12879.7. Bonds in the total amount of sixty million dollars
($60,000,000), exclusive of refunding bonds issued pursuant to
Section 12879.15, 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 be used to reimburse the General
Obligation Bond Expense Revolving Fund pursuant to Section 16724.5 of
the Government Code. All bonds herein authorized, which 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
thereof.
12879.8. 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 apply to the bonds and to this
chapter and are hereby incorporated in this chapter as though set
forth in full in this chapter.
12879.9. (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 chapter, the Water Conservation Finance
Committee is hereby created. For purposes of this chapter, the Water
Conservation Finance Committee is "the committee" as that term is
used in the State General Obligation Bond Law. The committee consists
of the Governor, the Controller, the Treasurer, the Director of
Finance, the Director of Water Resources, and the Chairperson of the
California Water Commission, or their designated representatives. A
majority of the committee may act for the committee.
(b) For purposes of the State General Obligation Bond Law, the
Department of Water Resources is designated the "board."
12879.10. 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 Sections
12879.5 and 12879.6, 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.
12879.11. 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 maturing
each year, and all officers required by law to perform any duty in
regard to the collection of state revenues shall collect that
additional sum.
12879.12. 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 which is necessary to carry out the provisions of
Section 12879.13, appropriated without regard to fiscal years.
12879.13. 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 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 to be allocated
by the board in accordance with this chapter. Any money made
available under this section to the board from money received from
the sale of bonds for the purpose of carrying out this chapter shall
be returned to the General Fund plus the interest that the amount
would have earned in the Pooled Money Investment Account.
12879.135. 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.
12879.14. All money deposited in the fund which 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.
12879.15. Any bonds issued and sold pursuant to this chapter 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 2 of Title 2 of the Government Code. Approval by the
electors of the state for the issuance of these bonds shall include
the approval of any bonds issued to refund any bonds originally
issued or previously issued refunding bonds.
12879.16. 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 chapter. The amount of the request
shall not 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. The board shall execute such documents as 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 chapter.
12879.17. 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.
12879.7. Bonds in the total amount of sixty million dollars
($60,000,000), exclusive of refunding bonds issued pursuant to
Section 12879.15, 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 be used to reimburse the General
Obligation Bond Expense Revolving Fund pursuant to Section 16724.5 of
the Government Code. All bonds herein authorized, which 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
thereof.
12879.8. 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 apply to the bonds and to this
chapter and are hereby incorporated in this chapter as though set
forth in full in this chapter.
12879.9. (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 chapter, the Water Conservation Finance
Committee is hereby created. For purposes of this chapter, the Water
Conservation Finance Committee is "the committee" as that term is
used in the State General Obligation Bond Law. The committee consists
of the Governor, the Controller, the Treasurer, the Director of
Finance, the Director of Water Resources, and the Chairperson of the
California Water Commission, or their designated representatives. A
majority of the committee may act for the committee.
(b) For purposes of the State General Obligation Bond Law, the
Department of Water Resources is designated the "board."
12879.10. 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 Sections
12879.5 and 12879.6, 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.
12879.11. 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 maturing
each year, and all officers required by law to perform any duty in
regard to the collection of state revenues shall collect that
additional sum.
12879.12. 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 which is necessary to carry out the provisions of
Section 12879.13, appropriated without regard to fiscal years.
12879.13. 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 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 to be allocated
by the board in accordance with this chapter. Any money made
available under this section to the board from money received from
the sale of bonds for the purpose of carrying out this chapter shall
be returned to the General Fund plus the interest that the amount
would have earned in the Pooled Money Investment Account.
12879.135. 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.
12879.14. All money deposited in the fund which 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.
12879.15. Any bonds issued and sold pursuant to this chapter 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 2 of Title 2 of the Government Code. Approval by the
electors of the state for the issuance of these bonds shall include
the approval of any bonds issued to refund any bonds originally
issued or previously issued refunding bonds.
12879.16. 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 chapter. The amount of the request
shall not 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. The board shall execute such documents as 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 chapter.
12879.17. 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.
12879.7. Bonds in the total amount of sixty million dollars
($60,000,000), exclusive of refunding bonds issued pursuant to
Section 12879.15, 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 be used to reimburse the General
Obligation Bond Expense Revolving Fund pursuant to Section 16724.5 of
the Government Code. All bonds herein authorized, which 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
thereof.
12879.8. 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 apply to the bonds and to this
chapter and are hereby incorporated in this chapter as though set
forth in full in this chapter.
12879.9. (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 chapter, the Water Conservation Finance
Committee is hereby created. For purposes of this chapter, the Water
Conservation Finance Committee is "the committee" as that term is
used in the State General Obligation Bond Law. The committee consists
of the Governor, the Controller, the Treasurer, the Director of
Finance, the Director of Water Resources, and the Chairperson of the
California Water Commission, or their designated representatives. A
majority of the committee may act for the committee.
(b) For purposes of the State General Obligation Bond Law, the
Department of Water Resources is designated the "board."
12879.10. 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 Sections
12879.5 and 12879.6, 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.
12879.11. 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 maturing
each year, and all officers required by law to perform any duty in
regard to the collection of state revenues shall collect that
additional sum.
12879.12. 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 which is necessary to carry out the provisions of
Section 12879.13, appropriated without regard to fiscal years.
12879.13. 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 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 to be allocated
by the board in accordance with this chapter. Any money made
available under this section to the board from money received from
the sale of bonds for the purpose of carrying out this chapter shall
be returned to the General Fund plus the interest that the amount
would have earned in the Pooled Money Investment Account.
12879.135. 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.
12879.14. All money deposited in the fund which 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.
12879.15. Any bonds issued and sold pursuant to this chapter 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 2 of Title 2 of the Government Code. Approval by the
electors of the state for the issuance of these bonds shall include
the approval of any bonds issued to refund any bonds originally
issued or previously issued refunding bonds.
12879.16. 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 chapter. The amount of the request
shall not 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. The board shall execute such documents as 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 chapter.
12879.17. 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.
