Section 99690.5 Of Chapter 6. Bonds From California Public Utilities Code >> Division 10. >> Part 11.5. >> Chapter 6.
99690.5
. Bonds in the total amount of one billion nine hundred
ninety million dollars ($1,990,000,000), exclusive of refunding
bonds, or so much thereof as is necessary, may be issued and sold to
be used for carrying out the purposes expressed in this part and to
be used to reimburse the General Obligation Bond Expense Revolving
Fund pursuant to Section 16724.5 of the Government Code. The bonds,
when sold, shall 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 and interest as they become due and payable.