DIVISION 2. CITIES, COUNTIES, AND OTHER AGENCIES·Part 1. PART 1. POWERS AND DUTIES COMMON TO CITIES, COUNTIES, AND OTHER AGENCIES·Ch. 4. CHAPTER 4. Financial Affairs·Art. 7.7. ARTICLE 7.7. Grant Anticipation Notes

Grant or loan funds from the state or federal government for any legally authorized capital improvement for which the local agency is authorized to expend moneys, when stated by the granting or loaning authority to be committed, appropriated and payable to the local agency on a specified date or dates, or event or events, shall be pledged for the payment of the grant anticipation note or notes and the interest thereon. The note or notes and the interest thereon are a first lien upon and charge against the grant or loan funds.

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Grant or loan funds from the state or federal government for any legally authorized capital improvement for which the local agency is authorized to expend moneys, when stated by the granting or loaning authority to be committed, appropriated and payable to the local agency on a specified date or dates, or event or events, shall be pledged for the payment of the grant anticipation note or notes and the interest thereon. The note or notes and the interest thereon are a first lien upon and charge against the grant or loan funds.

California § 53859.06. (53859.06. (Amended by Stats. 1978, Ch. 637.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.