State Codes and Statutes

Statutes > California > Gov > 8878.109-8878.122

GOVERNMENT CODE
SECTION 8878.109-8878.122



8878.109.  Bonds in the total amount of three hundred million
dollars ($300,000,000), exclusive of refunding bonds issued pursuant
to Section 8878.118, or so much thereof as is necessary, may be
issued and sold to be used for carrying out the purposes expressed in
this chapter and to reimburse the General Obligation Bond Expense
Revolving Fund pursuant to Section 16724.5. A sum, not to exceed
three hundred million dollars ($300,000,000) of the bond proceeds
shall be deposited in the Earthquake Safety and Public Buildings
Rehabilitation Fund of 1990 for the purposes of this chapter. All
bonds herein authorized which have been duly sold and delivered as
provided herein 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.



8878.110.  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), 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.


8878.111.  (a) Solely for the purpose of authorizing the issuance
and sale, pursuant to the State General Obligation Bond Law, of the
bonds authorized by this chapter, the Earthquake Safety and Public
Buildings Rehabilitation Finance Committee is hereby created. For the
purposes of this chapter, the Earthquake Safety and Public Buildings
Rehabilitation Finance Committee is "the committee" as that term is
used in the State General Obligation Bond Law. The committee consists
of the Treasurer, the Controller, the Director of Finance, the
Director of General Services, or a designated representative of each
of those officials. The Treasurer shall serve as the chairperson of
the committee. A majority of the committee may act for the committee.
   (b) For purposes of this chapter and the State General Obligation
Bond Law, the entity designated as the "board" means the Department
of General Services.
   (c) The committee designated in subdivision (a) may adopt
guidelines establishing requirements for administration of its
financing programs to the extent necessary to protect the validity
of, and tax exemption for, interest on the bonds. The guidelines
shall not constitute rules, regulations, orders, or standards of
general application.



8878.112.  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
8878.55, 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.



8878.113.  There shall be collected annually in the same manner and
at the same time as other state revenue is collected, a sum of money
in addition to the ordinary revenues of the state, sufficient to pay
the principal of, and interest on, these bonds as provided herein,
and all officers required by law to perform any duty in regard to the
collection of state revenues shall collect that additional sum.




8878.114.  Notwithstanding Section 13340, 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 Section 8878.115,
appropriated without regard to fiscal years.



8878.115.  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 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 Earthquake Safety and
Public Buildings Rehabilitation Fund of 1990. Any money made
available under this section shall be returned to the General Fund,
plus the interest that the amounts would have earned in the Pooled
Money Investment Account, from money received from the sale of bonds
which would otherwise be deposited in that fund.



8878.116.  All moneys derived from premium and accrued interest on
bonds sold shall be reserved and shall be available for transfer to
the General Fund as a credit to expenditures for bond interest.



8878.117.  The Legislature hereby finds and declares that, inasmuch
as the proceeds from the sale of bonds authorized by this article are
not "proceeds of taxes" as that term is used in Article XIII B of
the California Constitution, the disbursement of these proceeds is
not subject to the limitations imposed by that article.




8878.118.  Any bonds issued and sold pursuant to this article may be
refunded by the issuance of refunding bonds in accordance with
Article 6 (commencing with Section 16780) of Chapter 4 of Part 3 of
Division 4. Approval by the electors of the state for the issuance of
these bonds shall include the approval of any bonds issued to refund
any bonds originally issued or previously issued refunding bonds.




8878.119.  The "board" may request the Pooled Money Investment Board
to make a loan from the Pooled Money Investment Account, in
accordance with Section 16312, for the purposes of carrying out this
chapter. The amount of any request shall not 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. The applicable
board shall execute those documents as are required by the Pooled
Money Investment Board to obtain and repay the loan. Any amounts
loaned shall be deposited in the Earthquake Safety and Public
Buildings Rehabilitation Fund of 1990 to be allocated by the board
designated in subdivision (c) of Section 8878.111 in accordance with
this chapter.



8878.120.  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, 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 those proceeds, and
the Treasurer shall be authorized to use or direct the use of those
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.



8878.121.  Notwithstanding anything in the State General Obligation
Bond Law, the maximum maturity of any bonds authorized by this
chapter shall not exceed 20 years from the date of each respective
series. The maturity of each series shall be calculated from the date
of each series.



8878.122.  All moneys deposited in the Earthquake Safety and Public
Buildings Rehabilitation Fund of 1990 pursuant to any provision of
law requiring repayments to the state which are financed by the
proceeds of bonds authorized by this chapter shall be available for
transfer to the General Fund. When transferred to the General Fund,
that money shall be applied as a reimbursement to the General Fund on
account of principal and interest on the bonds which has been paid
from the General Fund.


State Codes and Statutes

Statutes > California > Gov > 8878.109-8878.122

GOVERNMENT CODE
SECTION 8878.109-8878.122



8878.109.  Bonds in the total amount of three hundred million
dollars ($300,000,000), exclusive of refunding bonds issued pursuant
to Section 8878.118, or so much thereof as is necessary, may be
issued and sold to be used for carrying out the purposes expressed in
this chapter and to reimburse the General Obligation Bond Expense
Revolving Fund pursuant to Section 16724.5. A sum, not to exceed
three hundred million dollars ($300,000,000) of the bond proceeds
shall be deposited in the Earthquake Safety and Public Buildings
Rehabilitation Fund of 1990 for the purposes of this chapter. All
bonds herein authorized which have been duly sold and delivered as
provided herein 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.



8878.110.  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), 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.


8878.111.  (a) Solely for the purpose of authorizing the issuance
and sale, pursuant to the State General Obligation Bond Law, of the
bonds authorized by this chapter, the Earthquake Safety and Public
Buildings Rehabilitation Finance Committee is hereby created. For the
purposes of this chapter, the Earthquake Safety and Public Buildings
Rehabilitation Finance Committee is "the committee" as that term is
used in the State General Obligation Bond Law. The committee consists
of the Treasurer, the Controller, the Director of Finance, the
Director of General Services, or a designated representative of each
of those officials. The Treasurer shall serve as the chairperson of
the committee. A majority of the committee may act for the committee.
   (b) For purposes of this chapter and the State General Obligation
Bond Law, the entity designated as the "board" means the Department
of General Services.
   (c) The committee designated in subdivision (a) may adopt
guidelines establishing requirements for administration of its
financing programs to the extent necessary to protect the validity
of, and tax exemption for, interest on the bonds. The guidelines
shall not constitute rules, regulations, orders, or standards of
general application.



8878.112.  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
8878.55, 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.



8878.113.  There shall be collected annually in the same manner and
at the same time as other state revenue is collected, a sum of money
in addition to the ordinary revenues of the state, sufficient to pay
the principal of, and interest on, these bonds as provided herein,
and all officers required by law to perform any duty in regard to the
collection of state revenues shall collect that additional sum.




8878.114.  Notwithstanding Section 13340, 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 Section 8878.115,
appropriated without regard to fiscal years.



8878.115.  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 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 Earthquake Safety and
Public Buildings Rehabilitation Fund of 1990. Any money made
available under this section shall be returned to the General Fund,
plus the interest that the amounts would have earned in the Pooled
Money Investment Account, from money received from the sale of bonds
which would otherwise be deposited in that fund.



8878.116.  All moneys derived from premium and accrued interest on
bonds sold shall be reserved and shall be available for transfer to
the General Fund as a credit to expenditures for bond interest.



8878.117.  The Legislature hereby finds and declares that, inasmuch
as the proceeds from the sale of bonds authorized by this article are
not "proceeds of taxes" as that term is used in Article XIII B of
the California Constitution, the disbursement of these proceeds is
not subject to the limitations imposed by that article.




8878.118.  Any bonds issued and sold pursuant to this article may be
refunded by the issuance of refunding bonds in accordance with
Article 6 (commencing with Section 16780) of Chapter 4 of Part 3 of
Division 4. Approval by the electors of the state for the issuance of
these bonds shall include the approval of any bonds issued to refund
any bonds originally issued or previously issued refunding bonds.




8878.119.  The "board" may request the Pooled Money Investment Board
to make a loan from the Pooled Money Investment Account, in
accordance with Section 16312, for the purposes of carrying out this
chapter. The amount of any request shall not 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. The applicable
board shall execute those documents as are required by the Pooled
Money Investment Board to obtain and repay the loan. Any amounts
loaned shall be deposited in the Earthquake Safety and Public
Buildings Rehabilitation Fund of 1990 to be allocated by the board
designated in subdivision (c) of Section 8878.111 in accordance with
this chapter.



8878.120.  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, 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 those proceeds, and
the Treasurer shall be authorized to use or direct the use of those
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.



8878.121.  Notwithstanding anything in the State General Obligation
Bond Law, the maximum maturity of any bonds authorized by this
chapter shall not exceed 20 years from the date of each respective
series. The maturity of each series shall be calculated from the date
of each series.



8878.122.  All moneys deposited in the Earthquake Safety and Public
Buildings Rehabilitation Fund of 1990 pursuant to any provision of
law requiring repayments to the state which are financed by the
proceeds of bonds authorized by this chapter shall be available for
transfer to the General Fund. When transferred to the General Fund,
that money shall be applied as a reimbursement to the General Fund on
account of principal and interest on the bonds which has been paid
from the General Fund.



State Codes and Statutes

State Codes and Statutes

Statutes > California > Gov > 8878.109-8878.122

GOVERNMENT CODE
SECTION 8878.109-8878.122



8878.109.  Bonds in the total amount of three hundred million
dollars ($300,000,000), exclusive of refunding bonds issued pursuant
to Section 8878.118, or so much thereof as is necessary, may be
issued and sold to be used for carrying out the purposes expressed in
this chapter and to reimburse the General Obligation Bond Expense
Revolving Fund pursuant to Section 16724.5. A sum, not to exceed
three hundred million dollars ($300,000,000) of the bond proceeds
shall be deposited in the Earthquake Safety and Public Buildings
Rehabilitation Fund of 1990 for the purposes of this chapter. All
bonds herein authorized which have been duly sold and delivered as
provided herein 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.



8878.110.  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), 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.


8878.111.  (a) Solely for the purpose of authorizing the issuance
and sale, pursuant to the State General Obligation Bond Law, of the
bonds authorized by this chapter, the Earthquake Safety and Public
Buildings Rehabilitation Finance Committee is hereby created. For the
purposes of this chapter, the Earthquake Safety and Public Buildings
Rehabilitation Finance Committee is "the committee" as that term is
used in the State General Obligation Bond Law. The committee consists
of the Treasurer, the Controller, the Director of Finance, the
Director of General Services, or a designated representative of each
of those officials. The Treasurer shall serve as the chairperson of
the committee. A majority of the committee may act for the committee.
   (b) For purposes of this chapter and the State General Obligation
Bond Law, the entity designated as the "board" means the Department
of General Services.
   (c) The committee designated in subdivision (a) may adopt
guidelines establishing requirements for administration of its
financing programs to the extent necessary to protect the validity
of, and tax exemption for, interest on the bonds. The guidelines
shall not constitute rules, regulations, orders, or standards of
general application.



8878.112.  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
8878.55, 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.



8878.113.  There shall be collected annually in the same manner and
at the same time as other state revenue is collected, a sum of money
in addition to the ordinary revenues of the state, sufficient to pay
the principal of, and interest on, these bonds as provided herein,
and all officers required by law to perform any duty in regard to the
collection of state revenues shall collect that additional sum.




8878.114.  Notwithstanding Section 13340, 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 Section 8878.115,
appropriated without regard to fiscal years.



8878.115.  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 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 Earthquake Safety and
Public Buildings Rehabilitation Fund of 1990. Any money made
available under this section shall be returned to the General Fund,
plus the interest that the amounts would have earned in the Pooled
Money Investment Account, from money received from the sale of bonds
which would otherwise be deposited in that fund.



8878.116.  All moneys derived from premium and accrued interest on
bonds sold shall be reserved and shall be available for transfer to
the General Fund as a credit to expenditures for bond interest.



8878.117.  The Legislature hereby finds and declares that, inasmuch
as the proceeds from the sale of bonds authorized by this article are
not "proceeds of taxes" as that term is used in Article XIII B of
the California Constitution, the disbursement of these proceeds is
not subject to the limitations imposed by that article.




8878.118.  Any bonds issued and sold pursuant to this article may be
refunded by the issuance of refunding bonds in accordance with
Article 6 (commencing with Section 16780) of Chapter 4 of Part 3 of
Division 4. Approval by the electors of the state for the issuance of
these bonds shall include the approval of any bonds issued to refund
any bonds originally issued or previously issued refunding bonds.




8878.119.  The "board" may request the Pooled Money Investment Board
to make a loan from the Pooled Money Investment Account, in
accordance with Section 16312, for the purposes of carrying out this
chapter. The amount of any request shall not 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. The applicable
board shall execute those documents as are required by the Pooled
Money Investment Board to obtain and repay the loan. Any amounts
loaned shall be deposited in the Earthquake Safety and Public
Buildings Rehabilitation Fund of 1990 to be allocated by the board
designated in subdivision (c) of Section 8878.111 in accordance with
this chapter.



8878.120.  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, 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 those proceeds, and
the Treasurer shall be authorized to use or direct the use of those
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.



8878.121.  Notwithstanding anything in the State General Obligation
Bond Law, the maximum maturity of any bonds authorized by this
chapter shall not exceed 20 years from the date of each respective
series. The maturity of each series shall be calculated from the date
of each series.



8878.122.  All moneys deposited in the Earthquake Safety and Public
Buildings Rehabilitation Fund of 1990 pursuant to any provision of
law requiring repayments to the state which are financed by the
proceeds of bonds authorized by this chapter shall be available for
transfer to the General Fund. When transferred to the General Fund,
that money shall be applied as a reimbursement to the General Fund on
account of principal and interest on the bonds which has been paid
from the General Fund.