99008. (a) The Fiscal Recovery Fund is hereby created as a special
fund in the State Treasury.
(b) Moneys in the Fiscal Recovery Fund shall be invested in the
Surplus Money Investment Fund, except as otherwise provided in a
resolution adopted pursuant to Title 18 (commencing with Section
99050), and any income from that investment shall be credited to the
Fiscal Recovery Fund.
(c) (1) Except for funds appropriated pursuant to subdivision (d),
amounts in the Fiscal Recovery Fund, together with earnings thereon,
shall be available solely for the purposes set forth in subdivision
(c) of Section 99002 upon appropriation by the Legislature in each
fiscal year. Upon an appropriation, if any, by the Legislature for
the purposes specified in subdivision (c) of Section 99002 in a
fiscal year, for the balance of that fiscal year all appropriated
moneys then held or to be received in the Fiscal Recovery Fund for
that purpose shall constitute available revenues and shall be
disbursed to the trustee not less frequently than once per month.
Available revenues shall belong to the authority, absolutely and
unconditionally, and without any right of setoff, recoupment, or
counterclaim.
(2) Paragraph (1) and subdivision (d) shall become inoperative on
the date on which all bonds and ancillary obligations issued pursuant
to this title are not outstanding, as certified by the Director of
Finance pursuant to paragraph (1) of subdivision (b) of Section
99006. On and after the date on which paragraph (1) and subdivision
(d) become inoperative, the Fiscal Recovery Fund shall be used solely
for the purpose set forth in Section 99072 and, as provided in
Section 99072, shall be continuously appropriated for that purpose.
(d) Notwithstanding Section 13340, an amount not to exceed one
million dollars ($1,000,000) per fiscal year is hereby continuously
appropriated from the Fiscal Recovery Fund to the authority, without
regard to fiscal years, sufficient to pay administrative costs as
approved by the Director of Finance.
99009. Moneys held in the Fiscal Recovery Fund may not be borrowed
by, or available for transfer to, the General Fund pursuant to
Section 16310 or any similar authority, or the General Cash Revolving
Fund pursuant to Section 16381 or any similar authority.
99010. The Fiscal Recovery Fund may not be terminated until the
Director of Finance provides the notification described in
subdivision (b) of Section 99006. Notwithstanding any limitations
contained in this title on the use of moneys in the Fiscal Recovery
Fund and the interest earnings thereon, after the Director of Finance
has provided that notification, and the board has ceased to collect
the special sales tax revenues, any amounts remaining in the fund
shall be disbursed as provided in an appropriation bill enacted by
the Legislature, including, but not limited to, providing for a
rebate to taxpayers of the excess special sales tax revenues
collected.
99008. (a) The Fiscal Recovery Fund is hereby created as a special
fund in the State Treasury.
(b) Moneys in the Fiscal Recovery Fund shall be invested in the
Surplus Money Investment Fund, except as otherwise provided in a
resolution adopted pursuant to Title 18 (commencing with Section
99050), and any income from that investment shall be credited to the
Fiscal Recovery Fund.
(c) (1) Except for funds appropriated pursuant to subdivision (d),
amounts in the Fiscal Recovery Fund, together with earnings thereon,
shall be available solely for the purposes set forth in subdivision
(c) of Section 99002 upon appropriation by the Legislature in each
fiscal year. Upon an appropriation, if any, by the Legislature for
the purposes specified in subdivision (c) of Section 99002 in a
fiscal year, for the balance of that fiscal year all appropriated
moneys then held or to be received in the Fiscal Recovery Fund for
that purpose shall constitute available revenues and shall be
disbursed to the trustee not less frequently than once per month.
Available revenues shall belong to the authority, absolutely and
unconditionally, and without any right of setoff, recoupment, or
counterclaim.
(2) Paragraph (1) and subdivision (d) shall become inoperative on
the date on which all bonds and ancillary obligations issued pursuant
to this title are not outstanding, as certified by the Director of
Finance pursuant to paragraph (1) of subdivision (b) of Section
99006. On and after the date on which paragraph (1) and subdivision
(d) become inoperative, the Fiscal Recovery Fund shall be used solely
for the purpose set forth in Section 99072 and, as provided in
Section 99072, shall be continuously appropriated for that purpose.
(d) Notwithstanding Section 13340, an amount not to exceed one
million dollars ($1,000,000) per fiscal year is hereby continuously
appropriated from the Fiscal Recovery Fund to the authority, without
regard to fiscal years, sufficient to pay administrative costs as
approved by the Director of Finance.
99009. Moneys held in the Fiscal Recovery Fund may not be borrowed
by, or available for transfer to, the General Fund pursuant to
Section 16310 or any similar authority, or the General Cash Revolving
Fund pursuant to Section 16381 or any similar authority.
99010. The Fiscal Recovery Fund may not be terminated until the
Director of Finance provides the notification described in
subdivision (b) of Section 99006. Notwithstanding any limitations
contained in this title on the use of moneys in the Fiscal Recovery
Fund and the interest earnings thereon, after the Director of Finance
has provided that notification, and the board has ceased to collect
the special sales tax revenues, any amounts remaining in the fund
shall be disbursed as provided in an appropriation bill enacted by
the Legislature, including, but not limited to, providing for a
rebate to taxpayers of the excess special sales tax revenues
collected.
99008. (a) The Fiscal Recovery Fund is hereby created as a special
fund in the State Treasury.
(b) Moneys in the Fiscal Recovery Fund shall be invested in the
Surplus Money Investment Fund, except as otherwise provided in a
resolution adopted pursuant to Title 18 (commencing with Section
99050), and any income from that investment shall be credited to the
Fiscal Recovery Fund.
(c) (1) Except for funds appropriated pursuant to subdivision (d),
amounts in the Fiscal Recovery Fund, together with earnings thereon,
shall be available solely for the purposes set forth in subdivision
(c) of Section 99002 upon appropriation by the Legislature in each
fiscal year. Upon an appropriation, if any, by the Legislature for
the purposes specified in subdivision (c) of Section 99002 in a
fiscal year, for the balance of that fiscal year all appropriated
moneys then held or to be received in the Fiscal Recovery Fund for
that purpose shall constitute available revenues and shall be
disbursed to the trustee not less frequently than once per month.
Available revenues shall belong to the authority, absolutely and
unconditionally, and without any right of setoff, recoupment, or
counterclaim.
(2) Paragraph (1) and subdivision (d) shall become inoperative on
the date on which all bonds and ancillary obligations issued pursuant
to this title are not outstanding, as certified by the Director of
Finance pursuant to paragraph (1) of subdivision (b) of Section
99006. On and after the date on which paragraph (1) and subdivision
(d) become inoperative, the Fiscal Recovery Fund shall be used solely
for the purpose set forth in Section 99072 and, as provided in
Section 99072, shall be continuously appropriated for that purpose.
(d) Notwithstanding Section 13340, an amount not to exceed one
million dollars ($1,000,000) per fiscal year is hereby continuously
appropriated from the Fiscal Recovery Fund to the authority, without
regard to fiscal years, sufficient to pay administrative costs as
approved by the Director of Finance.
99009. Moneys held in the Fiscal Recovery Fund may not be borrowed
by, or available for transfer to, the General Fund pursuant to
Section 16310 or any similar authority, or the General Cash Revolving
Fund pursuant to Section 16381 or any similar authority.
99010. The Fiscal Recovery Fund may not be terminated until the
Director of Finance provides the notification described in
subdivision (b) of Section 99006. Notwithstanding any limitations
contained in this title on the use of moneys in the Fiscal Recovery
Fund and the interest earnings thereon, after the Director of Finance
has provided that notification, and the board has ceased to collect
the special sales tax revenues, any amounts remaining in the fund
shall be disbursed as provided in an appropriation bill enacted by
the Legislature, including, but not limited to, providing for a
rebate to taxpayers of the excess special sales tax revenues
collected.
