53521. Bonds in the total amount of two billion one hundred million
dollars ($2,100,000,000) exclusive of refunding bonds, or so much
thereof as is determined necessary and feasible by the committee in
order to effectuate this part or to conduct an effective sale, may be
issued and sold to provide a fund to be used for carrying out the
purposes expressed in this part and to be used 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 legally and binding obligation of the state, and
the full faith and credit of the state 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.
53522. Any bonds issued and sold pursuant to this part may be
refunded by the issuance 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. Approval by the
electors of the state for the issuance of bonds described in this
chapter shall include the approval of the issuance of any bonds
issued to refund any bonds originally issued or any previously issued
refunding bonds.
53523. (a) The bonds authorized by this part 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 other provisions of that law apply to the bonds and to
this part and are hereby incorporated in this part as though set
forth in full in this part.
(b) Pursuant to the State General Obligation Bond Law, the cost of
bond issuance shall be paid out of the bond proceeds. These costs
shall be shared proportionally by each program funded through this
chapter.
53524. (a) Solely for the purpose of authorizing the issuance and
sale, pursuant to the State General Obligation Bond Law, of the bonds
authorized by this part, the Housing Finance Committee is hereby
created. For purposes of this part, the Housing Finance Committee is
"the committee" as that term is used in the State General Obligation
Bond Law. The committee consists of the Controller, the Treasurer,
the Director of Finance, the Secretary of the Business,
Transportation and Housing Agency, the Director of Housing and
Community Development, and the Executive Director of the California
Housing Finance Agency, or their designated representatives. The
Treasurer shall serve as the chairperson of the committee. A majority
of the committee may act for the committee.
(b) For purposes of the State General Obligation Bond Law, the
department is designated the "board" for programs administered by the
department, and the agency is the "board" for programs administered
by the agency.
53525. Upon request of the board stating that funds are needed for
the purposes of this chapter, the committee shall determine whether
or not it is necessary or desirable to issue bonds authorized
pursuant to this part in order to carry out the actions specified in
Chapter 4 (commencing with Section 53533) 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.
53526. 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.
53527. Notwithstanding Section 13340 of the Government Code, there
is hereby appropriated from the General Fund, for the purposes of
this part, 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 part, as the
principal and interest become due and payable.
(b) The sum necessary to carry out the provisions of Section
53528, appropriated without regard to fiscal years.
53528. For the purposes of carrying out this part, the Director of
Finance may 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 part. Any amounts withdrawn shall be deposited in
the fund. Any money made available under this section shall be
returned to the General Fund from money received from the sale of
bonds for the purpose of carrying out this part.
53529. Notwithstanding any other provision of this part, or of the
State General Obligation Bond Law, if the Treasurer sells bonds
pursuant to this part 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.
53530. The board may request the Pooled Money Investment Board to
make a loan from the Pooled Money Investment Account, in accordance
with Section 16312 of the Government Code, for the purposes of
carrying out this part. The amount of the request shall not exceed
the amount of unsold bonds that the committee has by resolution
authorized to be sold for the purpose of carrying out this part. The
board shall execute any documents that are required by the Pooled
Money Investment Board to obtain and repay the loan. Any amounts
loaned shall be deposited in the fund to be allocated by the board in
accordance with this part.
53531. All money deposited in the fund that is derived from
premiums 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.
53532. The Legislature hereby finds and declares that, inasmuch as
the 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 the
California Constitution, the disbursement of these proceeds is not
subject to the limitations imposed by that article.
53521. Bonds in the total amount of two billion one hundred million
dollars ($2,100,000,000) exclusive of refunding bonds, or so much
thereof as is determined necessary and feasible by the committee in
order to effectuate this part or to conduct an effective sale, may be
issued and sold to provide a fund to be used for carrying out the
purposes expressed in this part and to be used 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 legally and binding obligation of the state, and
the full faith and credit of the state 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.
53522. Any bonds issued and sold pursuant to this part may be
refunded by the issuance 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. Approval by the
electors of the state for the issuance of bonds described in this
chapter shall include the approval of the issuance of any bonds
issued to refund any bonds originally issued or any previously issued
refunding bonds.
53523. (a) The bonds authorized by this part 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 other provisions of that law apply to the bonds and to
this part and are hereby incorporated in this part as though set
forth in full in this part.
(b) Pursuant to the State General Obligation Bond Law, the cost of
bond issuance shall be paid out of the bond proceeds. These costs
shall be shared proportionally by each program funded through this
chapter.
53524. (a) Solely for the purpose of authorizing the issuance and
sale, pursuant to the State General Obligation Bond Law, of the bonds
authorized by this part, the Housing Finance Committee is hereby
created. For purposes of this part, the Housing Finance Committee is
"the committee" as that term is used in the State General Obligation
Bond Law. The committee consists of the Controller, the Treasurer,
the Director of Finance, the Secretary of the Business,
Transportation and Housing Agency, the Director of Housing and
Community Development, and the Executive Director of the California
Housing Finance Agency, or their designated representatives. The
Treasurer shall serve as the chairperson of the committee. A majority
of the committee may act for the committee.
(b) For purposes of the State General Obligation Bond Law, the
department is designated the "board" for programs administered by the
department, and the agency is the "board" for programs administered
by the agency.
53525. Upon request of the board stating that funds are needed for
the purposes of this chapter, the committee shall determine whether
or not it is necessary or desirable to issue bonds authorized
pursuant to this part in order to carry out the actions specified in
Chapter 4 (commencing with Section 53533) 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.
53526. 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.
53527. Notwithstanding Section 13340 of the Government Code, there
is hereby appropriated from the General Fund, for the purposes of
this part, 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 part, as the
principal and interest become due and payable.
(b) The sum necessary to carry out the provisions of Section
53528, appropriated without regard to fiscal years.
53528. For the purposes of carrying out this part, the Director of
Finance may 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 part. Any amounts withdrawn shall be deposited in
the fund. Any money made available under this section shall be
returned to the General Fund from money received from the sale of
bonds for the purpose of carrying out this part.
53529. Notwithstanding any other provision of this part, or of the
State General Obligation Bond Law, if the Treasurer sells bonds
pursuant to this part 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.
53530. The board may request the Pooled Money Investment Board to
make a loan from the Pooled Money Investment Account, in accordance
with Section 16312 of the Government Code, for the purposes of
carrying out this part. The amount of the request shall not exceed
the amount of unsold bonds that the committee has by resolution
authorized to be sold for the purpose of carrying out this part. The
board shall execute any documents that are required by the Pooled
Money Investment Board to obtain and repay the loan. Any amounts
loaned shall be deposited in the fund to be allocated by the board in
accordance with this part.
53531. All money deposited in the fund that is derived from
premiums 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.
53532. The Legislature hereby finds and declares that, inasmuch as
the 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 the
California Constitution, the disbursement of these proceeds is not
subject to the limitations imposed by that article.
53521. Bonds in the total amount of two billion one hundred million
dollars ($2,100,000,000) exclusive of refunding bonds, or so much
thereof as is determined necessary and feasible by the committee in
order to effectuate this part or to conduct an effective sale, may be
issued and sold to provide a fund to be used for carrying out the
purposes expressed in this part and to be used 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 legally and binding obligation of the state, and
the full faith and credit of the state 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.
53522. Any bonds issued and sold pursuant to this part may be
refunded by the issuance 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. Approval by the
electors of the state for the issuance of bonds described in this
chapter shall include the approval of the issuance of any bonds
issued to refund any bonds originally issued or any previously issued
refunding bonds.
53523. (a) The bonds authorized by this part 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 other provisions of that law apply to the bonds and to
this part and are hereby incorporated in this part as though set
forth in full in this part.
(b) Pursuant to the State General Obligation Bond Law, the cost of
bond issuance shall be paid out of the bond proceeds. These costs
shall be shared proportionally by each program funded through this
chapter.
53524. (a) Solely for the purpose of authorizing the issuance and
sale, pursuant to the State General Obligation Bond Law, of the bonds
authorized by this part, the Housing Finance Committee is hereby
created. For purposes of this part, the Housing Finance Committee is
"the committee" as that term is used in the State General Obligation
Bond Law. The committee consists of the Controller, the Treasurer,
the Director of Finance, the Secretary of the Business,
Transportation and Housing Agency, the Director of Housing and
Community Development, and the Executive Director of the California
Housing Finance Agency, or their designated representatives. The
Treasurer shall serve as the chairperson of the committee. A majority
of the committee may act for the committee.
(b) For purposes of the State General Obligation Bond Law, the
department is designated the "board" for programs administered by the
department, and the agency is the "board" for programs administered
by the agency.
53525. Upon request of the board stating that funds are needed for
the purposes of this chapter, the committee shall determine whether
or not it is necessary or desirable to issue bonds authorized
pursuant to this part in order to carry out the actions specified in
Chapter 4 (commencing with Section 53533) 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.
53526. 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.
53527. Notwithstanding Section 13340 of the Government Code, there
is hereby appropriated from the General Fund, for the purposes of
this part, 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 part, as the
principal and interest become due and payable.
(b) The sum necessary to carry out the provisions of Section
53528, appropriated without regard to fiscal years.
53528. For the purposes of carrying out this part, the Director of
Finance may 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 part. Any amounts withdrawn shall be deposited in
the fund. Any money made available under this section shall be
returned to the General Fund from money received from the sale of
bonds for the purpose of carrying out this part.
53529. Notwithstanding any other provision of this part, or of the
State General Obligation Bond Law, if the Treasurer sells bonds
pursuant to this part 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.
53530. The board may request the Pooled Money Investment Board to
make a loan from the Pooled Money Investment Account, in accordance
with Section 16312 of the Government Code, for the purposes of
carrying out this part. The amount of the request shall not exceed
the amount of unsold bonds that the committee has by resolution
authorized to be sold for the purpose of carrying out this part. The
board shall execute any documents that are required by the Pooled
Money Investment Board to obtain and repay the loan. Any amounts
loaned shall be deposited in the fund to be allocated by the board in
accordance with this part.
53531. All money deposited in the fund that is derived from
premiums 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.
53532. The Legislature hereby finds and declares that, inasmuch as
the 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 the
California Constitution, the disbursement of these proceeds is not
subject to the limitations imposed by that article.
