State Codes and Statutes

Statutes > California > Gov > 8879.3

GOVERNMENT CODE
SECTION 8879.3 



8879.3.  The Seismic Retrofit Bond Fund of 1996 is hereby created in
the State Treasury. The proceeds of bonds issued and sold pursuant
to this chapter for the purposes specified in this chapter are hereby
appropriated, without regard to fiscal years, to the Department of
Finance for allocation in the following manner:
   (a) Two billion dollars ($2,000,000,000) for the seismic retrofit
of state-owned highways and bridges, including toll bridges,
throughout the state. Funds allocated by the California
Transportation Commission for this purpose shall be deposited in the
1996 Seismic Retrofit Account, which is hereby created in the fund,
and, upon deposit, are continuously appropriated to the Department of
Transportation. Funds may be used to match any available federal
funds for transportation purposes or may be used without matching
federal funds to reconstruct, replace, or retrofit state-owned
highways and bridges, including toll bridges.
   (b) Funds described in this section shall be spent exclusively for
the seismic retrofit of state-owned toll bridges in an amount equal
to six hundred fifty million dollars ($650,000,000).
   (c) The funds in the 1996 Seismic Retrofit Account are available
for borrowing only for cash-flow purposes of the State Highway
Account, and the funds borrowed shall be repaid to the account within
one year. In addition, the proceeds of the bonds sold shall be used
to reimburse the State Highway Account and the Consolidated Toll
Bridge Fund for Phase Two retrofit expenditures incurred in the
1994-95 and 1995-96 fiscal years.

State Codes and Statutes

Statutes > California > Gov > 8879.3

GOVERNMENT CODE
SECTION 8879.3 



8879.3.  The Seismic Retrofit Bond Fund of 1996 is hereby created in
the State Treasury. The proceeds of bonds issued and sold pursuant
to this chapter for the purposes specified in this chapter are hereby
appropriated, without regard to fiscal years, to the Department of
Finance for allocation in the following manner:
   (a) Two billion dollars ($2,000,000,000) for the seismic retrofit
of state-owned highways and bridges, including toll bridges,
throughout the state. Funds allocated by the California
Transportation Commission for this purpose shall be deposited in the
1996 Seismic Retrofit Account, which is hereby created in the fund,
and, upon deposit, are continuously appropriated to the Department of
Transportation. Funds may be used to match any available federal
funds for transportation purposes or may be used without matching
federal funds to reconstruct, replace, or retrofit state-owned
highways and bridges, including toll bridges.
   (b) Funds described in this section shall be spent exclusively for
the seismic retrofit of state-owned toll bridges in an amount equal
to six hundred fifty million dollars ($650,000,000).
   (c) The funds in the 1996 Seismic Retrofit Account are available
for borrowing only for cash-flow purposes of the State Highway
Account, and the funds borrowed shall be repaid to the account within
one year. In addition, the proceeds of the bonds sold shall be used
to reimburse the State Highway Account and the Consolidated Toll
Bridge Fund for Phase Two retrofit expenditures incurred in the
1994-95 and 1995-96 fiscal years.


State Codes and Statutes


Back To Homepage

State Codes and Statutes

Statutes > California > Gov > 8879.3

GOVERNMENT CODE
SECTION 8879.3 



8879.3.  The Seismic Retrofit Bond Fund of 1996 is hereby created in
the State Treasury. The proceeds of bonds issued and sold pursuant
to this chapter for the purposes specified in this chapter are hereby
appropriated, without regard to fiscal years, to the Department of
Finance for allocation in the following manner:
   (a) Two billion dollars ($2,000,000,000) for the seismic retrofit
of state-owned highways and bridges, including toll bridges,
throughout the state. Funds allocated by the California
Transportation Commission for this purpose shall be deposited in the
1996 Seismic Retrofit Account, which is hereby created in the fund,
and, upon deposit, are continuously appropriated to the Department of
Transportation. Funds may be used to match any available federal
funds for transportation purposes or may be used without matching
federal funds to reconstruct, replace, or retrofit state-owned
highways and bridges, including toll bridges.
   (b) Funds described in this section shall be spent exclusively for
the seismic retrofit of state-owned toll bridges in an amount equal
to six hundred fifty million dollars ($650,000,000).
   (c) The funds in the 1996 Seismic Retrofit Account are available
for borrowing only for cash-flow purposes of the State Highway
Account, and the funds borrowed shall be repaid to the account within
one year. In addition, the proceeds of the bonds sold shall be used
to reimburse the State Highway Account and the Consolidated Toll
Bridge Fund for Phase Two retrofit expenditures incurred in the
1994-95 and 1995-96 fiscal years.


Disclaimer
There is no confidential attorney-client relationship formed by using Laws.com website and information provided on this site is not legal advice. For legal advice, please contact your attorney. Attorneys listed on this website are not referred or endorsed by this website. By using Laws.com you agree to Laws.com Terms Of Use.
Copyright © 2017 Laws.com | All rights reserved

Loading..

Close Window

Loading, Please Wait!

This may take a second or two.