§ 7407. — 7407. (Added by Stats. 1988, Ch. 43, Sec. 2.)

(a)
All bonds herein authorized, which shall have been duly sold and delivered as herein provided, shall constitute valid and legally binding general obligations of the State of California, and the full faith and credit of the State of California is hereby pledged for the punctual payment of both the principal thereof and interest thereon.
(b)
There shall be collected annually in the same manner and at the same time as other state revenue
is collected such a sum, in addition to the ordinary revenues of the state, as shall be required to pay the principal of and interest on those bonds, and it is hereby made the duty of all officers charged by law with any duty in regard to the collection of that revenue to do and perform each and every act which shall be necessary to collect that additional sum.
(c)
All money deposited in the fund which has been derived from premiums or accrued interest on bonds sold shall be available for transfer to the General Fund as a credit to expenditures for bond interest.
(d)
All money deposited in the fund pursuant to any provision of law requiring repayments to the state which are financed by the proceeds of the bonds authorized by this chapter shall be available for transfer to the General Fund. When transferred to the General Fund that money shall be applied as a reimbursement to the
General Fund on account of the principal of and interest on the bonds which has been paid from the General Fund.

Legislative History

Added by Stats. 1988, Ch. 43, Sec. 2. Approved in Proposition 80 at the November 8, 1988, election.