(a) The total amount of revenue bonds that may be issued and outstanding at any time for purposes of this chapter shall not exceed four billion four hundred million dollars ($4,400,000,000).
(b) For purposes of subdivision (a) bonds that meet any of the following conditions shall not be deemed to be outstanding:
(1) Bonds that have been refunded pursuant to Section 17188.
(2) Bonds for which money or securities in amounts necessary to pay or redeem the principal, interest, or any redemption premium on the bonds have been deposited in trust.
(3) Bonds that have been issued to finance or refinance working capital.
(Amended by Stats. 2014, Ch. 416, Sec. 3. (AB 1979) Effective January 1, 2015.)
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