Public Resources Code section 32153

The State of California does hereby pledge to, and agree with, the holders of any obligations issued under this division, and with those parties who may enter into contracts with the authority pursuant to this division, that the state will not limit or alter the rights hereby vested in the authority to finance any project and to fulfill the terms of any loan agreement, lease, or other contract with the authority pursuant to this division, or in any way impair the rights or remedies of the bonds or the parties until those obligations, together with the interest thereon, are fully met and discharged and those contracts are fully performed on the part of the authority. However, nothing in this section precludes this limitation or alteration if and when adequate provision has been made by law for the protection of the holders of those obligations of the authority or those entering into those contracts with the authority. The authority, as agent for the state, is authorized to include this pledge and undertaking for the state in its obligations or contracts.

Source: Section 32153, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=PRC§ionNum=32153.­ (accessed May 9, 2025).

Last Updated

Apr. 24, 2025

§ 32153’s source at ca​.gov