SECTIONS 53170-53178

53170.  Bonds in the total amount of three hundred million dollars($300,000,000), exclusive of refunding bonds issued pursuant toSection 53170.5, or so much thereof as is necessary, may be issuedand sold to provide a fund to be used for carrying out the purposesexpressed in this part and to be used to reimburse the GeneralObligation Bond Expense Revolving Fund pursuant to Section 16724.5 ofthe Government Code. The bonds shall, when sold, be and constitute avalid and binding obligation of the State of California, and thefull faith and credit of the State of California is hereby pledgedfor the punctual payment of both principal of, and interest on, thebonds as the principal and interest become due and payable.53170.5.  Any bonds issued and sold pursuant to this chapter may berefunded by the issuance of refunding bonds in accordance withArticle 6 (commencing with Section 16780) of Chapter 4 of Part 3 ofDivision 2 of Title 2 of the Government Code. Approval by theelectors of the state for the issuance of these bonds shall includethe approval of any bonds issued to refund any bonds originallyissued or previously issued refunding bonds.53171.  The bonds authorized by this part shall be prepared,executed, issued, sold, paid, and redeemed as provided in the StateGeneral Obligation Bond Law (Chapter 4 (commencing with Section16720) 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 thispart and are hereby incorporated in this part as though set forth infull in this part.53172.  (a) Solely for the purpose of authorizing the issuance andsale, pursuant to the State General Obligation Bond Law, of the bondsauthorized by this part, the Housing Committee is hereby created.For purposes of this part, the Housing Committee is "the committee"as that term is used in the State General Obligation Bond Law. Thecommittee consists of the Controller, the Treasurer, the Director ofFinance, the Director of the Department of Housing and CommunityDevelopment, and the Executive Director of the California HousingFinance Agency, or their designated representatives. A majority ofthe committee may act for the committee. (b) For purposes of the State General Obligation Bond Law, theDepartment of Housing and Community Development is designated as the"board" for programs administered by the department and theCalifornia Housing Finance Agency is designated as the "board" forprograms administered by the agency.53173.  The committee shall determine whether or not it is necessaryor desirable to issue bonds authorized pursuant to this part inorder to carry out the actions specified in Part 8 (commencing withSection 53130) as added by Senate Bill No. 1692 of the 1987-88Regular Session, and, if so, the amount of bonds to be issued andsold. Successive issues of bonds may be authorized and sold to carryout those actions progressively, and it is not necessary that all ofthe bonds authorized to be issued be sold at any one time.53174.  There shall be collected each year and in the same mannerand at the same time as other state revenue is collected, in additionto the ordinary revenues of the state, a sum in an amount requiredto pay the principal of, and interest on, the bonds maturing eachyear, and it is the duty of all officers charged by law with any dutyin regard to the collection of the revenue to do and perform eachand every act which is necessary to collect that additional sum.53175.  Notwithstanding Section 13340 of the Government Code, thereis hereby appropriated from the General Fund in the State Treasury,for the purposes of this part, an amount that will equal the total ofthe following: (a) The sum annually necessary to pay the principal of, andinterest on, bonds issued and sold pursuant to this part, as theprincipal and interest become due and payable. (b) The sum which is necessary to carry out the provisions ofSection 53176, appropriated without regard to fiscal years.53176.  For the purposes of carrying out this part, the Director ofFinance may authorize the withdrawal from the General Fund of anamount or amounts not to exceed the amount of the unsold bonds whichhave been authorized to be sold for the purpose of carrying out thispart. Any amounts withdrawn shall be deposited in the fund. Any moneymade available under this section shall be returned to the GeneralFund, plus interest that the amounts would have earned in the PooledMoney Investment Account, from money received from the sale of bondsfor the purpose of carrying out this part.53176.2.  Notwithstanding any other provision of this bond act, orof the State General Obligation Bond Law (Chapter 4 (commencing withSection 16720) of Part 3 of Division 4 of Title 2 of the GovernmentCode), if the Treasurer sells bonds pursuant to this bond act thatinclude a bond counsel opinion to the effect that the interest on thebonds is excluded from gross income for federal tax purposes underdesignated conditions, the Treasurer may maintain separate accountsfor the bond proceeds invested and the investment earnings on thoseproceeds, and may use or direct the use of those proceeds or earningsto pay any rebate, penalty, or other payment required under federallaw, or take any other action with respect to the investment and useof those bond proceeds, as may be required or desirable under federallaw in order to maintain the tax-exempt status of those bonds and toobtain any other advantage under federal law on behalf of the fundsof this state.53176.5.  The board may request the Pooled Money Investment Board tomake a loan from the Pooled Money Investment Account, in accordancewith Section 16312 of the Government Code, for purposes of carryingout the provisions of this chapter. The amount of the request shallnot exceed the amount of unsold bonds which the committee has byresolution authorized to be sold for the purpose of carrying out thischapter. The board shall execute any documents which are required bythe Pooled Money Investment Board to obtain and repay the loan. Anyamounts loaned shall be deposited in the fund to be allocated to theboard in accordance with this chapter.53177.  All money deposited in the fund which is derived frompremium and accrued interest on bonds sold shall be reserved in thefund and shall be available for transfer to the General Fund as acredit to expenditures for bond interest.53178.  The Legislature hereby finds and declares that, inasmuch asthe proceeds from the sale of bonds authorized by this part are not"proceeds of taxes" as that term is used in Article XIII B of theCalifornia Constitution, the disbursement of these proceeds is notsubject to the limitations imposed by that article.