California Streets and Highways Code

§ 31481

SHC § 31481 Effective Jan 1, 2009Div. 17 · Ch. 7

Statute text

(a)SANDAG may, from time to time, issue bonds in accordance with the Revenue Bond Law of 1941 (Chapter 6 (commencing with Section 54300) of Part 1 of Division 2 of Title 5 of the Government Code) for any of the purposes authorized by this chapter. SANDAG shall constitute a “local agency” within the meaning of Section 54307 of the Government Code. The operation of SANDAG projects or any grouping or units thereof shall constitute an “enterprise” within the meaning of that section.

(b)Article 3 (commencing with Section 54380) of Chapter 6 of Part 1 of Division 2 of Title 5 of the Government Code does not apply to the issuance and sale of bonds pursuant to this chapter and SANDAG shall authorize the issuance of such bonds by resolution of its board.

(c)Any bond issued pursuant to this section shall contain on its face a statement to the following effect: “Neither the full faith and credit nor the taxing power of the State of California is pledged to the payment of principal of, or the interest of this bond.”

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Legislative history

Added by Stats. 2008, Ch. 720, Sec. 1. Effective January 1, 2009.