State Codes and Statutes

Statutes > California > Hsc > 52525-52533

HEALTH AND SAFETY CODE
SECTION 52525-52533



52525.  This chapter shall be known and may be cited as the
First-Time Home Buyers Bond Act of 1982.



52526.  The State General Obligation Bond Law is adopted for the
purpose of the issuance, sale and repayment of, and otherwise
providing with respect to, the bonds or securities authorized to be
issued by this chapter, and the provisions of that law are included
in this chapter as though set out in full in this chapter. For
purposes of this chapter, "securities" has the same meaning as "bonds"
as defined 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).


52527.  The First-Time Home Buyers Finance Committee is hereby
created. The committee shall consist of the Governor, the Controller,
the Treasurer, the Director of Finance, and the Chairperson of the
Board of Directors of the California Housing Finance Agency. The
Treasurer shall serve as chairperson of the committee. Such committee
shall be the "committee," as that term is used in the State General
Obligation Bond Law. The Board of Directors of the California Housing
Finance Agency shall be the "board," as that term is used in the
State General Obligation Bond Law.



52528.  The committee is hereby authorized and empowered to create a
debt or debts, liability or liabilities, of the State of California,
in the aggregate of fifteen million dollars ($15,000,000), in the
manner provided in this chapter. The debt or debts, liability or
liabilities, shall be created for the purpose of providing the funds
to be used for the purposes specified in Section 52505 and shall be
deposited in the First-Time Home Buyers Fund created pursuant to
Section 52504.



52529.  The committee, upon the request of the board stating the
purposes for which the bonds are proposed to be used and the amount
of the proposed issuance, shall determine whether or not it is
necessary or desirable to issue any bonds authorized under this
chapter, and if so, the amount of bonds then to be issued and sold.
The committee may authorize the State Treasurer to sell all or any
part of the bonds herein authorized at such time or times as may be
fixed by the State Treasurer.



52529.5.  Notwithstanding the provisions of Chapter 4 (commencing
with Section 16720) of Part 3 of Division 4 of Title 2 of the
Government Code, the policy committee may, whenever it deems it
necessary to effectuate the provisions of this part or to conduct an
effective sale, authorize the state treasurer to sell any issue of
bonds under either, or both, of the following conditions:
   (a) With interest payments to be made less frequently than
semi-annually, and an initial interest payment later than one year
after the date of the bonds, if such interest payment date shall not
be later than the maturity date of the bonds and is fixed to
coincide, as nearly as the committee may deem to be practicable, with
the dates and amounts of the estimated revenues estimated to accrue
to the fund pursuant to this part.
   (b) At less than the par value thereof if necessary to an
effective sale, but the discount pursuant to this subdivision shall
not exceed 6 percent of the par value thereof.



52530.  All bonds herein authorized, which shall have been duly sold
and delivered as herein provided, shall constitute valid and legally
binding general obligations 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 and interest thereon.
   There shall be collected annually in the same manner and at the
same time as other state revenue is collected such a sum, in addition
to the ordinary revenues of the state, as shall be required to pay
the principal and interest on such bonds as herein provided, and it
is hereby made the duty of all officers charged by law with any duty
in regard to the collection of such revenue to do and perform each
and every act which shall be necessary to collect such additional
sum.
   All money deposited in the fund which has been derived from
premium and accrued interest on bonds sold shall be available for
transfer to the General Fund as a credit to expenditures for bond
interest.
   All money deposited in the fund pursuant to any provision of law
requiring repayments to the state which are financed by the proceeds
of the bonds authorized by this chapter shall be available for
transfer to the General Fund. When transferred to the General Fund
such money shall be applied as a reimbursement to the General Fund on
account of principal and interest on the bonds which has been paid
from the General Fund.



52531.  There is hereby appropriated from the General Fund in the
State Treasury for the purpose of this chapter such an amount as will
equal the following:
   (a) Such sum annually as will be necessary to pay the principal of
and the interest on the bonds issued and sold pursuant to the
provisions of this chapter.
   (b) Such sum as is necessary to carry out the provisions of
Section 52532, which sum is appropriated without regard to fiscal
years.


52532.  For the purpose of carrying out the provisions of 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 which the committee has by
resolution authorized to be sold for the purpose of carrying out this
chapter. Any amounts withdrawn shall be deposited in the fund and
shall be disbursed by the committee in accordance with this chapter.
Any money made available under this section to the First-Time Home
Buyers Fund shall be returned by the First-Time Home Buyers Fund to
the General Fund from repayments received from the first-time home
buyers. Such withdrawals from the General Fund shall be returned to
the General Fund with interest at the rate which would have otherwise
been earned by such sums in the Pooled Money Investment Fund.



52532.5.  Notwithstanding any other provision of this bond act, or
of 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), if the Treasurer sells bonds pursuant to this bond act 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 bond proceeds invested and the investment earnings on those
proceeds, and may use or direct the use of those proceeds or earnings
to pay any rebate, penalty, or other payment required under federal
law, or take any other action with respect to the investment and use
of those bond proceeds, as may be required or desirable under federal
law in order 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.



52533.  Money in the First-Time Home Buyers Fund may only be
expended for projects specified in this chapter.


State Codes and Statutes

Statutes > California > Hsc > 52525-52533

HEALTH AND SAFETY CODE
SECTION 52525-52533



52525.  This chapter shall be known and may be cited as the
First-Time Home Buyers Bond Act of 1982.



52526.  The State General Obligation Bond Law is adopted for the
purpose of the issuance, sale and repayment of, and otherwise
providing with respect to, the bonds or securities authorized to be
issued by this chapter, and the provisions of that law are included
in this chapter as though set out in full in this chapter. For
purposes of this chapter, "securities" has the same meaning as "bonds"
as defined 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).


52527.  The First-Time Home Buyers Finance Committee is hereby
created. The committee shall consist of the Governor, the Controller,
the Treasurer, the Director of Finance, and the Chairperson of the
Board of Directors of the California Housing Finance Agency. The
Treasurer shall serve as chairperson of the committee. Such committee
shall be the "committee," as that term is used in the State General
Obligation Bond Law. The Board of Directors of the California Housing
Finance Agency shall be the "board," as that term is used in the
State General Obligation Bond Law.



52528.  The committee is hereby authorized and empowered to create a
debt or debts, liability or liabilities, of the State of California,
in the aggregate of fifteen million dollars ($15,000,000), in the
manner provided in this chapter. The debt or debts, liability or
liabilities, shall be created for the purpose of providing the funds
to be used for the purposes specified in Section 52505 and shall be
deposited in the First-Time Home Buyers Fund created pursuant to
Section 52504.



52529.  The committee, upon the request of the board stating the
purposes for which the bonds are proposed to be used and the amount
of the proposed issuance, shall determine whether or not it is
necessary or desirable to issue any bonds authorized under this
chapter, and if so, the amount of bonds then to be issued and sold.
The committee may authorize the State Treasurer to sell all or any
part of the bonds herein authorized at such time or times as may be
fixed by the State Treasurer.



52529.5.  Notwithstanding the provisions of Chapter 4 (commencing
with Section 16720) of Part 3 of Division 4 of Title 2 of the
Government Code, the policy committee may, whenever it deems it
necessary to effectuate the provisions of this part or to conduct an
effective sale, authorize the state treasurer to sell any issue of
bonds under either, or both, of the following conditions:
   (a) With interest payments to be made less frequently than
semi-annually, and an initial interest payment later than one year
after the date of the bonds, if such interest payment date shall not
be later than the maturity date of the bonds and is fixed to
coincide, as nearly as the committee may deem to be practicable, with
the dates and amounts of the estimated revenues estimated to accrue
to the fund pursuant to this part.
   (b) At less than the par value thereof if necessary to an
effective sale, but the discount pursuant to this subdivision shall
not exceed 6 percent of the par value thereof.



52530.  All bonds herein authorized, which shall have been duly sold
and delivered as herein provided, shall constitute valid and legally
binding general obligations 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 and interest thereon.
   There shall be collected annually in the same manner and at the
same time as other state revenue is collected such a sum, in addition
to the ordinary revenues of the state, as shall be required to pay
the principal and interest on such bonds as herein provided, and it
is hereby made the duty of all officers charged by law with any duty
in regard to the collection of such revenue to do and perform each
and every act which shall be necessary to collect such additional
sum.
   All money deposited in the fund which has been derived from
premium and accrued interest on bonds sold shall be available for
transfer to the General Fund as a credit to expenditures for bond
interest.
   All money deposited in the fund pursuant to any provision of law
requiring repayments to the state which are financed by the proceeds
of the bonds authorized by this chapter shall be available for
transfer to the General Fund. When transferred to the General Fund
such money shall be applied as a reimbursement to the General Fund on
account of principal and interest on the bonds which has been paid
from the General Fund.



52531.  There is hereby appropriated from the General Fund in the
State Treasury for the purpose of this chapter such an amount as will
equal the following:
   (a) Such sum annually as will be necessary to pay the principal of
and the interest on the bonds issued and sold pursuant to the
provisions of this chapter.
   (b) Such sum as is necessary to carry out the provisions of
Section 52532, which sum is appropriated without regard to fiscal
years.


52532.  For the purpose of carrying out the provisions of 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 which the committee has by
resolution authorized to be sold for the purpose of carrying out this
chapter. Any amounts withdrawn shall be deposited in the fund and
shall be disbursed by the committee in accordance with this chapter.
Any money made available under this section to the First-Time Home
Buyers Fund shall be returned by the First-Time Home Buyers Fund to
the General Fund from repayments received from the first-time home
buyers. Such withdrawals from the General Fund shall be returned to
the General Fund with interest at the rate which would have otherwise
been earned by such sums in the Pooled Money Investment Fund.



52532.5.  Notwithstanding any other provision of this bond act, or
of 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), if the Treasurer sells bonds pursuant to this bond act 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 bond proceeds invested and the investment earnings on those
proceeds, and may use or direct the use of those proceeds or earnings
to pay any rebate, penalty, or other payment required under federal
law, or take any other action with respect to the investment and use
of those bond proceeds, as may be required or desirable under federal
law in order 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.



52533.  Money in the First-Time Home Buyers Fund may only be
expended for projects specified in this chapter.



State Codes and Statutes

State Codes and Statutes

Statutes > California > Hsc > 52525-52533

HEALTH AND SAFETY CODE
SECTION 52525-52533



52525.  This chapter shall be known and may be cited as the
First-Time Home Buyers Bond Act of 1982.



52526.  The State General Obligation Bond Law is adopted for the
purpose of the issuance, sale and repayment of, and otherwise
providing with respect to, the bonds or securities authorized to be
issued by this chapter, and the provisions of that law are included
in this chapter as though set out in full in this chapter. For
purposes of this chapter, "securities" has the same meaning as "bonds"
as defined 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).


52527.  The First-Time Home Buyers Finance Committee is hereby
created. The committee shall consist of the Governor, the Controller,
the Treasurer, the Director of Finance, and the Chairperson of the
Board of Directors of the California Housing Finance Agency. The
Treasurer shall serve as chairperson of the committee. Such committee
shall be the "committee," as that term is used in the State General
Obligation Bond Law. The Board of Directors of the California Housing
Finance Agency shall be the "board," as that term is used in the
State General Obligation Bond Law.



52528.  The committee is hereby authorized and empowered to create a
debt or debts, liability or liabilities, of the State of California,
in the aggregate of fifteen million dollars ($15,000,000), in the
manner provided in this chapter. The debt or debts, liability or
liabilities, shall be created for the purpose of providing the funds
to be used for the purposes specified in Section 52505 and shall be
deposited in the First-Time Home Buyers Fund created pursuant to
Section 52504.



52529.  The committee, upon the request of the board stating the
purposes for which the bonds are proposed to be used and the amount
of the proposed issuance, shall determine whether or not it is
necessary or desirable to issue any bonds authorized under this
chapter, and if so, the amount of bonds then to be issued and sold.
The committee may authorize the State Treasurer to sell all or any
part of the bonds herein authorized at such time or times as may be
fixed by the State Treasurer.



52529.5.  Notwithstanding the provisions of Chapter 4 (commencing
with Section 16720) of Part 3 of Division 4 of Title 2 of the
Government Code, the policy committee may, whenever it deems it
necessary to effectuate the provisions of this part or to conduct an
effective sale, authorize the state treasurer to sell any issue of
bonds under either, or both, of the following conditions:
   (a) With interest payments to be made less frequently than
semi-annually, and an initial interest payment later than one year
after the date of the bonds, if such interest payment date shall not
be later than the maturity date of the bonds and is fixed to
coincide, as nearly as the committee may deem to be practicable, with
the dates and amounts of the estimated revenues estimated to accrue
to the fund pursuant to this part.
   (b) At less than the par value thereof if necessary to an
effective sale, but the discount pursuant to this subdivision shall
not exceed 6 percent of the par value thereof.



52530.  All bonds herein authorized, which shall have been duly sold
and delivered as herein provided, shall constitute valid and legally
binding general obligations 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 and interest thereon.
   There shall be collected annually in the same manner and at the
same time as other state revenue is collected such a sum, in addition
to the ordinary revenues of the state, as shall be required to pay
the principal and interest on such bonds as herein provided, and it
is hereby made the duty of all officers charged by law with any duty
in regard to the collection of such revenue to do and perform each
and every act which shall be necessary to collect such additional
sum.
   All money deposited in the fund which has been derived from
premium and accrued interest on bonds sold shall be available for
transfer to the General Fund as a credit to expenditures for bond
interest.
   All money deposited in the fund pursuant to any provision of law
requiring repayments to the state which are financed by the proceeds
of the bonds authorized by this chapter shall be available for
transfer to the General Fund. When transferred to the General Fund
such money shall be applied as a reimbursement to the General Fund on
account of principal and interest on the bonds which has been paid
from the General Fund.



52531.  There is hereby appropriated from the General Fund in the
State Treasury for the purpose of this chapter such an amount as will
equal the following:
   (a) Such sum annually as will be necessary to pay the principal of
and the interest on the bonds issued and sold pursuant to the
provisions of this chapter.
   (b) Such sum as is necessary to carry out the provisions of
Section 52532, which sum is appropriated without regard to fiscal
years.


52532.  For the purpose of carrying out the provisions of 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 which the committee has by
resolution authorized to be sold for the purpose of carrying out this
chapter. Any amounts withdrawn shall be deposited in the fund and
shall be disbursed by the committee in accordance with this chapter.
Any money made available under this section to the First-Time Home
Buyers Fund shall be returned by the First-Time Home Buyers Fund to
the General Fund from repayments received from the first-time home
buyers. Such withdrawals from the General Fund shall be returned to
the General Fund with interest at the rate which would have otherwise
been earned by such sums in the Pooled Money Investment Fund.



52532.5.  Notwithstanding any other provision of this bond act, or
of 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), if the Treasurer sells bonds pursuant to this bond act 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 bond proceeds invested and the investment earnings on those
proceeds, and may use or direct the use of those proceeds or earnings
to pay any rebate, penalty, or other payment required under federal
law, or take any other action with respect to the investment and use
of those bond proceeds, as may be required or desirable under federal
law in order 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.



52533.  Money in the First-Time Home Buyers Fund may only be
expended for projects specified in this chapter.