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Cal. Gov. Code § 40592

Financial

Known as the Municipal Federal Surplus Property Authority Law

The act spans §§ 40500–40592 (80 sections).

Added by Stats. 1963, Ch. 1227.

The commission shall establish and collect rentals, which, with the proceeds of sales, will yield an amount sufficient:

(a) To pay the costs of administration and operation of the authority;

(b) To pay the costs of maintaining, operating and improving its properties;

(c) To pay the interest on its contracts or bonds;

(d) To provide a fund for the principal of its contracts and bonds as they come due.

Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.