Section 3361 Of Chapter 5. State Fair Leasing Authority From California Food And Agricultural Code >> Division 3. >> Part 2. >> Chapter 5.
3361
. The State of California pledges to, and agrees with, the
holders of any bonds, other indebtedness, or obligations for the
financing of the improvements described in the master plan pursuant
to Section 3355, and which are issued or executed and delivered by
the authority, or the California Exposition and State Fair, that the
state will not alter or change the structure of funding of, and
deposits to, the authority or to the California Exposition and State
Fair pursuant to the provisions of Article 9.2 (commencing with
Section 19605) of Chapter 4 of Division 8 of the Business and
Professions Code, or the pledge of funds for debt service, security,
including any coverage factors, and expenses entered into pursuant to
this chapter until the bonds, other indebtedness, or obligations are
fully paid or discharged or have been fully provided for in
accordance with their terms. However, nothing precludes any
alteration or change if and when adequate provision has been made by
law for the protection from impairment of the contract represented by
the bonds, other indebtedness, or obligations, and the right to
alter or change is hereby reserved. The authority, and the California
Exposition and State Fair, are each authorized to include this
pledge and undertaking of the state in their bonds, agreements
evidencing other indebtedness, and other indebtedness or obligations
for the financing of the improvements described in the master plan
pursuant to Section 3355.
The authority shall notify the Joint Legislative Budget Committee
at least 90 days prior to authorizing the sale of revenue bonds
pursuant to this chapter. The notice shall specify all the terms and
conditions of the revenue bonds, including, but not limited to, the
total amount of the bonds, the revenue source, and the repayment
period. Any bond so issued shall contain on its face a statement to
the following effect: "Neither the full faith and credit nor the
taxing power of the State of California is pledged to the payment of
the principal of, or interest on, this bond."