§ 8670.53.5. — 8670.53.5. (Amended by Stats. 2007, Ch. 373, Sec. 14.)

California § 8670.53.5.

• Jurisdiction: California
• Code GOV: Government Code - GOV
• Div.: 1.
• Title 2.: DIVISION 1. GENERAL
• Ch. 7.4.: CHAPTER 7.4. Oil Spill Response and Contingency Planning
• Art. 7.5.: ARTICLE 7.5. Borrowing Authority

Text

Any financial arrangements made or issued pursuant to this article or subdivision (o) of Section 8670.48, including the issuance of bonds or other obligations, and the repayment of any of these obligations, shall be special obligations of the state secured solely by the moneys in the fund. None of these financial arrangements, including bonds or other obligations, shall be or become a lien, charge, or liability against the State of California or against its property or funds except to the extent of the pledges expressly made by this article. Each of these financial arrangements, including bonds or other obligations, shall contain a recital stating that neither the payment of the principal thereof, nor any interest thereon, constitutes a debt, liability, or general obligation of the State of California other than as provided in this article, and neither the faith and credit nor the taxing power of the state are pledged to the repayment thereof.

Legislative History

Amended by Stats. 2007, Ch. 373, Sec. 14. Effective October 10, 2007.