Statute · California Government Code
Cal. Gov't Code § 14553.7 — Selection of Projects
Cal. Gov't Code § 14553.7
- Type
- Statute
- Source
- California Government Code
- Jurisdiction
- California
- Date
- 2000-01-01
- Current through
- Nov 2, 2026 (California Legislative Counsel)
In order to provide security for repayment of the notes, the commission shall adopt a resolution dedicating and pledging any future receipts of federal transportation funds received by the state to the payment of principal of, and interest and premium on the notes, for as long as any notes…
Citator
Cal. Gov't Code § 14553.7 — Selection of Projects is in force in the current edition of the Code, and nothing recorded condemns it.
In order to provide security for repayment of the notes, the commission shall adopt a resolution dedicating and pledging any future receipts of federal transportation funds received by the state to the payment of principal of, and interest and premium on the notes, for as long as any notes remain outstanding. That action shall constitute a pledge or receipt of those moneys as collateral within the meaning of subdivision (b) of Section 5450. The pledge shall be governed under Chapter 5.5 (commencing with Section 5450) of Division 6 of Title 1 of the Government Code. The commission shall be deemed a “public body” for purposes of Section 5451, as defined in Section 5450.