Statute · California Constitution
Cal. Const. art. III, § 9 — STATE OF CALIFORNIA
Cal. Const. art. III, § 9
- Type
- Statute
- Source
- California Constitution
- Jurisdiction
- California
- Current through
- Nov 2, 2026 (California Legislative Counsel)
The proceeds from the sale of surplus state property occurring on or after the effective date of this section, and any proceeds from the previous sale of surplus state property that have not been expended or encumbered as of that date, shall be used to pay the principal and interest on bonds…
Citator
Cal. Const. art. III, § 9 — STATE OF CALIFORNIA is in force in the current edition of the Code, and nothing recorded condemns it.
The proceeds from the sale of surplus state property occurring on or after the effective date of this section, and any proceeds from the previous sale of surplus state property that have not been expended or encumbered as of that date, shall be used to pay the principal and interest on bonds issued pursuant to the Economic Recovery Bond Act authorized at the March 2, 2004, statewide primary election. Once the principal and interest on those bonds are fully paid, the proceeds from the sale of surplus state property shall be deposited into the Special Fund for Economic Uncertainties, or any successor fund. For purposes of this section, surplus state property does not include property purchased with revenues described in Article XIX or any other special fund moneys.