TITLE 2. GOVERNMENT OF THE STATE OF CALIFORNIA 8000-22980›DIVISION 3. EXECUTIVE DEPARTMENT 11000-15990.3›PART 5.3. CALIFORNIA TRANSPORTATION COMMISSION 14500-14565›CHAPTER 4. Federal Highway Grant Anticipation Notes 14550-14555.9›ARTICLE 3. Selection of Projects 14553-14553.10
§ 14553.7
California Government Code · 2026-09 edition · updated 2026-10-03 · California
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.
(Added by Stats. 1999, Ch. 862, Sec. 3. Effective January 1, 2000.)
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