8878.25. Bonds in the total amount of one hundred fifty million
dollars ($150,000,000), exclusive of refunding bonds issued pursuant
to Section 8878.34, 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. 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.
8878.26. 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.
8878.27. (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 California Earthquake Safety
and Housing Rehabilitation Finance Committee is hereby created. For
purposes of this chapter, the California Earthquake Safety and
Housing 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,
or their designated representatives, a person appointed by the Senate
Rules Committee, a person appointed by the Speaker of the Assembly,
and the Executive Director of the Seismic Safety Commission. The
Treasurer shall serve as the chairperson of the committee. A majority
of the committee may act for the committee.
(b) For purposes of the State General Obligation Bond Law, the
Department of Housing and Community Development is designated the
"board."
(c) The board may adopt rules and regulations establishing
requirements for local administration of the financing program to the
extent necessary to protect the validity of, and tax exemption for,
interest on the bonds.
8878.28. 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 Sections
8878.20 and 8878.21, 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.
8878.29. 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.
8878.30. 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 8878.31, appropriated without regard to fiscal years.
8878.31. 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 fund to be allocated
by the board in accordance with this chapter. Any money made
available under this section to the board shall be returned by the
board 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 for the purpose of carrying out this
chapter.
8878.315. 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), 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.
8878.32. All money deposited in the fund which 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.
8878.33. The Legislature hereby finds and declares that, inasmuch
as the proceeds from the sale of bonds authorized by this chapter 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.
8878.34. Any bonds issued and sold pursuant to this chapter 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 2 of Title 2 of the Government Code. 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.
8878.35. The board may request the Pooled Money Investment Board to
make a loan from the Pooled Money Investment Account, in accordance
with Section 16312 of the Government Code, for the purposes of
carrying out the provisions of this chapter. The amount of the
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 board shall execute such documents as
are required by the Pooled Money Investment Board to obtain and repay
the loan. Any amounts loaned shall be deposited in the fund to be
allocated by the board in accordance with this chapter.
8878.25. Bonds in the total amount of one hundred fifty million
dollars ($150,000,000), exclusive of refunding bonds issued pursuant
to Section 8878.34, 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. 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.
8878.26. 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.
8878.27. (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 California Earthquake Safety
and Housing Rehabilitation Finance Committee is hereby created. For
purposes of this chapter, the California Earthquake Safety and
Housing 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,
or their designated representatives, a person appointed by the Senate
Rules Committee, a person appointed by the Speaker of the Assembly,
and the Executive Director of the Seismic Safety Commission. The
Treasurer shall serve as the chairperson of the committee. A majority
of the committee may act for the committee.
(b) For purposes of the State General Obligation Bond Law, the
Department of Housing and Community Development is designated the
"board."
(c) The board may adopt rules and regulations establishing
requirements for local administration of the financing program to the
extent necessary to protect the validity of, and tax exemption for,
interest on the bonds.
8878.28. 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 Sections
8878.20 and 8878.21, 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.
8878.29. 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.
8878.30. 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 8878.31, appropriated without regard to fiscal years.
8878.31. 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 fund to be allocated
by the board in accordance with this chapter. Any money made
available under this section to the board shall be returned by the
board 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 for the purpose of carrying out this
chapter.
8878.315. 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), 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.
8878.32. All money deposited in the fund which 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.
8878.33. The Legislature hereby finds and declares that, inasmuch
as the proceeds from the sale of bonds authorized by this chapter 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.
8878.34. Any bonds issued and sold pursuant to this chapter 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 2 of Title 2 of the Government Code. 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.
8878.35. The board may request the Pooled Money Investment Board to
make a loan from the Pooled Money Investment Account, in accordance
with Section 16312 of the Government Code, for the purposes of
carrying out the provisions of this chapter. The amount of the
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 board shall execute such documents as
are required by the Pooled Money Investment Board to obtain and repay
the loan. Any amounts loaned shall be deposited in the fund to be
allocated by the board in accordance with this chapter.
8878.25. Bonds in the total amount of one hundred fifty million
dollars ($150,000,000), exclusive of refunding bonds issued pursuant
to Section 8878.34, 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. 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.
8878.26. 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.
8878.27. (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 California Earthquake Safety
and Housing Rehabilitation Finance Committee is hereby created. For
purposes of this chapter, the California Earthquake Safety and
Housing 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,
or their designated representatives, a person appointed by the Senate
Rules Committee, a person appointed by the Speaker of the Assembly,
and the Executive Director of the Seismic Safety Commission. The
Treasurer shall serve as the chairperson of the committee. A majority
of the committee may act for the committee.
(b) For purposes of the State General Obligation Bond Law, the
Department of Housing and Community Development is designated the
"board."
(c) The board may adopt rules and regulations establishing
requirements for local administration of the financing program to the
extent necessary to protect the validity of, and tax exemption for,
interest on the bonds.
8878.28. 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 Sections
8878.20 and 8878.21, 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.
8878.29. 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.
8878.30. 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 8878.31, appropriated without regard to fiscal years.
8878.31. 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 fund to be allocated
by the board in accordance with this chapter. Any money made
available under this section to the board shall be returned by the
board 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 for the purpose of carrying out this
chapter.
8878.315. 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), 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.
8878.32. All money deposited in the fund which 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.
8878.33. The Legislature hereby finds and declares that, inasmuch
as the proceeds from the sale of bonds authorized by this chapter 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.
8878.34. Any bonds issued and sold pursuant to this chapter 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 2 of Title 2 of the Government Code. 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.
8878.35. The board may request the Pooled Money Investment Board to
make a loan from the Pooled Money Investment Account, in accordance
with Section 16312 of the Government Code, for the purposes of
carrying out the provisions of this chapter. The amount of the
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 board shall execute such documents as
are required by the Pooled Money Investment Board to obtain and repay
the loan. Any amounts loaned shall be deposited in the fund to be
allocated by the board in accordance with this chapter.
