Cal. Gov. Code § 50715

Current through the 2023 Legislative Session.

Section 50715 - Issued in name of local agency; obligation of project only; recital in bonds

The board shall issue revenue bonds in the name of the local agency. These bonds shall constitute obligations of the project only, and neither the payment of the principal or interest of any such bond constitutes a debt, liability or obligation of the local agency or of the State of California. All bonds issued by the board shall contain a recital on their face that neither the payment of the principal or any part thereof nor any interest thereon constitutes a debt, liability or obligation of the local agency or of the State.

Ca. Gov. Code § 50715

Added by Stats. 1957, Ch. 2066.