LawWiki
HomeCodesSearchGlossaryAPIAbout
LawWiki

Plain English summaries of California law with zero-hallucination AI. Every summary is verified against official source text.

Product

  • Search
  • Codes
  • About

Legal

  • Privacy Policy
  • Terms of Service
  • Disclaimer

© 2026 LawWiki. All rights reserved.

HomeFish and Game CodeDiv. 3Ch. 7Art. 3§ 2640 State Bond Issuance Authority

§ 2640 State Bond Issuance Authority

Fish and Game Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 2640 State Bond Issuance Authority

This law authorizes California to issue up to $85 million in bonds to fund projects described in the chapter and to repay the General Obligation Bond Expense Revolving Fund, with the state’s full faith and credit pledged for repayment.

Key Takeaways

  • •Bonds can be issued for up to $85 million total.
  • •The bonds are a legal obligation of the State of California.
  • •Proceeds must be used for the purposes in the chapter and to reimburse the revolving fund.

Example

A state agency needs money to build a new highway but doesn't have enough cash on hand.

The agency can sell bonds worth up to $85 million. The money from those bonds is used to pay for the highway construction, and later the state repays the bondholders using money from the revolving fund.

How to Calculate

Maximum bond amount = $85,000,000 (or a lower amount if only part is needed)

  1. Identify the amount of money needed for the project.
  2. Compare that amount to the $85,000,000 limit.
  3. Issue bonds for the smaller of the two numbers.

The agency needs $30 million for a bridge repair.

Result: 30000000

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

Official Source
View on CA.gov

§ 2640 State Bond Issuance Authority

Bonds in the total amount of eighty-five million dollars ($85,000,000), or so much thereof as is necessary, may be issued and sold to provide a fund to be used for carrying out the purposes expressed in this chapter and to be used to reimburse the General Obligation Bond Expense Revolving Fund pursuant to Section 16724.5 of the Government Code. The bonds shall, when sold, 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 on the bonds as the principal and interest become due and payable. (Added by Stats. 1984, Ch. 6, Sec. 1. Approved in Proposition 19 at the June 5, 1984, election. Operative July 1, 1984, by Stats. 1984, Ch. 6, Sec. 3.)

Last verified: January 10, 2026

Key Terms

eighty-five million dollars ($85,000,000)General Obligation Bond Expense Revolving Fundfull faith and credit

Related Statutes

  • § 2641 Bond Payment Revenue Collection
  • § 2642 Bond Payment Appropriations
  • § 2643 Bond Proceeds For Wildlife Fund
  • § 2644 Bond Fund Withdrawal Authority
  • § 2644.5 Bond Tax Compliance Accounts

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Fish and Game Code. Section 2640.
View Official Source