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California Reading And Literacy Improvement And Public Library Construction And Renovation Bond Act Of 2006; Article 3. Fiscal Provisions   

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Bonds in the total amount not to exceed a total of six hundred million dollars ($600,000,000), exclusive of refunding bonds issued in accordance with Section 20046, or so much thereof as is necessary, may be issued and sold for deposit in the fund to be used in accordance with, and for carrying out the purposes expressed in, this chapter, including all acts amendatory thereof and supplementary thereto, and to be used to reimburse the General Obligation Bond Expense Revolving Fund pursuant to Section 16724.5 of the Government Code. The bonds, when sold, shall 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 bonds as the principal and interest become due and payable.

(Added by Stats. 2004, Ch. 698, Sec. 1.)

Reference:

Education Code 20046

Government Code 16724.5