California Government Code 64130 – Upon dissolution of the authority, title to all property owned by the …
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Upon dissolution of the authority, title to all property owned by the authority shall vest in the successor authority created by the Legislature, if any, if the successor authority qualifies under Section 103 of the federal Internal Revenue Code of 1954, as amended, and the regulations promulgated thereunder, as an authority entitled to issue obligations on behalf of the State of California the interest on which is exempt from federal income taxation. If no successor authority is so created, title to the property shall vest in the state.
(Added by Stats. 2009, Ch. 474, Sec. 1. (AB 798) Effective January 1, 2010.)
Terms Used In California Government Code 64130
- Authority: shall mean the California Transportation Financing Authority. See California Government Code 64102
- State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18