Cal. HNC § 77
This is the official text of Cal. HNC § 77, part of California’s Harbors and Navigation Code — regulates ports, harbors, and boating.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
Official statutory text
(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.
(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.
Status: in_force · Read it on the official government site
Need a lawyer in California?
Find a California lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.