67347. (a) Bonds in the total amount of four hundred fifty million
dollars ($450,000,000), not including the amount of any refunding
bonds issued in accordance with Section 67347.8, or so much thereof
as is necessary, may be issued and sold to provide a fund to be used
for carrying out the purposes expressed in this chapter and to be
used to reimburse the General Obligation Bond Expense Revolving Fund
pursuant to Section 16724.5 of the Government Code. The bonds shall,
when sold, be and constitute a valid and binding obligation of the
State of California, and the full faith and credit of the State of
California is hereby pledged for the punctual payment of both
principal of, and interest on, the bonds as the principal and
interest become due and payable.
(b) Pursuant to this section, the Treasurer shall sell the bonds
authorized by the committee at any different times necessary to
service expenditures required by the apportionments.
67347.1. The bonds authorized by this chapter shall be prepared,
executed, issued, sold, paid, and redeemed as provided in the State
General Obligation Bond Law (Chapter 4 (commencing with Section
16720) of Part 3 of Division 4 of Title 2 of the Government Code),
and all of the provisions of that law apply to the bonds and to this
chapter and are hereby incorporated in this chapter as though set
forth in full in this chapter. For purposes of the State General
Obligation Bond Law, except as specified in Section 67347.7, each
state agency administering an appropriation of the bond fund is
designated the "board" for the projects funded by those
appropriations.
67347.2. The committee shall authorize the issuance of bonds under
this chapter only to the extent necessary to fund the apportionments
that are expressly authorized by the Legislature in the annual Budget
Act. Pursuant to that legislative direction, the committee shall
determine whether or not it is necessary or desirable to issue bonds
authorized pursuant to this chapter in order to carry out the actions
specified in Section 67346.5 and, if so, the amount of bonds to be
issued and sold. Successive issues of bonds may be authorized and
sold to carry out those actions progressively, and it is not
necessary that all of the bonds authorized to be issued be sold at
any one time.
67347.3. There shall be collected each year and in the same manner
and at the same time as other state revenue is collected, in addition
to the ordinary revenues of the state, a sum in an amount required
to pay the principal of, and interest on, the bonds each year, and it
is the duty of all officers charged by law with any duty in regard
to the collection of the revenue to do and perform each and every act
which is necessary to collect that additional sum.
67347.4. Notwithstanding Section 13340 of the Government Code,
there is hereby appropriated from the General Fund in the State
Treasury, for the purposes of this chapter, an amount that will equal
the total of the following:
(a) The sum annually necessary to pay the principal of, and
interest on, bonds issued and sold pursuant to this chapter, as the
principal and interest become due and payable.
(b) The sum which is necessary to carry out the provisions of
Section 67347.5, appropriated without regard to fiscal years.
67347.5. For the purposes of carrying out this chapter, the
Director of Finance may, by executive order, authorize the withdrawal
from the General Fund of an amount or amounts not to exceed the
amount of the unsold bonds which have been authorized by the
committee to be sold for the purpose of carrying out this chapter.
Any amounts withdrawn shall be deposited in the fund. Any money made
available under this section shall be returned to the General Fund,
together with interest at the rate paid on moneys in the Pooled Money
Investment Account, from money received from the sale of bonds for
the purpose of carrying out this chapter.
67347.6. All money deposited in the fund that is derived from
premium and accrued interest on bonds sold shall be reserved in the
fund and shall be available for transfer to the General Fund as a
credit to expenditures for bond interest.
67347.7. The board may request the Pooled Money Investment Board
for a loan from the Pooled Money Investment Account, in accordance
with Section 16312 of the Government Code, and may execute those
documents required by the Pooled Money Investment Board to obtain and
repay the loan. The loan shall be deposited in the fund for the
purpose of carrying out the provisions of this chapter. The amount of
the loan shall not exceed the amount of the unsold bonds that the
committee, by resolution, has authorized to be sold for the purposes
of this chapter.
For the purposes of requesting Pooled Money Investment Board loans
in accordance with this section, "board" means: the President of the
University of California, the Dean of the Hastings College of the
Law, the Chancellor of the California State University, the President
of the California Maritime Academy, and the Chancellor of the
California Community Colleges, each acting independently on his or
her own behalf.
67347.8. Any bonds issued and sold pursuant to this chapter may be
refunded by the issuance and sale or exchange of refunding bonds in
accordance with Article 6 (commencing with Section 16780) of Chapter
4 of Part 3 of Division 4 of Title 2 of the Government Code. The
approval by the electors of this state of the issuance and sale of
bonds under this chapter includes approval of the issuance and sale
or exchange of any bonds issued to refund either those bonds or any
previously issued refunding bonds.
67347.9. Notwithstanding any provision of this chapter or the State
General Obligation Bond Law set forth in Chapter 4 (commencing with
Section 16720) of Part 3 of Division 4 of Title 2 of the Government
Code, if the Treasurer sells bonds pursuant to this chapter the
interest on which is intended to be excluded from gross income for
federal tax purposes, the Treasurer shall be authorized to maintain
separate accounts for the investment of bond proceeds and the
investment earnings on these proceeds, and the Treasurer shall be
authorized to use or direct the use of these proceeds or earnings to
pay any rebate, penalty, or other payment required under federal law
or to take any other action with respect to the investment and use of
bond proceeds required or desirable under federal law so as to
maintain the tax-exempt status of those bonds and to obtain any other
advantage under federal law on behalf of the funds of this state.
67347. (a) Bonds in the total amount of four hundred fifty million
dollars ($450,000,000), not including the amount of any refunding
bonds issued in accordance with Section 67347.8, or so much thereof
as is necessary, may be issued and sold to provide a fund to be used
for carrying out the purposes expressed in this chapter and to be
used to reimburse the General Obligation Bond Expense Revolving Fund
pursuant to Section 16724.5 of the Government Code. The bonds shall,
when sold, be and constitute a valid and binding obligation of the
State of California, and the full faith and credit of the State of
California is hereby pledged for the punctual payment of both
principal of, and interest on, the bonds as the principal and
interest become due and payable.
(b) Pursuant to this section, the Treasurer shall sell the bonds
authorized by the committee at any different times necessary to
service expenditures required by the apportionments.
67347.1. The bonds authorized by this chapter shall be prepared,
executed, issued, sold, paid, and redeemed as provided in the State
General Obligation Bond Law (Chapter 4 (commencing with Section
16720) of Part 3 of Division 4 of Title 2 of the Government Code),
and all of the provisions of that law apply to the bonds and to this
chapter and are hereby incorporated in this chapter as though set
forth in full in this chapter. For purposes of the State General
Obligation Bond Law, except as specified in Section 67347.7, each
state agency administering an appropriation of the bond fund is
designated the "board" for the projects funded by those
appropriations.
67347.2. The committee shall authorize the issuance of bonds under
this chapter only to the extent necessary to fund the apportionments
that are expressly authorized by the Legislature in the annual Budget
Act. Pursuant to that legislative direction, the committee shall
determine whether or not it is necessary or desirable to issue bonds
authorized pursuant to this chapter in order to carry out the actions
specified in Section 67346.5 and, if so, the amount of bonds to be
issued and sold. Successive issues of bonds may be authorized and
sold to carry out those actions progressively, and it is not
necessary that all of the bonds authorized to be issued be sold at
any one time.
67347.3. There shall be collected each year and in the same manner
and at the same time as other state revenue is collected, in addition
to the ordinary revenues of the state, a sum in an amount required
to pay the principal of, and interest on, the bonds each year, and it
is the duty of all officers charged by law with any duty in regard
to the collection of the revenue to do and perform each and every act
which is necessary to collect that additional sum.
67347.4. Notwithstanding Section 13340 of the Government Code,
there is hereby appropriated from the General Fund in the State
Treasury, for the purposes of this chapter, an amount that will equal
the total of the following:
(a) The sum annually necessary to pay the principal of, and
interest on, bonds issued and sold pursuant to this chapter, as the
principal and interest become due and payable.
(b) The sum which is necessary to carry out the provisions of
Section 67347.5, appropriated without regard to fiscal years.
67347.5. For the purposes of carrying out this chapter, the
Director of Finance may, by executive order, authorize the withdrawal
from the General Fund of an amount or amounts not to exceed the
amount of the unsold bonds which have been authorized by the
committee to be sold for the purpose of carrying out this chapter.
Any amounts withdrawn shall be deposited in the fund. Any money made
available under this section shall be returned to the General Fund,
together with interest at the rate paid on moneys in the Pooled Money
Investment Account, from money received from the sale of bonds for
the purpose of carrying out this chapter.
67347.6. All money deposited in the fund that is derived from
premium and accrued interest on bonds sold shall be reserved in the
fund and shall be available for transfer to the General Fund as a
credit to expenditures for bond interest.
67347.7. The board may request the Pooled Money Investment Board
for a loan from the Pooled Money Investment Account, in accordance
with Section 16312 of the Government Code, and may execute those
documents required by the Pooled Money Investment Board to obtain and
repay the loan. The loan shall be deposited in the fund for the
purpose of carrying out the provisions of this chapter. The amount of
the loan shall not exceed the amount of the unsold bonds that the
committee, by resolution, has authorized to be sold for the purposes
of this chapter.
For the purposes of requesting Pooled Money Investment Board loans
in accordance with this section, "board" means: the President of the
University of California, the Dean of the Hastings College of the
Law, the Chancellor of the California State University, the President
of the California Maritime Academy, and the Chancellor of the
California Community Colleges, each acting independently on his or
her own behalf.
67347.8. Any bonds issued and sold pursuant to this chapter may be
refunded by the issuance and sale or exchange of refunding bonds in
accordance with Article 6 (commencing with Section 16780) of Chapter
4 of Part 3 of Division 4 of Title 2 of the Government Code. The
approval by the electors of this state of the issuance and sale of
bonds under this chapter includes approval of the issuance and sale
or exchange of any bonds issued to refund either those bonds or any
previously issued refunding bonds.
67347.9. Notwithstanding any provision of this chapter or the State
General Obligation Bond Law set forth in Chapter 4 (commencing with
Section 16720) of Part 3 of Division 4 of Title 2 of the Government
Code, if the Treasurer sells bonds pursuant to this chapter the
interest on which is intended to be excluded from gross income for
federal tax purposes, the Treasurer shall be authorized to maintain
separate accounts for the investment of bond proceeds and the
investment earnings on these proceeds, and the Treasurer shall be
authorized to use or direct the use of these proceeds or earnings to
pay any rebate, penalty, or other payment required under federal law
or to take any other action with respect to the investment and use of
bond proceeds required or desirable under federal law so as to
maintain the tax-exempt status of those bonds and to obtain any other
advantage under federal law on behalf of the funds of this state.
67347. (a) Bonds in the total amount of four hundred fifty million
dollars ($450,000,000), not including the amount of any refunding
bonds issued in accordance with Section 67347.8, or so much thereof
as is necessary, may be issued and sold to provide a fund to be used
for carrying out the purposes expressed in this chapter and to be
used to reimburse the General Obligation Bond Expense Revolving Fund
pursuant to Section 16724.5 of the Government Code. The bonds shall,
when sold, be and constitute a valid and binding obligation of the
State of California, and the full faith and credit of the State of
California is hereby pledged for the punctual payment of both
principal of, and interest on, the bonds as the principal and
interest become due and payable.
(b) Pursuant to this section, the Treasurer shall sell the bonds
authorized by the committee at any different times necessary to
service expenditures required by the apportionments.
67347.1. The bonds authorized by this chapter shall be prepared,
executed, issued, sold, paid, and redeemed as provided in the State
General Obligation Bond Law (Chapter 4 (commencing with Section
16720) of Part 3 of Division 4 of Title 2 of the Government Code),
and all of the provisions of that law apply to the bonds and to this
chapter and are hereby incorporated in this chapter as though set
forth in full in this chapter. For purposes of the State General
Obligation Bond Law, except as specified in Section 67347.7, each
state agency administering an appropriation of the bond fund is
designated the "board" for the projects funded by those
appropriations.
67347.2. The committee shall authorize the issuance of bonds under
this chapter only to the extent necessary to fund the apportionments
that are expressly authorized by the Legislature in the annual Budget
Act. Pursuant to that legislative direction, the committee shall
determine whether or not it is necessary or desirable to issue bonds
authorized pursuant to this chapter in order to carry out the actions
specified in Section 67346.5 and, if so, the amount of bonds to be
issued and sold. Successive issues of bonds may be authorized and
sold to carry out those actions progressively, and it is not
necessary that all of the bonds authorized to be issued be sold at
any one time.
67347.3. There shall be collected each year and in the same manner
and at the same time as other state revenue is collected, in addition
to the ordinary revenues of the state, a sum in an amount required
to pay the principal of, and interest on, the bonds each year, and it
is the duty of all officers charged by law with any duty in regard
to the collection of the revenue to do and perform each and every act
which is necessary to collect that additional sum.
67347.4. Notwithstanding Section 13340 of the Government Code,
there is hereby appropriated from the General Fund in the State
Treasury, for the purposes of this chapter, an amount that will equal
the total of the following:
(a) The sum annually necessary to pay the principal of, and
interest on, bonds issued and sold pursuant to this chapter, as the
principal and interest become due and payable.
(b) The sum which is necessary to carry out the provisions of
Section 67347.5, appropriated without regard to fiscal years.
67347.5. For the purposes of carrying out this chapter, the
Director of Finance may, by executive order, authorize the withdrawal
from the General Fund of an amount or amounts not to exceed the
amount of the unsold bonds which have been authorized by the
committee to be sold for the purpose of carrying out this chapter.
Any amounts withdrawn shall be deposited in the fund. Any money made
available under this section shall be returned to the General Fund,
together with interest at the rate paid on moneys in the Pooled Money
Investment Account, from money received from the sale of bonds for
the purpose of carrying out this chapter.
67347.6. All money deposited in the fund that is derived from
premium and accrued interest on bonds sold shall be reserved in the
fund and shall be available for transfer to the General Fund as a
credit to expenditures for bond interest.
67347.7. The board may request the Pooled Money Investment Board
for a loan from the Pooled Money Investment Account, in accordance
with Section 16312 of the Government Code, and may execute those
documents required by the Pooled Money Investment Board to obtain and
repay the loan. The loan shall be deposited in the fund for the
purpose of carrying out the provisions of this chapter. The amount of
the loan shall not exceed the amount of the unsold bonds that the
committee, by resolution, has authorized to be sold for the purposes
of this chapter.
For the purposes of requesting Pooled Money Investment Board loans
in accordance with this section, "board" means: the President of the
University of California, the Dean of the Hastings College of the
Law, the Chancellor of the California State University, the President
of the California Maritime Academy, and the Chancellor of the
California Community Colleges, each acting independently on his or
her own behalf.
67347.8. Any bonds issued and sold pursuant to this chapter may be
refunded by the issuance and sale or exchange of refunding bonds in
accordance with Article 6 (commencing with Section 16780) of Chapter
4 of Part 3 of Division 4 of Title 2 of the Government Code. The
approval by the electors of this state of the issuance and sale of
bonds under this chapter includes approval of the issuance and sale
or exchange of any bonds issued to refund either those bonds or any
previously issued refunding bonds.
67347.9. Notwithstanding any provision of this chapter or the State
General Obligation Bond Law set forth in Chapter 4 (commencing with
Section 16720) of Part 3 of Division 4 of Title 2 of the Government
Code, if the Treasurer sells bonds pursuant to this chapter the
interest on which is intended to be excluded from gross income for
federal tax purposes, the Treasurer shall be authorized to maintain
separate accounts for the investment of bond proceeds and the
investment earnings on these proceeds, and the Treasurer shall be
authorized to use or direct the use of these proceeds or earnings to
pay any rebate, penalty, or other payment required under federal law
or to take any other action with respect to the investment and use of
bond proceeds required or desirable under federal law so as to
maintain the tax-exempt status of those bonds and to obtain any other
advantage under federal law on behalf of the funds of this state.
