§ 5096.955. — 5096.955. (Added by Stats. 2006, Ch. 33, Sec. 1.)

California § 5096.955.

• Jurisdiction: California
• Code PRC: Public Resources Code - PRC
• Div. 5.: DIVISION 5. PARKS AND MONUMENTS
• Ch. 1.699.: CHAPTER 1.699. Disaster Preparedness and Flood Prevention Bond Act of 2006
• Art. 17.: ARTICLE 17. Fiscal Provisions

Text

(a)
Bonds in the total amount of four billion ninety million dollars ($4,090,000,000), not including the amount of any refunding bonds issued in accordance with Section 5096.966, or so much thereof as is necessary, may be issued and sold to provide a fund to be used for carrying out the purposes expressed in this chapter and to reimburse the General Obligation Bond Expense Revolving Fund pursuant to Section 16724.5 of the Government Code. The bonds, when sold, shall be and constitute valid and binding 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 principal of, and interest on, the bonds as the principal and interest become due and payable.
(b)
The Treasurer shall sell the bonds authorized by the committee pursuant to this section. The bonds shall be sold upon the terms and conditions specified in a resolution to be adopted by the committee pursuant to Section 16731 of the Government Code.

Legislative History

Added by Stats. 2006, Ch. 33, Sec. 1. Approved in Proposition 1E at the November 7, 2006, election.