SECTIONS 75080-75090

75080.  Bonds in the total amount of five billion three hundred andeighty eight million dollars ($5,388,000,000), not including theamount of any refunding bonds issued in accordance with Section75088, or so much thereof as is necessary, may be issued and sold tobe used for carrying out the purposes set forth in this division andto be used to reimburse the General Obligation Bond Expense RevolvingFund pursuant to Section 16724.5 of the Government Code. The bondproceeds shall be deposited in the Safe Drinking Water, Water Qualityand Supply, Flood Control, River and Coastal Protection Fund of 2006created by Section 75009. The bonds shall, when sold, be andconstitute a valid and binding obligation of the State of California,and the full faith and credit of the State of California is herebypledged for the punctual payment of both principal of and interest onthe bonds as they become due and payable.75081.  The bonds authorized by this division 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, andall provisions of that law shall apply to the bonds and to thisdivision and are hereby incorporated in this division by thisreference as though fully set forth in this division.75082.  (a) Solely for the purpose of authorizing the issuance andsale, pursuant to the State General Obligation Bond Law, of the bondsauthorized by this division, the Safe Drinking Water, Water Qualityand Supply, Flood Control, River and Coastal Protection FinanceCommittee is hereby created. For purposes of this division, the SafeDrinking Water, Water Quality and Supply, Flood Control, River andCoastal Protection Finance Committee is "the committee" as that termis used by the State General Obligation Bond Law. The committee shallconsist of the Controller, the Director of Finance, and theTreasurer, or their designated representatives. The Treasurer shallserve as chairperson of the committee. A majority of the committeemay act for the committee. (b) For purposes of this chapter and the State General ObligationBond Law, the secretary is designated as "the board."75083.  The committee shall determine whether or not it is necessaryor desirable to issue bonds authorized pursuant to this division inorder to carry out the actions specified in this division and, if so,the amount of bonds to be issued and sold. Successive issues ofbonds may be authorized and sold to carry out those actionsprogressively, and it is not necessary that all of the bondsauthorized to be issued be sold at any one time.75084.  There shall be collected annually in the same manner and atthe same time as other state revenue is collected, in addition to theordinary revenues of the state, a sum in an amount required to paythe principal of, and interest on, the bonds maturing each year, andit is the duty of all officers charged by law with any duty in regardto the collection of the revenue to do so and perform each and everyact that is necessary to collect that additional sum.75085.  Notwithstanding Section 13340 of the Government Code, thereis hereby appropriated from the General Fund, for purposes of thisdivision, an amount that will equal the total of the following: (a) The sum annually necessary to pay the principal of, andinterest on, bonds issued and sold pursuant to this division, as theprincipal and interest become due and payable. (b) The sum which is necessary to carry out the provisions ofSection 75086, appropriated without regard to fiscal years.75086.  For the purposes of carrying out this division, the Directorof Finance may authorize the withdrawal from the General Fund of anamount or amounts not to exceed the amount of the unsold bonds thathave been authorized to be sold for the purpose of carrying out thisdivision. Any amounts withdrawn shall be deposited in the fund. Anymoney made available under this section shall be returned to theGeneral Fund, plus the interest that the amounts would have earned inthe Pooled Money Investment Account, from money received from thesale of bonds that would otherwise be deposited in that fund.75087.  All money derived from premium and accrued interest on bondssold shall be reserved and shall be available for transfer to theGeneral Fund as a credit to expenditures for bond interest.75088.  Any bonds issued or sold pursuant to this division may berefunded by the issuance of refunding bonds in accordance withArticle 6 (commencing with Section 16780) of Chapter 4 of Part 3 ofDivision 4 of Title 2 of the Government Code. Approval by theelectors of the state for the issuance of the bonds shall includeapproval of the issuance of any bonds issued to refund any bondsoriginally issued or any previously issued refunding bonds.75090.  The people of California hereby find and declare thatinasmuch as the proceeds from the sale of bonds authorized by thisdivision are not "proceeds of taxes" as that term is used in ArticleXIII B of the California Constitution, the disbursement of theseproceeds is not subject to the limitation imposed by that article.