California Public Resources Code

§ 32116

PRC § 32116Div. 22 · Ch. 4 · Art. 1

Statute text

No liability shall be incurred by the authority beyond the extent to which moneys have been provided under this division, except that, for the purposes of meeting the necessary expenses of initial organization and operation until the date that the authority derives revenues or proceeds from bonds or notes as provided under this division, the authority may borrow money as needed for these expenses from the General Fund in the State Treasury. The borrowed money shall be repaid with interest within a reasonable time after the authority receives revenues or proceeds from bonds or notes as provided under this division.

Legislative history

Added by Stats. 1983, Ch. 1264, Sec. 1.