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HomeHarbors and Navigation CodeDiv. 6Pt. 4Ch. 1§ 3906 Bond Issuance Authorization Limits

§ 3906 Bond Issuance Authorization Limits

Harbors and Navigation Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 3906 Bond Issuance Authorization Limits

This law lets the state sell special money papers (bonds) to get up to $60 million for projects, but they had to do it before July 1, 1999.

Key Takeaways

  • •The state can sell bonds to get money for projects.
  • •They can't sell more than $60 million worth of these bonds.
  • •They had to finish selling all the bonds by July 1, 1999.

Example

Imagine the state wants to build new schools but doesn't have enough money right now.

They can sell bonds (like IOUs) to get the money, but they can't sell more than $60 million worth and had to finish selling them by 1999.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 3906 Bond Issuance Authorization Limits

After adoption of any resolution by the committee, provided for in Section 3907, the State Treasurer shall arrange for the preparation of the requisite number of suitable bonds in accordance with the specifications contained in such resolution. The aggregate par value of all bonds issued under this part shall not exceed the sum of sixty million dollars ($60,000,000). The authorization to issue bonds as herein set forth shall be a continuing authorization until all of said bonds shall have been issued and sold, but no bonds shall be issued or sold pursuant to this part subsequent to July 1, 1999. (Added by Stats. 1958, 1st Ex. Sess., Ch. 103.)

Last verified: January 11, 2026

Key Terms

resolutionState Treasurerbondssixty million dollars ($60,000,000)July 1, 1999

Related Statutes

  • § 3912 Bond Interest Rate Determination
  • § 3921 State Bond Payment Duty
  • § 3923 Bond Destruction Authority
  • § 3925 Bond Maturity Payment Procedure
  • § 3926 Bond Redemption Authority

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Harbors and Navigation Code. Section 3906.
View Official Source