California · Government Code

GOV §26399: “Bonds” as used in this chapter means the written evidence of any obligation incurred by the board payable out of revenues as provided in this chapter in order to secure funds with which to carry out

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What this law says, in plain English

This statute defines 'bonds' as written evidence of financial obligations that a board incurs and pays from revenues to secure funds for carrying out purposes under this chapter.

Read the full statutory text

“Bonds” as used in this chapter means the written evidence of any obligation incurred by the board payable out of revenues as provided in this chapter in order to secure funds with which to carry out the purposes of this chapter irrespective of the form of such obligation whether in the form of bonds, notes, debentures, interest bearing certificates or other forms prescribed by the board.

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