67358.5. (a) Bonds in the total amount of nine hundred million
dollars ($900,000,000), not including the amount of any refunding
bonds issued in accordance with Section 67359.3, 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
reimburse the General Obligation Bond Expense Revolving Fund pursuant
to Section 16724.5 of the Government Code. The bonds shall, when
sold, be and constitute a valid and binding obligation 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 of, and interest on, the bonds as the principal and
interest become due and payable.
(b) Pursuant to this section, the Treasurer shall sell the bonds
authorized by the committee at any different times necessary to
service expenditures required by the apportionments.
67358.6. 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 shall apply to the bonds and to
this chapter and are hereby incorporated in this chapter as though
set forth in full in this chapter. For purposes of the State General
Obligation Bond Law, each state agency administering an appropriation
of the bond fund is designated as the "board" for projects funded by
those appropriations.
67358.7. The committee shall authorize the issuance of bonds under
this chapter only to the extent necessary to fund the apportionments
that are expressly authorized by the Legislature in the annual Budget
Act. Pursuant to that legislative direction, 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 67358.4 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.
67358.8. There shall be collected each year and in the same manner
and at the same time as other state revenue is collected, in addition
to the ordinary revenues of the state, a sum in an amount required
to pay the principal of, and interest on, the bonds each year, and it
is the duty of all officers charged by law with any duty in regard
to the collection of the revenue to do and perform each and every act
that is necessary to collect that additional sum.
67358.9. 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 necessary to carry out the provisions of Section
67359, appropriated without regard to fiscal years.
67359. (a) 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 that have been authorized by the committee
to be sold for the purpose of carrying out this chapter. Any amounts
withdrawn shall be deposited in the fund. Any money made available
under this section shall be returned to the General Fund, together
with interest at the rate paid on moneys in the Pooled Money
Investment Account, from money received from the sale of bonds for
the purpose of carrying out this chapter.
(b) No funds shall be expended pursuant to this chapter for the
acquisition and development of new campuses that would increase the
number of campuses designated in Section 67358.1.
(c) Any request forwarded to the Legislature and the Department of
Finance for funds from this bond issue for expenditure for the
purposes described in Section 67358.4 by the University of
California, the California State University, or the California
Community Colleges shall be accompanied by the five-year capital
outlay plan of the particular university or college and shall include
a schedule that prioritizes the seismic retrofitting needed to
significantly reduce, by the 2000-01 fiscal year, in the judgment of
the particular university or college, seismic hazards in buildings
identified as high priority by the university or college.
67359.1. All money deposited in the fund that 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.
67359.2. The board may request the Pooled Money Investment Board
for a loan from the Pooled Money Investment Account, in accordance
with Section 16312 of the Government Code, and may execute those
documents required by the Pooled Money Investment Board to obtain and
repay the loan. The loan shall be deposited in the fund for the
purpose of carrying out the provisions of this chapter. The amount of
the loan shall not exceed the amount of the unsold bonds that the
committee, by resolution, has authorized to be sold for the purposes
of this chapter.
67359.3. Any bonds issued and sold pursuant to this chapter may be
refunded by the issuance and sale or exchange of refunding bonds in
accordance with Article 6 (commencing with Section 16780) of Chapter
4 of Part 3 of Division 4 of Title 2 of the Government Code. The
approval by the electors of this state of the issuance and sale of
bonds under this chapter includes approval of the issuance and sale
or exchange of any bonds issued to refund either those bonds or any
previously issued refunding bonds.
67359.4. Notwithstanding any provision of this chapter or the State
General Obligation Bond Law set forth in Chapter 4 (commencing with
Section 16720) of Part 3 of Division 4 of Title 2 of the Government
Code, if the Treasurer sells bonds pursuant to this chapter 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 investment of bond proceeds and the investment earnings on
these proceeds, and the Treasurer shall be authorized to use or
direct the use of these proceeds or earnings to pay any rebate,
penalty, or other payment required under federal law or to take any
other action with respect to the investment and use of bond proceeds
required or desirable under federal law 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.
67359.5. 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.
67358.5. (a) Bonds in the total amount of nine hundred million
dollars ($900,000,000), not including the amount of any refunding
bonds issued in accordance with Section 67359.3, 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
reimburse the General Obligation Bond Expense Revolving Fund pursuant
to Section 16724.5 of the Government Code. The bonds shall, when
sold, be and constitute a valid and binding obligation 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 of, and interest on, the bonds as the principal and
interest become due and payable.
(b) Pursuant to this section, the Treasurer shall sell the bonds
authorized by the committee at any different times necessary to
service expenditures required by the apportionments.
67358.6. 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 shall apply to the bonds and to
this chapter and are hereby incorporated in this chapter as though
set forth in full in this chapter. For purposes of the State General
Obligation Bond Law, each state agency administering an appropriation
of the bond fund is designated as the "board" for projects funded by
those appropriations.
67358.7. The committee shall authorize the issuance of bonds under
this chapter only to the extent necessary to fund the apportionments
that are expressly authorized by the Legislature in the annual Budget
Act. Pursuant to that legislative direction, 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 67358.4 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.
67358.8. There shall be collected each year and in the same manner
and at the same time as other state revenue is collected, in addition
to the ordinary revenues of the state, a sum in an amount required
to pay the principal of, and interest on, the bonds each year, and it
is the duty of all officers charged by law with any duty in regard
to the collection of the revenue to do and perform each and every act
that is necessary to collect that additional sum.
67358.9. 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 necessary to carry out the provisions of Section
67359, appropriated without regard to fiscal years.
67359. (a) 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 that have been authorized by the committee
to be sold for the purpose of carrying out this chapter. Any amounts
withdrawn shall be deposited in the fund. Any money made available
under this section shall be returned to the General Fund, together
with interest at the rate paid on moneys in the Pooled Money
Investment Account, from money received from the sale of bonds for
the purpose of carrying out this chapter.
(b) No funds shall be expended pursuant to this chapter for the
acquisition and development of new campuses that would increase the
number of campuses designated in Section 67358.1.
(c) Any request forwarded to the Legislature and the Department of
Finance for funds from this bond issue for expenditure for the
purposes described in Section 67358.4 by the University of
California, the California State University, or the California
Community Colleges shall be accompanied by the five-year capital
outlay plan of the particular university or college and shall include
a schedule that prioritizes the seismic retrofitting needed to
significantly reduce, by the 2000-01 fiscal year, in the judgment of
the particular university or college, seismic hazards in buildings
identified as high priority by the university or college.
67359.1. All money deposited in the fund that 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.
67359.2. The board may request the Pooled Money Investment Board
for a loan from the Pooled Money Investment Account, in accordance
with Section 16312 of the Government Code, and may execute those
documents required by the Pooled Money Investment Board to obtain and
repay the loan. The loan shall be deposited in the fund for the
purpose of carrying out the provisions of this chapter. The amount of
the loan shall not exceed the amount of the unsold bonds that the
committee, by resolution, has authorized to be sold for the purposes
of this chapter.
67359.3. Any bonds issued and sold pursuant to this chapter may be
refunded by the issuance and sale or exchange of refunding bonds in
accordance with Article 6 (commencing with Section 16780) of Chapter
4 of Part 3 of Division 4 of Title 2 of the Government Code. The
approval by the electors of this state of the issuance and sale of
bonds under this chapter includes approval of the issuance and sale
or exchange of any bonds issued to refund either those bonds or any
previously issued refunding bonds.
67359.4. Notwithstanding any provision of this chapter or the State
General Obligation Bond Law set forth in Chapter 4 (commencing with
Section 16720) of Part 3 of Division 4 of Title 2 of the Government
Code, if the Treasurer sells bonds pursuant to this chapter 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 investment of bond proceeds and the investment earnings on
these proceeds, and the Treasurer shall be authorized to use or
direct the use of these proceeds or earnings to pay any rebate,
penalty, or other payment required under federal law or to take any
other action with respect to the investment and use of bond proceeds
required or desirable under federal law 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.
67359.5. 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.
67358.5. (a) Bonds in the total amount of nine hundred million
dollars ($900,000,000), not including the amount of any refunding
bonds issued in accordance with Section 67359.3, 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
reimburse the General Obligation Bond Expense Revolving Fund pursuant
to Section 16724.5 of the Government Code. The bonds shall, when
sold, be and constitute a valid and binding obligation 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 of, and interest on, the bonds as the principal and
interest become due and payable.
(b) Pursuant to this section, the Treasurer shall sell the bonds
authorized by the committee at any different times necessary to
service expenditures required by the apportionments.
67358.6. 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 shall apply to the bonds and to
this chapter and are hereby incorporated in this chapter as though
set forth in full in this chapter. For purposes of the State General
Obligation Bond Law, each state agency administering an appropriation
of the bond fund is designated as the "board" for projects funded by
those appropriations.
67358.7. The committee shall authorize the issuance of bonds under
this chapter only to the extent necessary to fund the apportionments
that are expressly authorized by the Legislature in the annual Budget
Act. Pursuant to that legislative direction, 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 67358.4 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.
67358.8. There shall be collected each year and in the same manner
and at the same time as other state revenue is collected, in addition
to the ordinary revenues of the state, a sum in an amount required
to pay the principal of, and interest on, the bonds each year, and it
is the duty of all officers charged by law with any duty in regard
to the collection of the revenue to do and perform each and every act
that is necessary to collect that additional sum.
67358.9. 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 necessary to carry out the provisions of Section
67359, appropriated without regard to fiscal years.
67359. (a) 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 that have been authorized by the committee
to be sold for the purpose of carrying out this chapter. Any amounts
withdrawn shall be deposited in the fund. Any money made available
under this section shall be returned to the General Fund, together
with interest at the rate paid on moneys in the Pooled Money
Investment Account, from money received from the sale of bonds for
the purpose of carrying out this chapter.
(b) No funds shall be expended pursuant to this chapter for the
acquisition and development of new campuses that would increase the
number of campuses designated in Section 67358.1.
(c) Any request forwarded to the Legislature and the Department of
Finance for funds from this bond issue for expenditure for the
purposes described in Section 67358.4 by the University of
California, the California State University, or the California
Community Colleges shall be accompanied by the five-year capital
outlay plan of the particular university or college and shall include
a schedule that prioritizes the seismic retrofitting needed to
significantly reduce, by the 2000-01 fiscal year, in the judgment of
the particular university or college, seismic hazards in buildings
identified as high priority by the university or college.
67359.1. All money deposited in the fund that 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.
67359.2. The board may request the Pooled Money Investment Board
for a loan from the Pooled Money Investment Account, in accordance
with Section 16312 of the Government Code, and may execute those
documents required by the Pooled Money Investment Board to obtain and
repay the loan. The loan shall be deposited in the fund for the
purpose of carrying out the provisions of this chapter. The amount of
the loan shall not exceed the amount of the unsold bonds that the
committee, by resolution, has authorized to be sold for the purposes
of this chapter.
67359.3. Any bonds issued and sold pursuant to this chapter may be
refunded by the issuance and sale or exchange of refunding bonds in
accordance with Article 6 (commencing with Section 16780) of Chapter
4 of Part 3 of Division 4 of Title 2 of the Government Code. The
approval by the electors of this state of the issuance and sale of
bonds under this chapter includes approval of the issuance and sale
or exchange of any bonds issued to refund either those bonds or any
previously issued refunding bonds.
67359.4. Notwithstanding any provision of this chapter or the State
General Obligation Bond Law set forth in Chapter 4 (commencing with
Section 16720) of Part 3 of Division 4 of Title 2 of the Government
Code, if the Treasurer sells bonds pursuant to this chapter 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 investment of bond proceeds and the investment earnings on
these proceeds, and the Treasurer shall be authorized to use or
direct the use of these proceeds or earnings to pay any rebate,
penalty, or other payment required under federal law or to take any
other action with respect to the investment and use of bond proceeds
required or desirable under federal law 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.
67359.5. 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.
