California Government Code 15457 – Any net earnings of the authority beyond that necessary for …
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Any net earnings of the authority beyond that necessary for retirement of any obligations issued by the authority or to implement the purposes of this chapter may inure to the benefit only of the State of California or the authority.
(Added by Stats. 1979, Ch. 1033.)
Terms Used In California Government Code 15457
- Authority: means the California Health Facilities Financing Authority created by this part or any board, body, commission, department, or officer succeeding to the principal functions thereof or to which the powers conferred upon the authority by this part shall be given by law. See California Government Code 15432
- State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18