67350. This chapter shall be known and may be cited as the Higher
Education Facilities Bond Act of 1986.
67351. 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) is adopted for the purpose of the issuance, sale,
and repayment of, and otherwise providing with respect to, the bonds
authorized to be issued by this chapter, and the provisions of that
law are hereby incorporated in this chapter as though set out in full
in this chapter. All references in this chapter to "herein" shall be
deemed to refer both to this chapter and that law.
67352. As used in this chapter, and for the purposes of this
chapter as used in the State General Obligation Bond Law, the
following words shall have the following meanings:
(a) "Board" means the State Public Works Board.
(b) "Committee" means the Higher Education Facilities Finance
Committee, created pursuant to Section 67353.
(c) "Fund" means the Higher Education Capital Outlay Bond Fund,
created pursuant to subdivision (e) of Section 67354.
67353. The Higher Education Facilities Finance Committee is hereby
created, consisting of the Governor, the Controller, the Treasurer,
the Director of Finance, the President of the University of
California, the Chancellor of the California State University, and
the Chancellor of the California Community Colleges, or their
designees. The Treasurer shall serve as chairperson of the committee.
67354. (a) For the purpose of funding aid to the University of
California, the California State University, the California Community
Colleges, and the California Maritime Academy for the construction,
including the construction of buildings and the acquisition of
related fixtures, renovation, and reconstruction of facilities, for
the acquisition of sites upon which these facilities are to be
constructed, for the equipping of new, renovated, or reconstructed
facilities, which equipment shall have a useful life of at least 10
years, to provide funds for payment of preconstruction costs,
including, but not limited to, preliminary plans and working
drawings, and to provide funds to reimburse the General Obligation
Bond Expense Revolving Fund pursuant to Section 16724.5 of the
Government Code, the committee shall be and is hereby authorized and
empowered to create a debt or debts, liability or liabilities, of the
State of California, in the aggregate amount of four hundred million
dollars ($400,000,000) in the manner provided in this chapter, but
not in excess thereof.
(b) 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 when the bonds authorized under this chapter shall be
issued in order to fund the authorized apportionments, and the amount
of the bonds to be issued and sold.
(c) Up to two hundred fifty million dollars ($250,000,000) shall
be available for apportionment in the 1986-87 fiscal year, and up to
one hundred fifty million dollars ($150,000,000) shall be available
for apportionment for the 1987-88 fiscal year, and in each subsequent
fiscal year, except that the maximum aggregate debt or liability
amount set forth in subdivision (a) shall not be exceeded.
(d) Pursuant to this section, the Treasurer shall sell the bonds
authorized by the committee at such different times as necessary to
service expenditures required by the apportionments.
(e) The proceeds of bonds issued and sold pursuant to this chapter
shall be deposited in the Higher Education Capital Outlay Bond Fund,
which is hereby created in the State Treasury.
67354.5. The proceeds of the bonds may also be used to provide
short-term loans to community colleges for the purchase of
instructional equipment. Those loans shall be repaid from the first
moneys available in the Capital Outlay Fund for Public Higher
Education beginning in the 1987-88 fiscal year.
67355. All bonds herein authorized, which shall have been duly sold
and delivered as herein provided, shall constitute valid and legally
binding general obligations 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 and interest thereof.
There shall be collected annually in the same manner and at the
same time as other state revenue is collected a sum, in addition to
the ordinary revenues of the state, as is required to pay the
principal and interest on the bonds as herein provided, and it is
hereby made 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 the additional sum.
67356. There is hereby appropriated from the General Fund in the
State Treasury for the purpose of this chapter, an amount that will
equal the following:
(a) The sum annually as will be necessary to pay the principal of
and the interest on the bonds issued and sold pursuant to the
provisions of this chapter, as the principal and interest become due
and payable.
(b) The sum as is necessary to carry out Section 67357, which sum
is appropriated without regard to fiscal years.
67357. For the purposes of carrying out the provisions of 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 the committee has by
resolution authorized to be sold for the purpose of carrying out this
chapter. Any amounts withdrawn shall be deposited in the fund to be
allocated by the board in accordance with this chapter. Any moneys
made available under this section to the board shall be returned by
the board to the General Fund, together with interest in the amount
that those moneys would have earned in the Pooled Money Investment
Account, which repayment shall be made from moneys received from the
sale of bonds sold for the purpose of carrying out this chapter.
67357.5. Notwithstanding any other provision of this bond act, or
of 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), if the Treasurer sells bonds pursuant to this bond act that
include a bond counsel opinion to the effect that the interest on the
bonds is excluded from gross income for federal tax purposes under
designated conditions, the Treasurer may maintain separate accounts
for the bond proceeds invested and the investment earnings on those
proceeds, and may use or direct the use of those proceeds or earnings
to pay any rebate, penalty, or other payment required under federal
law, or take any other action with respect to the investment and use
of those bond proceeds, as may be required or desirable under federal
law in order 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.
67350. This chapter shall be known and may be cited as the Higher
Education Facilities Bond Act of 1986.
67351. 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) is adopted for the purpose of the issuance, sale,
and repayment of, and otherwise providing with respect to, the bonds
authorized to be issued by this chapter, and the provisions of that
law are hereby incorporated in this chapter as though set out in full
in this chapter. All references in this chapter to "herein" shall be
deemed to refer both to this chapter and that law.
67352. As used in this chapter, and for the purposes of this
chapter as used in the State General Obligation Bond Law, the
following words shall have the following meanings:
(a) "Board" means the State Public Works Board.
(b) "Committee" means the Higher Education Facilities Finance
Committee, created pursuant to Section 67353.
(c) "Fund" means the Higher Education Capital Outlay Bond Fund,
created pursuant to subdivision (e) of Section 67354.
67353. The Higher Education Facilities Finance Committee is hereby
created, consisting of the Governor, the Controller, the Treasurer,
the Director of Finance, the President of the University of
California, the Chancellor of the California State University, and
the Chancellor of the California Community Colleges, or their
designees. The Treasurer shall serve as chairperson of the committee.
67354. (a) For the purpose of funding aid to the University of
California, the California State University, the California Community
Colleges, and the California Maritime Academy for the construction,
including the construction of buildings and the acquisition of
related fixtures, renovation, and reconstruction of facilities, for
the acquisition of sites upon which these facilities are to be
constructed, for the equipping of new, renovated, or reconstructed
facilities, which equipment shall have a useful life of at least 10
years, to provide funds for payment of preconstruction costs,
including, but not limited to, preliminary plans and working
drawings, and to provide funds to reimburse the General Obligation
Bond Expense Revolving Fund pursuant to Section 16724.5 of the
Government Code, the committee shall be and is hereby authorized and
empowered to create a debt or debts, liability or liabilities, of the
State of California, in the aggregate amount of four hundred million
dollars ($400,000,000) in the manner provided in this chapter, but
not in excess thereof.
(b) 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 when the bonds authorized under this chapter shall be
issued in order to fund the authorized apportionments, and the amount
of the bonds to be issued and sold.
(c) Up to two hundred fifty million dollars ($250,000,000) shall
be available for apportionment in the 1986-87 fiscal year, and up to
one hundred fifty million dollars ($150,000,000) shall be available
for apportionment for the 1987-88 fiscal year, and in each subsequent
fiscal year, except that the maximum aggregate debt or liability
amount set forth in subdivision (a) shall not be exceeded.
(d) Pursuant to this section, the Treasurer shall sell the bonds
authorized by the committee at such different times as necessary to
service expenditures required by the apportionments.
(e) The proceeds of bonds issued and sold pursuant to this chapter
shall be deposited in the Higher Education Capital Outlay Bond Fund,
which is hereby created in the State Treasury.
67354.5. The proceeds of the bonds may also be used to provide
short-term loans to community colleges for the purchase of
instructional equipment. Those loans shall be repaid from the first
moneys available in the Capital Outlay Fund for Public Higher
Education beginning in the 1987-88 fiscal year.
67355. All bonds herein authorized, which shall have been duly sold
and delivered as herein provided, shall constitute valid and legally
binding general obligations 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 and interest thereof.
There shall be collected annually in the same manner and at the
same time as other state revenue is collected a sum, in addition to
the ordinary revenues of the state, as is required to pay the
principal and interest on the bonds as herein provided, and it is
hereby made 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 the additional sum.
67356. There is hereby appropriated from the General Fund in the
State Treasury for the purpose of this chapter, an amount that will
equal the following:
(a) The sum annually as will be necessary to pay the principal of
and the interest on the bonds issued and sold pursuant to the
provisions of this chapter, as the principal and interest become due
and payable.
(b) The sum as is necessary to carry out Section 67357, which sum
is appropriated without regard to fiscal years.
67357. For the purposes of carrying out the provisions of 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 the committee has by
resolution authorized to be sold for the purpose of carrying out this
chapter. Any amounts withdrawn shall be deposited in the fund to be
allocated by the board in accordance with this chapter. Any moneys
made available under this section to the board shall be returned by
the board to the General Fund, together with interest in the amount
that those moneys would have earned in the Pooled Money Investment
Account, which repayment shall be made from moneys received from the
sale of bonds sold for the purpose of carrying out this chapter.
67357.5. Notwithstanding any other provision of this bond act, or
of 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), if the Treasurer sells bonds pursuant to this bond act that
include a bond counsel opinion to the effect that the interest on the
bonds is excluded from gross income for federal tax purposes under
designated conditions, the Treasurer may maintain separate accounts
for the bond proceeds invested and the investment earnings on those
proceeds, and may use or direct the use of those proceeds or earnings
to pay any rebate, penalty, or other payment required under federal
law, or take any other action with respect to the investment and use
of those bond proceeds, as may be required or desirable under federal
law in order 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.
67350. This chapter shall be known and may be cited as the Higher
Education Facilities Bond Act of 1986.
67351. 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) is adopted for the purpose of the issuance, sale,
and repayment of, and otherwise providing with respect to, the bonds
authorized to be issued by this chapter, and the provisions of that
law are hereby incorporated in this chapter as though set out in full
in this chapter. All references in this chapter to "herein" shall be
deemed to refer both to this chapter and that law.
67352. As used in this chapter, and for the purposes of this
chapter as used in the State General Obligation Bond Law, the
following words shall have the following meanings:
(a) "Board" means the State Public Works Board.
(b) "Committee" means the Higher Education Facilities Finance
Committee, created pursuant to Section 67353.
(c) "Fund" means the Higher Education Capital Outlay Bond Fund,
created pursuant to subdivision (e) of Section 67354.
67353. The Higher Education Facilities Finance Committee is hereby
created, consisting of the Governor, the Controller, the Treasurer,
the Director of Finance, the President of the University of
California, the Chancellor of the California State University, and
the Chancellor of the California Community Colleges, or their
designees. The Treasurer shall serve as chairperson of the committee.
67354. (a) For the purpose of funding aid to the University of
California, the California State University, the California Community
Colleges, and the California Maritime Academy for the construction,
including the construction of buildings and the acquisition of
related fixtures, renovation, and reconstruction of facilities, for
the acquisition of sites upon which these facilities are to be
constructed, for the equipping of new, renovated, or reconstructed
facilities, which equipment shall have a useful life of at least 10
years, to provide funds for payment of preconstruction costs,
including, but not limited to, preliminary plans and working
drawings, and to provide funds to reimburse the General Obligation
Bond Expense Revolving Fund pursuant to Section 16724.5 of the
Government Code, the committee shall be and is hereby authorized and
empowered to create a debt or debts, liability or liabilities, of the
State of California, in the aggregate amount of four hundred million
dollars ($400,000,000) in the manner provided in this chapter, but
not in excess thereof.
(b) 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 when the bonds authorized under this chapter shall be
issued in order to fund the authorized apportionments, and the amount
of the bonds to be issued and sold.
(c) Up to two hundred fifty million dollars ($250,000,000) shall
be available for apportionment in the 1986-87 fiscal year, and up to
one hundred fifty million dollars ($150,000,000) shall be available
for apportionment for the 1987-88 fiscal year, and in each subsequent
fiscal year, except that the maximum aggregate debt or liability
amount set forth in subdivision (a) shall not be exceeded.
(d) Pursuant to this section, the Treasurer shall sell the bonds
authorized by the committee at such different times as necessary to
service expenditures required by the apportionments.
(e) The proceeds of bonds issued and sold pursuant to this chapter
shall be deposited in the Higher Education Capital Outlay Bond Fund,
which is hereby created in the State Treasury.
67354.5. The proceeds of the bonds may also be used to provide
short-term loans to community colleges for the purchase of
instructional equipment. Those loans shall be repaid from the first
moneys available in the Capital Outlay Fund for Public Higher
Education beginning in the 1987-88 fiscal year.
67355. All bonds herein authorized, which shall have been duly sold
and delivered as herein provided, shall constitute valid and legally
binding general obligations 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 and interest thereof.
There shall be collected annually in the same manner and at the
same time as other state revenue is collected a sum, in addition to
the ordinary revenues of the state, as is required to pay the
principal and interest on the bonds as herein provided, and it is
hereby made 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 the additional sum.
67356. There is hereby appropriated from the General Fund in the
State Treasury for the purpose of this chapter, an amount that will
equal the following:
(a) The sum annually as will be necessary to pay the principal of
and the interest on the bonds issued and sold pursuant to the
provisions of this chapter, as the principal and interest become due
and payable.
(b) The sum as is necessary to carry out Section 67357, which sum
is appropriated without regard to fiscal years.
67357. For the purposes of carrying out the provisions of 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 the committee has by
resolution authorized to be sold for the purpose of carrying out this
chapter. Any amounts withdrawn shall be deposited in the fund to be
allocated by the board in accordance with this chapter. Any moneys
made available under this section to the board shall be returned by
the board to the General Fund, together with interest in the amount
that those moneys would have earned in the Pooled Money Investment
Account, which repayment shall be made from moneys received from the
sale of bonds sold for the purpose of carrying out this chapter.
67357.5. Notwithstanding any other provision of this bond act, or
of 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), if the Treasurer sells bonds pursuant to this bond act that
include a bond counsel opinion to the effect that the interest on the
bonds is excluded from gross income for federal tax purposes under
designated conditions, the Treasurer may maintain separate accounts
for the bond proceeds invested and the investment earnings on those
proceeds, and may use or direct the use of those proceeds or earnings
to pay any rebate, penalty, or other payment required under federal
law, or take any other action with respect to the investment and use
of those bond proceeds, as may be required or desirable under federal
law in order 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.
