Government Code section 14064

(a)

Equipment obligations shall be sold by the Treasurer, after a resolution requesting the sale has been adopted by the commission. Equipment obligations may be sold by public bid or by a private negotiated sale. The Treasurer may sell equipment obligations at a discount not to exceed 5 percent of the par value thereof.

(b)

Equipment obligations, and the interest thereon, are exempt from taxation in this state, except for gift taxes.

Source: Section 14064, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=GOV§ionNum=14064.­ (updated Sep. 28, 1984; accessed Jul. 21, 2025).

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Verified:
Jul. 21, 2025

§ 14064's source at ca​.gov