State Codes and Statutes

Statutes > California > Gov > 8879.25-8879.37

GOVERNMENT CODE
SECTION 8879.25-8879.37



8879.25.  Bonds in the total amount of nineteen billion nine hundred
twenty-five million dollars ($19,925,000,000), exclusive of
refunding bonds, or so much thereof as is necessary, are hereby
authorized to be issued and sold for carrying out the purposes
expressed in this chapter and to reimburse the General Obligation
Bond Expense Revolving Fund pursuant to Section 16724.5. 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, and the full faith and credit of the state
is hereby pledged for the punctual payment of both principal and
interest thereof.



8879.26.  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), except subdivision (a) of Section
16727 to the extent that subdivision is inconsistent with this
chapter, and all of the other provisions of that law as amended from
time to time apply to the bonds and to this chapter and are hereby
incorporated in this chapter as though set forth in full in this
chapter.


8879.27.  (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 Highway Safety, Traffic
Reduction, Air Quality, and Port Security Committee is hereby
created. For the purposes of this chapter, the Highway Safety,
Traffic Reduction, Air Quality, and Port Security 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, and the Secretary of the Business,
Transportation and Housing Agency, 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) The committee 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.
   (c) For the purposes of the State General Obligation Bond Law, any
department receiving an allocation pursuant to this chapter is
designated to be the "board."


8879.28.  Upon request of the board stating that funds are needed
for purposes of this chapter, 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 8879.23, 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 are not required to be sold at
any one time. Bonds may bear interest subject to federal income tax.



8879.29.  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, the bonds as provided herein, and
all officers required by law to perform any duty in regard to the
collections of state revenues shall collect that additional sum.




8879.30.  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 8879.32,
appropriated without regard to fiscal years.



8879.31.  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 purposes 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 this chapter, less any amount withdrawn pursuant to Section
8879.32. The board shall execute any documents as required by the
Pooled Money Investment Board to obtain and repay the loan. Any
amount loaned shall be deposited in the fund to be allocated in
accordance with this chapter.


8879.32.  For the purpose of carrying out this chapter, the Director
of Finance may, by executive order, authorize the withdrawal from
the General Fund of any 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 Highway Safety, Traffic
Reduction, Air Quality, and Port Security Fund of 2006. 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.




8879.33.  The bonds may be refunded in accordance with Article 6
(commencing with Section 16780) of the State General Obligation Bond
Law. Approval by the electors of this act shall constitute approval
of any refunding bonds issued pursuant to the State General
Obligation Bond Law.



8879.34.  Notwithstanding any provisions in the State General
Obligation Bond Law, the maximum maturity of any bonds authorized by
this chapter shall not exceed 30 years from the date of each
respective series. The maturity of each series shall be calculated
from the date of each series.



8879.35.  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.




8879.36.  Notwithstanding any provision of the State General
Obligation Bond Law with regard to the proceeds from the sale of
bonds authorized by this chapter that are subject to investment under
Article 4 (commencing with Section 16470) of Chapter 3 of Part 2 of
Division 4, the Treasurer may maintain a separate account for
investment earnings, order the payment of those earnings to comply
with any rebate requirement applicable under federal law, and may
otherwise direct the use and investment of those proceeds 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.




8879.37.  All money derived from premium and accrued interest on
bonds sold pursuant to this chapter shall be transferred to the
General Fund as a credit to expenditures for bond interest.


State Codes and Statutes

Statutes > California > Gov > 8879.25-8879.37

GOVERNMENT CODE
SECTION 8879.25-8879.37



8879.25.  Bonds in the total amount of nineteen billion nine hundred
twenty-five million dollars ($19,925,000,000), exclusive of
refunding bonds, or so much thereof as is necessary, are hereby
authorized to be issued and sold for carrying out the purposes
expressed in this chapter and to reimburse the General Obligation
Bond Expense Revolving Fund pursuant to Section 16724.5. 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, and the full faith and credit of the state
is hereby pledged for the punctual payment of both principal and
interest thereof.



8879.26.  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), except subdivision (a) of Section
16727 to the extent that subdivision is inconsistent with this
chapter, and all of the other provisions of that law as amended from
time to time apply to the bonds and to this chapter and are hereby
incorporated in this chapter as though set forth in full in this
chapter.


8879.27.  (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 Highway Safety, Traffic
Reduction, Air Quality, and Port Security Committee is hereby
created. For the purposes of this chapter, the Highway Safety,
Traffic Reduction, Air Quality, and Port Security 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, and the Secretary of the Business,
Transportation and Housing Agency, 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) The committee 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.
   (c) For the purposes of the State General Obligation Bond Law, any
department receiving an allocation pursuant to this chapter is
designated to be the "board."


8879.28.  Upon request of the board stating that funds are needed
for purposes of this chapter, 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 8879.23, 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 are not required to be sold at
any one time. Bonds may bear interest subject to federal income tax.



8879.29.  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, the bonds as provided herein, and
all officers required by law to perform any duty in regard to the
collections of state revenues shall collect that additional sum.




8879.30.  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 8879.32,
appropriated without regard to fiscal years.



8879.31.  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 purposes 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 this chapter, less any amount withdrawn pursuant to Section
8879.32. The board shall execute any documents as required by the
Pooled Money Investment Board to obtain and repay the loan. Any
amount loaned shall be deposited in the fund to be allocated in
accordance with this chapter.


8879.32.  For the purpose of carrying out this chapter, the Director
of Finance may, by executive order, authorize the withdrawal from
the General Fund of any 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 Highway Safety, Traffic
Reduction, Air Quality, and Port Security Fund of 2006. 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.




8879.33.  The bonds may be refunded in accordance with Article 6
(commencing with Section 16780) of the State General Obligation Bond
Law. Approval by the electors of this act shall constitute approval
of any refunding bonds issued pursuant to the State General
Obligation Bond Law.



8879.34.  Notwithstanding any provisions in the State General
Obligation Bond Law, the maximum maturity of any bonds authorized by
this chapter shall not exceed 30 years from the date of each
respective series. The maturity of each series shall be calculated
from the date of each series.



8879.35.  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.




8879.36.  Notwithstanding any provision of the State General
Obligation Bond Law with regard to the proceeds from the sale of
bonds authorized by this chapter that are subject to investment under
Article 4 (commencing with Section 16470) of Chapter 3 of Part 2 of
Division 4, the Treasurer may maintain a separate account for
investment earnings, order the payment of those earnings to comply
with any rebate requirement applicable under federal law, and may
otherwise direct the use and investment of those proceeds 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.




8879.37.  All money derived from premium and accrued interest on
bonds sold pursuant to this chapter shall be transferred to the
General Fund as a credit to expenditures for bond interest.



State Codes and Statutes

State Codes and Statutes

Statutes > California > Gov > 8879.25-8879.37

GOVERNMENT CODE
SECTION 8879.25-8879.37



8879.25.  Bonds in the total amount of nineteen billion nine hundred
twenty-five million dollars ($19,925,000,000), exclusive of
refunding bonds, or so much thereof as is necessary, are hereby
authorized to be issued and sold for carrying out the purposes
expressed in this chapter and to reimburse the General Obligation
Bond Expense Revolving Fund pursuant to Section 16724.5. 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, and the full faith and credit of the state
is hereby pledged for the punctual payment of both principal and
interest thereof.



8879.26.  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), except subdivision (a) of Section
16727 to the extent that subdivision is inconsistent with this
chapter, and all of the other provisions of that law as amended from
time to time apply to the bonds and to this chapter and are hereby
incorporated in this chapter as though set forth in full in this
chapter.


8879.27.  (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 Highway Safety, Traffic
Reduction, Air Quality, and Port Security Committee is hereby
created. For the purposes of this chapter, the Highway Safety,
Traffic Reduction, Air Quality, and Port Security 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, and the Secretary of the Business,
Transportation and Housing Agency, 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) The committee 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.
   (c) For the purposes of the State General Obligation Bond Law, any
department receiving an allocation pursuant to this chapter is
designated to be the "board."


8879.28.  Upon request of the board stating that funds are needed
for purposes of this chapter, 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 8879.23, 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 are not required to be sold at
any one time. Bonds may bear interest subject to federal income tax.



8879.29.  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, the bonds as provided herein, and
all officers required by law to perform any duty in regard to the
collections of state revenues shall collect that additional sum.




8879.30.  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 8879.32,
appropriated without regard to fiscal years.



8879.31.  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 purposes 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 this chapter, less any amount withdrawn pursuant to Section
8879.32. The board shall execute any documents as required by the
Pooled Money Investment Board to obtain and repay the loan. Any
amount loaned shall be deposited in the fund to be allocated in
accordance with this chapter.


8879.32.  For the purpose of carrying out this chapter, the Director
of Finance may, by executive order, authorize the withdrawal from
the General Fund of any 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 Highway Safety, Traffic
Reduction, Air Quality, and Port Security Fund of 2006. 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.




8879.33.  The bonds may be refunded in accordance with Article 6
(commencing with Section 16780) of the State General Obligation Bond
Law. Approval by the electors of this act shall constitute approval
of any refunding bonds issued pursuant to the State General
Obligation Bond Law.



8879.34.  Notwithstanding any provisions in the State General
Obligation Bond Law, the maximum maturity of any bonds authorized by
this chapter shall not exceed 30 years from the date of each
respective series. The maturity of each series shall be calculated
from the date of each series.



8879.35.  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.




8879.36.  Notwithstanding any provision of the State General
Obligation Bond Law with regard to the proceeds from the sale of
bonds authorized by this chapter that are subject to investment under
Article 4 (commencing with Section 16470) of Chapter 3 of Part 2 of
Division 4, the Treasurer may maintain a separate account for
investment earnings, order the payment of those earnings to comply
with any rebate requirement applicable under federal law, and may
otherwise direct the use and investment of those proceeds 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.




8879.37.  All money derived from premium and accrued interest on
bonds sold pursuant to this chapter shall be transferred to the
General Fund as a credit to expenditures for bond interest.