Government Code - GOV
TITLE 2. GOVERNMENT OF THE STATE OF CALIFORNIA [8000 - 22980]
( Title 2 enacted by Stats. 1943, Ch. 134. ) DIVISION 3. EXECUTIVE DEPARTMENT [11000 - 15986]
( Division 3 added by Stats. 1945, Ch. 111. ) PART 5. DEPARTMENT OF TRANSPORTATION [14000 - 14463]
( Heading of Part 5 amended by Stats. 1972, Ch. 1253. ) CHAPTER 1. General [14000 - 14089]
( Chapter 1 repealed and added by Stats. 1972, Ch. 1253. ) ARTICLE 4. Purchase, Sale, and Leasing of Passenger Transportation Vehicles [14060 - 14066]
( Article 4 added by Stats. 1984, Ch. 1510, Sec. 1. ) 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.
(Added by Stats. 1984, Ch. 1510, Sec. 1. Effective September 28, 1984.)