Harb. & Nav. Code, § 77 · Article 5. Recreational Marinas
Harb. & Nav. Code, § 77
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
(a) The department, subject to the approval of the Director of Finance, may borrow funds from the Harbors and Watercraft Revolving Fund when a borrower has defaulted from any financial obligation and funds are required to protect the security interest of the department with respect to any loan made under Section 76.3.
(b) The funds borrowed under this section shall be repaid within three years from the date of the approval of the Director of Finance. The repayment shall include the principal amount of the loan, plus interest equal to the rate of earnings of money deposited in the Surplus Money Investment Fund at the time the loan is approved by the Director of Finance.
(c) A maximum of ten million dollars ($10,000,000) per year may be used for purposes of this section.
(d) The borrowed funds may be used to do any of the following:
(1) Pay any administrative and legal expenses incurred in connection with those defaults.
(2) Acquire through negotiated purchase or bid at auction any property which serves as collateral for those defaulted loans.
(3) Pay any costs of operating and maintaining a recreational marina acquired as a result of a failed loan, until the marina is sold.
Notes and commentary — not statutory text
History
Added by Stats. 1990, Ch. 1500, Sec. 3.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=HNC§ionNum=77.
- Text hash
- sha256 92bb9ae78e40ae1ab9940d719073af7e70d183cf769ca4499fe77765db982272
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Harbors and Navigation Code
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.