Section 64126 Of Division 3. California Transportation Financing Authority From California Government Code >> Division 3. >> Title 6.7.
64126
. When the principal of and interest on bonds issued by the
authority to finance the cost of a project or working capital or to
refinance outstanding indebtedness of one or more project sponsors,
including any refunding bonds issued to refund and refinance those
bonds, have been fully paid and retired or when adequate provision
has been made to fully pay and retire those bonds, and all other
conditions of the resolution, the lease, the trust indenture and any
mortgage or deed of trust, security interest, or any other instrument
or instruments authorizing and securing the bonds have been
satisfied and the lien of the mortgage, deed of trust, or security
interest has been released in accordance with the provisions thereof,
the authority shall promptly do all things and execute those
releases, release deeds, reassignments, deeds, and conveyances
necessary and required to convey or release any rights, title, and
interest of the authority in the project so financed or refinanced,
or securities or instruments pledged or transferred to secure the
bonds, to the project sponsor or sponsors.