California Streets and Highways Code 188.51 – (a) If the department utilizes its authority under Chapter 4 …
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(a) If the department utilizes its authority under Chapter 4 (commencing with Section 14550) of Part 5.3 of Division 3 of the Government Code to issue federal highway grant anticipation notes (GARVEE Bonds) from the state share of federal obligation authority to fund the projects identified in subdivision (a) of Section 188.5, § 14553.6 of the Government Code shall not apply.
(b) State expenditures for the purposes of subdivision (a) shall not exceed 5 percent of the annual amount of federal obligation authority received by the state for a period determined by the department.
Terms Used In California Streets and Highways Code 188.51
- Department: means the Department of Transportation of this state. See California Streets and Highways Code 20
- highway: includes bridges, culverts, curbs, drains, and all works incidental to highway construction, improvement, and maintenance. See California Streets and Highways Code 23
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(Added by Stats. 2001, Ch. 907, Sec. 2. Effective January 1, 2002.)