DIVISION 9. EXPENDITURE LIMITATIONS 7900-7914›PART 1. GENERAL 36501-36525›CHAPTER 2. Sales and Leases 52201-52203›ARTICLE 7.7. Grant Anticipation Notes 53859-53859.08

§ 53859.06

California Government Code · 2026-09 edition · updated 2026-09-27 · California

Grant or loan funds from the state or federal government for any legally authorized capital improvement for which the local agency is authorized to expend moneys, when stated by the granting or loaning authority to be committed, appropriated and payable to the local agency on a specified date or dates, or event or events, shall be pledged for the payment of the grant anticipation note or notes and the interest thereon. The note or notes and the interest thereon are a first lien upon and charge against the grant or loan funds.

(Amended by Stats. 1978, Ch. 637.)

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California Government Code

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