Section 4496.30 Of Chapter 3. Fiscal Provisions From California Penal Code >> Title 4.8. >> Part 3. >> Chapter 3.
4496.30
. Bonds in the total amount of five hundred million dollars
($500,000,000), exclusive of refunding bonds, or so much thereof as
is necessary, may be issued and sold to provide a fund to be used for
carrying out the purposes expressed in this title and to be used to
reimburse the General Obligation Bond Expense Revolving Fund pursuant
to Section 16724.5 of the Government Code. The bonds shall, when
sold, be and constitute a valid and binding obligation of the State
of California, and the full faith and credit of the State of
California is hereby pledged for the punctual payment of both
principal of, and interest on, the bonds as the principal and
interest become due and payable.