Refunding bonds shall be valid and binding obligations of the State of California, and the full faith and credit of the State of California shall be pledged for the punctual payment of the principal of and interest on the bonds as the principal and interest become due and payable.
Cal. Gov. Code § 16785
Refunding Bonds
Known as the State General Obligation Bond Law
The act spans §§ 16720–16787 (51 sections).
Added by Stats. 1987, Ch. 1030, Sec. 3.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.