§ 11720 Central Valley Project Bonds

Water Code·California

AI SummaryVerified

This law says that bonds (like loans) for the Central Valley Project are paid back using money made from the project, not by the state of California.

Key Takeaways

•Bonds for the Central Valley Project are paid back using project money, not state money.
•The state of California is not responsible for paying back these bonds.
•The bonds are secured by the money made from the project.

Example

Imagine the Central Valley Project builds a dam that sells water to farmers.

The money from selling water pays back the loan for building the dam, not the state's general funds.

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

Official Source

View on CA.gov

§ 11720 Central Valley Project Bonds

Bonds issued under this part shall contain a recital on the face thereof that the payment or redemption of the bonds and the payment of interest thereon is secured by a first and direct charge and lien upon the revenues of any nature whatever received from the operation of the Central Valley Project for the construction of which the bonds are issued and that neither the payment of the principal or any part thereof or any interest thereon constitutes a debt, liability, or obligation of the State of California. (Added by Stats. 1943, Ch. 370.)

Last verified: January 11, 2026

Key Terms

Bonds Central Valley Project first and direct charge and lien State of California

References

Official text at leginfo.legislature.ca.gov
California Legislature. Water Code. Section 11720.

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References