12930. This chapter shall be known and may be cited as the
California Water Resources Development Bond Act.
12931. The object of this chapter is to provide funds to assist in
the construction of a State Water Resources Development System for
the State of California. Said system shall be comprised of the State
Water Facilities as defined in Section 12934(d) hereof and such
additional facilities as may now or hereafter be authorized by the
Legislature as a part of (1) the Central Valley Project or (2) the
California Water Plan, and including such other additional facilities
as the department deems necessary and desirable to meet local needs,
including, but not restricted to, flood control, and to augment the
supplies of water in the Sacramento-San Joaquin Delta and for which
funds are appropriated pursuant to this chapter. The enactment of
this chapter shall not be construed as creating any right to water or
the use thereof nor as affecting any existing legislation with
respect to water or water rights, except as expressly provided
herein, nor shall anything herein contained affect or be construed as
affecting vested water rights. Any facilities heretofore or
hereafter authorized as a part of the Central Valley Project or
facilities which are acquired or constructed as a part of the State
Water Resources Development System with funds made available
hereunder shall be acquired, constructed, operated, and maintained
pursuant to the provisions of the code governing the Central Valley
Project, as said provisions may now or hereafter be amended. For the
purposes of this chapter the Sacramento-San Joaquin Delta shall be
deemed to be within the watershed of the Sacramento River. No
facility constructed in whole or in part with funds made available by
this chapter shall be used to transport water the right to which was
secured through eminent domain by others than the State unless
approved by the Legislature by concurrent resolution with a majority
of the members elected to each house voting in favor thereof.
12932. Insofar as it is not inconsistent with the express
provisions of this chapter, the State General Obiligation Bond Law
(Chapter 4 (commencing at Section 16720) of Part 3, Division 4, Title
2 of the Government Code), is adopted for the purpose of the
issuance, sale, and repayment of, and otherwise providing with
respect to, the bonds 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. All references in this chapter to
"herein" shall be deemed to refer both to this chapter and such law.
12933. There is hereby created a California Water Resources
Development Finance Committee composed of the Governor, the State
Treasurer, the State Controller, Director of Finance and Director of
Water Resources, all of whom shall serve without compensation, and
the majority of whom shall be empowered to act for said committee.
The Director of Finance shall provide such assistance, and the
Attorney General shall furnish such legal advice, to the California
Water Resources Development Finance Committee as it may require.
12934. As used in this chapter and for the purposes of this chapter
as used in the State General Obligation Bond Law, the following
words shall have the following meanings:
(a) "Committee" shall mean the California Water Resources
Development Finance Committee created by Section 12933.
(b) "Board" or "department" shall mean the Department of Water
Resources.
(c) "Fund" shall mean the California Water Resources Development
Bond Fund created by Section 12935.
(d) "State Water Facilities" shall mean the following facilities:
(1) A multiple purpose dam and reservoir on the Feather River in
the vicinity of Oroville, Butte County, and dams and reservoirs
upstream therefrom in Plumas County in the vicinity of Frenchman,
Grizzly Valley, Abbey Bridge, Dixie Refuge and Antelope Valley;
(2) An aqueduct system which will provide for the transportation
of water from a point or points at or near the Sacramento-San Joaquin
Delta to termini in the Counties of Marin, Alameda, Santa Clara,
Santa Barbara, Los Angeles and Riverside, and for delivery of water
both at such termini and at canal-side points en route, for service
in Solano, Napa, Sonoma, Marin, Alameda, Contra Costa, Santa Clara,
San Benito, Santa Cruz, Fresno, Tulare, Kings, Kern, Los Angeles,
Ventura, San Bernardino, Riverside, Orange, San Diego, San Luis
Obispo, Monterey and Santa Barbara Counties.
Said aqueduct system shall consist of intake and diversion works,
conduits, tunnels, siphons, pipelines, dams, reservoirs, and pumping
facilities, and shall be composed of a North Bay aqueduct extending
to a terminal reservoir in Marin County; a South Bay aqueduct
extending to terminal reservoirs in the Counties of Alameda and Santa
Clara; a reservoir near Los Banos in Merced County; a Pacheco Pass
Tunnel aqueduct from a reservoir near Los Banos in Merced County to a
terminus in Pacheco Creek in Santa Clara County; a San Joaquin
Valley-Southern California aqueduct extending to termini in the
vicinity of Newhall, Los Angeles County, and Perris, Riverside
County, and having a capacity of not less than 2,500 cubic feet per
second at all points north of the northerly boundary of the County of
Los Angeles in the Tehachapi Mountains in the vicinity of Quail Lake
and a capacity of not less than 10,000 cubic feet per second at all
points north of the initial offstream storage reservoir; a coastal
aqueduct beginning on the San Joaquin Valley-Southern California
aqueduct in the vicinity of Avenal, Kings County, and extending to a
terminal at the Santa Maria River;
(3) Master levees, control structures, channel improvements, and
appurtenant facilities in the Sacramento-San Joaquin Delta for water
conservation, water supply in the Delta, transfer of water across the
Delta, flood and salinity control, and related functions.
(4) Facilities for removal of drainage water from the San Joaquin
Valley.
(5) Facilities for the generation and transmission of electrical
energy.
(6) Provision for water development facilities for local areas as
provided in Chapter 5 (commencing at Section 12880) of Part 6 of
Division 6 of the Water Code as the same may now or hereafter be
amended.
(7) Including for the foregoing (1 through 5) the relocation of
utilities and highways and acquisition of all lands, rights of way,
easements, machinery, equipment, apparatus, and all appurtenances
necessary or convenient therefor.
12935. For the purpose of creating a fund, herein designated the
California Water Resources Development Bond Fund, to provide for the
acquisition, construction and completion of the State Water
Facilities herein specified and, to the extent provided in Section
12938, for additions to the State Water Resources Development System,
the committee shall be and is hereby authorized and empowered to
create a debt or debts, liability or liabilities of the State of
California in the aggregate principal amount of one billion seven
hundred fifty million dollars ($1,750,000,000) in the manner and to
the extent herein provided, but not otherwise nor in excess thereof.
12936. 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 thereof.
Notwithstanding the provisions of subdivision (b) of Section 16731 of
the Government Code, the first date or dates of maturity of any
series of bonds issued under this chapter shall be not more than 10
years, and the last dates of maturity of any such series of bonds may
be fixed at any date or dates to and including 50 years, after the
date of that series. The committee may fix different dates for the
bonds of each series and the bonds of any series may be made to
mature and become payable at different times from those of any other
series; provided, that the maturity dates of each separate series
shall comply with the provisions of this section.
12937. The ways and means for the payment of the interest on and
the principal of such bonds shall be as follows:
(a) 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 said 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 said revenue, to do and
perform each and every act which shall be necessary to collect such
additional sum.
There is hereby appropriated from the General Fund in the State
Treasury 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, as said principal and interest become due
and payable.
On the several dates on which funds are remitted pursuant to
Section 16676 of the Government Code for the payment of the then
maturing principal and interest on the bonds, to wit, on the several
dates of maturity of said principal and interest in each fiscal year
there shall be transferred into the General Fund in the State
Treasury from revenues deposited in the fund as provided in
subdivision (b) of this Section 12937, and from any accrued interest
and premiums received on any sale, or sales of the bonds, so far as
available therein, amounts equal to, but not in excess of, all sums
so becoming due for principal and interest and in the event such
money received from such sources and so returned on said remittance
dates is less than the principal and interest then due and payable
then the balance remaining unpaid shall be transferred to the General
Fund out of moneys in the fund received from such sources as soon
thereafter as it shall become available, together with simple
interest thereon, from such remittance dates until so returned at the
same rate as borne by the bonds.
(b) All revenues derived from the sale, delivery or use of water
or power, and all other income or revenue, derived by the State, from
the State Water Resources Development System shall be deposited in a
special account or accounts in the California Water Resources
Development Bond Fund and shall be accounted for and used annually
only for the following purposes and in the following order, to wit:
1. The payment of the reasonable costs of the annual maintenance
and operation of the State Water Resources Development System and the
replacement of any parts thereof.
2. The annual payment of the principal of and interest on the
bonds issued pursuant to this chapter.
3. Transfer to the California Water Fund as reimbursement for
funds utilized from said fund for construction of the State Water
Resources Development System.
4. Any surplus revenues in each year not required for the purpose
specified in the foregoing subparagraphs (1), (2) and (3) of this
subdivision (b) of Section 12937 and not required to be transferred
to the General Fund pursuant to subparagraph (a) of this Section
12937, shall, during the time any of the bonds authorized herein are
outstanding, be deposited in a special account in the California
Water Resources Development Bond Fund and are hereby appropriated for
use and shall be available for expenditure by the department for
acquisition and construction of the State Water Resources Development
System as described in Section 12931 hereof.
All such revenues shall constitute a trust fund and are hereby
pledged for the uses and purposes above set forth and such pledge
shall inure to the direct benefit of the owners and holders of all
general obligation bonds issued under this chapter. The department,
subject to such terms and conditions as may be prescribed by the
Legislature, shall enter into contracts for the sale, delivery or use
of water or power, or for other services and facilities, made
available by the State Water Resources Development System with public
or private corporations, entities, or individuals. Such contracts
shall not be impaired by subsequent acts of the Legislature during
the time when any of the bonds authorized herein are outstanding and
the State may sue and be sued with respect to said contracts. Said
contracts shall be for a stated term and, insofar as practicable and
feasible, for the full term of the life of the general obligation
bonds issued under this chapter and each such contract shall recite
(i) that it is entered into for the direct benefit of the holders and
owners of all general obligation bonds issued under this chapter,
and (ii) that the income and revenues derived from such contracts are
pledged to the purposes and in the priority herein set forth. Such
pledge of revenues as herein set forth is hereby declared to be and
shall constitute an essential term of this chapter and upon its
ratification by the people of the State of California shall be
binding upon the State so long as any general obligation bonds
authorized hereunder are outstanding and unpaid. Such income and
revenues, subject to the priorities herein set forth, shall
constitute additional security for all of the bonds authorized and
issued hereunder irrespective of the date of their issuance and sale
and so long as any of the bonds authorized and issued hereunder, or
the interest thereon, are unpaid, such income and revenues shall not
be used for any other purpose. The bonds authorized hereunder shall
be equally secured by a lien upon all income and revenues derived
from the State Water Resources Development System without priority
for number, amount, date of bonds, of sale, of execution, or of
delivery pursuant to this chapter. Notwithstanding the pledge of
revenues herein contained, the State of California shall remain
liable for the payment of the principal of and interest upon all of
the bonds authorized and issued under this chapter.
12938. All proceeds from the sale of the bonds herein authorized
shall be deposited in the fund as provided in Section 16757 of the
Government Code and shall be available for the purpose provided in
Section 12935, but, except only as to accrued interest and any
premiums received on any sale, or sales, of the bonds, shall not be
available for transfer to the General Fund. All moneys deposited in
the fund are hereby appropriated to the department for expenditure
and allocation by the department without regard to fiscal years for
the State Water Facilities as herein defined and, to the extent
provided in this Section 12938, for additions to the State Water
Resources Development System. Of the total amount of the bonds
authorized herein, one hundred thirty million dollars ($130,000,000)
and no more shall be available exclusively for the provision of water
development facilities for local areas as set forth in subdivision
(d)(6) of Section 12934. Any money in the California Water Fund, and
any surplus revenue as described in Section 12937(b)4, available for
expenditure for the State Water Resources Development System shall be
used for the construction of the State Water Facilities in lieu of
the proceeds of bonds authorized by this chapter. The use of the
proceeds of bonds for such construction shall be decreased by an
amount equal to that hereafter expended from the California Water
Fund for the construction of State Water Facilities. To the extent
that money is expended from the California Water Fund for
construction of the State Water Facilities, proceeds from the sale of
bonds authorized pursuant to this act in an equal amount, is
appropriated and shall be expended for the construction of such
additional facilities of the State Water Resources Development System
as the department shall determine to be necessary and desirable to
meet local needs, including, but not restricted to, flood control,
and to augment the supplies of water in the Sacramento-San Joaquin
Delta from multiple purpose dams, reservoirs, aqueducts and
appurtenant works in the watersheds of the Sacramento, Eel, Trinity,
Mad, Van Duzen and Klamath Rivers for use in the State Water
Resources Development System, and the department is authorized to
construct any and all facilities for which funds are appropriated to
it for expenditure pursuant to this chapter. Such additional
facilities for local needs shall include those necessary to conserve
or develop water which is tributary to the stream upon which any of
the facilities of the State Water Resources Development System are
constructed and it shall be the duty of the department to diligently
plan such full development and submit plans and reports thereon to
the Legislature. All moneys in the California Water Fund and all
accruals thereto are hereby appropriated to the department for
expenditure and allocation by the department without regard to fiscal
years for the State Water Resources Development System as defined in
Section 12931 except that in any fiscal year the Legislature may
appropriate for any lawful purpose any money in the California Water
Fund which is unexpended at the beginning of that fiscal year and any
money accruing to that fund during the fiscal year.
12938.1. The provisions of Article 2 (commencing with Section
13320) of Chapter 3, Part 3, Division 3, Title 2 of the Government
Code are applicable to the department with respect to expenditures of
money pursuant to this chapter.
12938.2. The Department of Finance shall identify in the annual
Governor's Budget the proposed revenues and expenditures for the four
purposes identified in subdivision (b) of Section 12937. The data
shall be organized on a fiscal year basis and shall include (1) an
estimate of total revenues for the four purposes by revenue source,
and (2) a detailed statement of expenditures for the past, current,
and future fiscal years.
12938.2. 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.
12939. Upon the written request of the board, supported by a
statement of the expenditures made and to be made for the State Water
Resources Development System, the committee shall determine whether
or not it is necessary or desirable to issue any bonds authorized
under this chapter in order to make those expenditures and, if so,
the amount of bonds then to be issued and sold. Successive issues of
bonds may be authorized and sold to make those expenditures
progressively and it shall not be necessary that all of the bonds
herein authorized to be issued shall be sold at any one time.
12940. If any resolution determining that the sale of all or any
part of the bonds herein authorized is necessary or desirable, the
committee may in its discretion provide for the interexchange of
bonds of different denominations, which may be in any multiple of one
thousand dollars ($1,000), the issuance of bonds of different
denominations in lieu of or in exchange for bonds of a like aggregate
principal amount but of different denominations, the issuance of
registered bonds in such denominations as may be specified by the
committee and the exchange of such registered bonds for coupon bonds
of a like aggregate principal amount but of different denominations.
The committee may also provide for the authentication of any bonds by
the State Controller or by any deputy state controller. If
authentication is so required, no bond authorized hereunder shall be
valid unless so authenticated in the manner so required.
12941. In computing the net interest cost under Section 16754 of
the Government Code, the committee may determine that interest shall
be computed either from the date of sale or from the date of the
bonds or from the last preceding interest payment date to the
respective maturity dates of the bonds then offered for sale at the
coupon rate or rates specified in the bid, such computation to be
made on a 360-day year basis, and the committee shall make
appropriate provision therefor in the form of notice of sale of the
bonds.
12942. The committee may authorize the State Treasurer to sell all
or any part of the bonds herein authorized at such date or dates as
may be fixed by the State Treasurer and no direction of the Governor
shall be required. The provisions of Sections 16750 and 16754 of the
Government Code respecting the direction of the Governor shall not be
applicable to such sale.
12944. (a) In the operation of reservoirs, other than terminal
reservoirs from which water is supplied for domestic use without
purification treatment after withdrawal from such reservoirs,
constructed under this chapter, the department, to the extent that it
is compatible with public health and safety requirements, shall
permit the use of the water for body contact sports.
12930. This chapter shall be known and may be cited as the
California Water Resources Development Bond Act.
12931. The object of this chapter is to provide funds to assist in
the construction of a State Water Resources Development System for
the State of California. Said system shall be comprised of the State
Water Facilities as defined in Section 12934(d) hereof and such
additional facilities as may now or hereafter be authorized by the
Legislature as a part of (1) the Central Valley Project or (2) the
California Water Plan, and including such other additional facilities
as the department deems necessary and desirable to meet local needs,
including, but not restricted to, flood control, and to augment the
supplies of water in the Sacramento-San Joaquin Delta and for which
funds are appropriated pursuant to this chapter. The enactment of
this chapter shall not be construed as creating any right to water or
the use thereof nor as affecting any existing legislation with
respect to water or water rights, except as expressly provided
herein, nor shall anything herein contained affect or be construed as
affecting vested water rights. Any facilities heretofore or
hereafter authorized as a part of the Central Valley Project or
facilities which are acquired or constructed as a part of the State
Water Resources Development System with funds made available
hereunder shall be acquired, constructed, operated, and maintained
pursuant to the provisions of the code governing the Central Valley
Project, as said provisions may now or hereafter be amended. For the
purposes of this chapter the Sacramento-San Joaquin Delta shall be
deemed to be within the watershed of the Sacramento River. No
facility constructed in whole or in part with funds made available by
this chapter shall be used to transport water the right to which was
secured through eminent domain by others than the State unless
approved by the Legislature by concurrent resolution with a majority
of the members elected to each house voting in favor thereof.
12932. Insofar as it is not inconsistent with the express
provisions of this chapter, the State General Obiligation Bond Law
(Chapter 4 (commencing at Section 16720) of Part 3, Division 4, Title
2 of the Government Code), is adopted for the purpose of the
issuance, sale, and repayment of, and otherwise providing with
respect to, the bonds 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. All references in this chapter to
"herein" shall be deemed to refer both to this chapter and such law.
12933. There is hereby created a California Water Resources
Development Finance Committee composed of the Governor, the State
Treasurer, the State Controller, Director of Finance and Director of
Water Resources, all of whom shall serve without compensation, and
the majority of whom shall be empowered to act for said committee.
The Director of Finance shall provide such assistance, and the
Attorney General shall furnish such legal advice, to the California
Water Resources Development Finance Committee as it may require.
12934. As used in this chapter and for the purposes of this chapter
as used in the State General Obligation Bond Law, the following
words shall have the following meanings:
(a) "Committee" shall mean the California Water Resources
Development Finance Committee created by Section 12933.
(b) "Board" or "department" shall mean the Department of Water
Resources.
(c) "Fund" shall mean the California Water Resources Development
Bond Fund created by Section 12935.
(d) "State Water Facilities" shall mean the following facilities:
(1) A multiple purpose dam and reservoir on the Feather River in
the vicinity of Oroville, Butte County, and dams and reservoirs
upstream therefrom in Plumas County in the vicinity of Frenchman,
Grizzly Valley, Abbey Bridge, Dixie Refuge and Antelope Valley;
(2) An aqueduct system which will provide for the transportation
of water from a point or points at or near the Sacramento-San Joaquin
Delta to termini in the Counties of Marin, Alameda, Santa Clara,
Santa Barbara, Los Angeles and Riverside, and for delivery of water
both at such termini and at canal-side points en route, for service
in Solano, Napa, Sonoma, Marin, Alameda, Contra Costa, Santa Clara,
San Benito, Santa Cruz, Fresno, Tulare, Kings, Kern, Los Angeles,
Ventura, San Bernardino, Riverside, Orange, San Diego, San Luis
Obispo, Monterey and Santa Barbara Counties.
Said aqueduct system shall consist of intake and diversion works,
conduits, tunnels, siphons, pipelines, dams, reservoirs, and pumping
facilities, and shall be composed of a North Bay aqueduct extending
to a terminal reservoir in Marin County; a South Bay aqueduct
extending to terminal reservoirs in the Counties of Alameda and Santa
Clara; a reservoir near Los Banos in Merced County; a Pacheco Pass
Tunnel aqueduct from a reservoir near Los Banos in Merced County to a
terminus in Pacheco Creek in Santa Clara County; a San Joaquin
Valley-Southern California aqueduct extending to termini in the
vicinity of Newhall, Los Angeles County, and Perris, Riverside
County, and having a capacity of not less than 2,500 cubic feet per
second at all points north of the northerly boundary of the County of
Los Angeles in the Tehachapi Mountains in the vicinity of Quail Lake
and a capacity of not less than 10,000 cubic feet per second at all
points north of the initial offstream storage reservoir; a coastal
aqueduct beginning on the San Joaquin Valley-Southern California
aqueduct in the vicinity of Avenal, Kings County, and extending to a
terminal at the Santa Maria River;
(3) Master levees, control structures, channel improvements, and
appurtenant facilities in the Sacramento-San Joaquin Delta for water
conservation, water supply in the Delta, transfer of water across the
Delta, flood and salinity control, and related functions.
(4) Facilities for removal of drainage water from the San Joaquin
Valley.
(5) Facilities for the generation and transmission of electrical
energy.
(6) Provision for water development facilities for local areas as
provided in Chapter 5 (commencing at Section 12880) of Part 6 of
Division 6 of the Water Code as the same may now or hereafter be
amended.
(7) Including for the foregoing (1 through 5) the relocation of
utilities and highways and acquisition of all lands, rights of way,
easements, machinery, equipment, apparatus, and all appurtenances
necessary or convenient therefor.
12935. For the purpose of creating a fund, herein designated the
California Water Resources Development Bond Fund, to provide for the
acquisition, construction and completion of the State Water
Facilities herein specified and, to the extent provided in Section
12938, for additions to the State Water Resources Development System,
the committee shall be and is hereby authorized and empowered to
create a debt or debts, liability or liabilities of the State of
California in the aggregate principal amount of one billion seven
hundred fifty million dollars ($1,750,000,000) in the manner and to
the extent herein provided, but not otherwise nor in excess thereof.
12936. 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 thereof.
Notwithstanding the provisions of subdivision (b) of Section 16731 of
the Government Code, the first date or dates of maturity of any
series of bonds issued under this chapter shall be not more than 10
years, and the last dates of maturity of any such series of bonds may
be fixed at any date or dates to and including 50 years, after the
date of that series. The committee may fix different dates for the
bonds of each series and the bonds of any series may be made to
mature and become payable at different times from those of any other
series; provided, that the maturity dates of each separate series
shall comply with the provisions of this section.
12937. The ways and means for the payment of the interest on and
the principal of such bonds shall be as follows:
(a) 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 said 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 said revenue, to do and
perform each and every act which shall be necessary to collect such
additional sum.
There is hereby appropriated from the General Fund in the State
Treasury 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, as said principal and interest become due
and payable.
On the several dates on which funds are remitted pursuant to
Section 16676 of the Government Code for the payment of the then
maturing principal and interest on the bonds, to wit, on the several
dates of maturity of said principal and interest in each fiscal year
there shall be transferred into the General Fund in the State
Treasury from revenues deposited in the fund as provided in
subdivision (b) of this Section 12937, and from any accrued interest
and premiums received on any sale, or sales of the bonds, so far as
available therein, amounts equal to, but not in excess of, all sums
so becoming due for principal and interest and in the event such
money received from such sources and so returned on said remittance
dates is less than the principal and interest then due and payable
then the balance remaining unpaid shall be transferred to the General
Fund out of moneys in the fund received from such sources as soon
thereafter as it shall become available, together with simple
interest thereon, from such remittance dates until so returned at the
same rate as borne by the bonds.
(b) All revenues derived from the sale, delivery or use of water
or power, and all other income or revenue, derived by the State, from
the State Water Resources Development System shall be deposited in a
special account or accounts in the California Water Resources
Development Bond Fund and shall be accounted for and used annually
only for the following purposes and in the following order, to wit:
1. The payment of the reasonable costs of the annual maintenance
and operation of the State Water Resources Development System and the
replacement of any parts thereof.
2. The annual payment of the principal of and interest on the
bonds issued pursuant to this chapter.
3. Transfer to the California Water Fund as reimbursement for
funds utilized from said fund for construction of the State Water
Resources Development System.
4. Any surplus revenues in each year not required for the purpose
specified in the foregoing subparagraphs (1), (2) and (3) of this
subdivision (b) of Section 12937 and not required to be transferred
to the General Fund pursuant to subparagraph (a) of this Section
12937, shall, during the time any of the bonds authorized herein are
outstanding, be deposited in a special account in the California
Water Resources Development Bond Fund and are hereby appropriated for
use and shall be available for expenditure by the department for
acquisition and construction of the State Water Resources Development
System as described in Section 12931 hereof.
All such revenues shall constitute a trust fund and are hereby
pledged for the uses and purposes above set forth and such pledge
shall inure to the direct benefit of the owners and holders of all
general obligation bonds issued under this chapter. The department,
subject to such terms and conditions as may be prescribed by the
Legislature, shall enter into contracts for the sale, delivery or use
of water or power, or for other services and facilities, made
available by the State Water Resources Development System with public
or private corporations, entities, or individuals. Such contracts
shall not be impaired by subsequent acts of the Legislature during
the time when any of the bonds authorized herein are outstanding and
the State may sue and be sued with respect to said contracts. Said
contracts shall be for a stated term and, insofar as practicable and
feasible, for the full term of the life of the general obligation
bonds issued under this chapter and each such contract shall recite
(i) that it is entered into for the direct benefit of the holders and
owners of all general obligation bonds issued under this chapter,
and (ii) that the income and revenues derived from such contracts are
pledged to the purposes and in the priority herein set forth. Such
pledge of revenues as herein set forth is hereby declared to be and
shall constitute an essential term of this chapter and upon its
ratification by the people of the State of California shall be
binding upon the State so long as any general obligation bonds
authorized hereunder are outstanding and unpaid. Such income and
revenues, subject to the priorities herein set forth, shall
constitute additional security for all of the bonds authorized and
issued hereunder irrespective of the date of their issuance and sale
and so long as any of the bonds authorized and issued hereunder, or
the interest thereon, are unpaid, such income and revenues shall not
be used for any other purpose. The bonds authorized hereunder shall
be equally secured by a lien upon all income and revenues derived
from the State Water Resources Development System without priority
for number, amount, date of bonds, of sale, of execution, or of
delivery pursuant to this chapter. Notwithstanding the pledge of
revenues herein contained, the State of California shall remain
liable for the payment of the principal of and interest upon all of
the bonds authorized and issued under this chapter.
12938. All proceeds from the sale of the bonds herein authorized
shall be deposited in the fund as provided in Section 16757 of the
Government Code and shall be available for the purpose provided in
Section 12935, but, except only as to accrued interest and any
premiums received on any sale, or sales, of the bonds, shall not be
available for transfer to the General Fund. All moneys deposited in
the fund are hereby appropriated to the department for expenditure
and allocation by the department without regard to fiscal years for
the State Water Facilities as herein defined and, to the extent
provided in this Section 12938, for additions to the State Water
Resources Development System. Of the total amount of the bonds
authorized herein, one hundred thirty million dollars ($130,000,000)
and no more shall be available exclusively for the provision of water
development facilities for local areas as set forth in subdivision
(d)(6) of Section 12934. Any money in the California Water Fund, and
any surplus revenue as described in Section 12937(b)4, available for
expenditure for the State Water Resources Development System shall be
used for the construction of the State Water Facilities in lieu of
the proceeds of bonds authorized by this chapter. The use of the
proceeds of bonds for such construction shall be decreased by an
amount equal to that hereafter expended from the California Water
Fund for the construction of State Water Facilities. To the extent
that money is expended from the California Water Fund for
construction of the State Water Facilities, proceeds from the sale of
bonds authorized pursuant to this act in an equal amount, is
appropriated and shall be expended for the construction of such
additional facilities of the State Water Resources Development System
as the department shall determine to be necessary and desirable to
meet local needs, including, but not restricted to, flood control,
and to augment the supplies of water in the Sacramento-San Joaquin
Delta from multiple purpose dams, reservoirs, aqueducts and
appurtenant works in the watersheds of the Sacramento, Eel, Trinity,
Mad, Van Duzen and Klamath Rivers for use in the State Water
Resources Development System, and the department is authorized to
construct any and all facilities for which funds are appropriated to
it for expenditure pursuant to this chapter. Such additional
facilities for local needs shall include those necessary to conserve
or develop water which is tributary to the stream upon which any of
the facilities of the State Water Resources Development System are
constructed and it shall be the duty of the department to diligently
plan such full development and submit plans and reports thereon to
the Legislature. All moneys in the California Water Fund and all
accruals thereto are hereby appropriated to the department for
expenditure and allocation by the department without regard to fiscal
years for the State Water Resources Development System as defined in
Section 12931 except that in any fiscal year the Legislature may
appropriate for any lawful purpose any money in the California Water
Fund which is unexpended at the beginning of that fiscal year and any
money accruing to that fund during the fiscal year.
12938.1. The provisions of Article 2 (commencing with Section
13320) of Chapter 3, Part 3, Division 3, Title 2 of the Government
Code are applicable to the department with respect to expenditures of
money pursuant to this chapter.
12938.2. The Department of Finance shall identify in the annual
Governor's Budget the proposed revenues and expenditures for the four
purposes identified in subdivision (b) of Section 12937. The data
shall be organized on a fiscal year basis and shall include (1) an
estimate of total revenues for the four purposes by revenue source,
and (2) a detailed statement of expenditures for the past, current,
and future fiscal years.
12938.2. 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.
12939. Upon the written request of the board, supported by a
statement of the expenditures made and to be made for the State Water
Resources Development System, the committee shall determine whether
or not it is necessary or desirable to issue any bonds authorized
under this chapter in order to make those expenditures and, if so,
the amount of bonds then to be issued and sold. Successive issues of
bonds may be authorized and sold to make those expenditures
progressively and it shall not be necessary that all of the bonds
herein authorized to be issued shall be sold at any one time.
12940. If any resolution determining that the sale of all or any
part of the bonds herein authorized is necessary or desirable, the
committee may in its discretion provide for the interexchange of
bonds of different denominations, which may be in any multiple of one
thousand dollars ($1,000), the issuance of bonds of different
denominations in lieu of or in exchange for bonds of a like aggregate
principal amount but of different denominations, the issuance of
registered bonds in such denominations as may be specified by the
committee and the exchange of such registered bonds for coupon bonds
of a like aggregate principal amount but of different denominations.
The committee may also provide for the authentication of any bonds by
the State Controller or by any deputy state controller. If
authentication is so required, no bond authorized hereunder shall be
valid unless so authenticated in the manner so required.
12941. In computing the net interest cost under Section 16754 of
the Government Code, the committee may determine that interest shall
be computed either from the date of sale or from the date of the
bonds or from the last preceding interest payment date to the
respective maturity dates of the bonds then offered for sale at the
coupon rate or rates specified in the bid, such computation to be
made on a 360-day year basis, and the committee shall make
appropriate provision therefor in the form of notice of sale of the
bonds.
12942. The committee may authorize the State Treasurer to sell all
or any part of the bonds herein authorized at such date or dates as
may be fixed by the State Treasurer and no direction of the Governor
shall be required. The provisions of Sections 16750 and 16754 of the
Government Code respecting the direction of the Governor shall not be
applicable to such sale.
12944. (a) In the operation of reservoirs, other than terminal
reservoirs from which water is supplied for domestic use without
purification treatment after withdrawal from such reservoirs,
constructed under this chapter, the department, to the extent that it
is compatible with public health and safety requirements, shall
permit the use of the water for body contact sports.
12930. This chapter shall be known and may be cited as the
California Water Resources Development Bond Act.
12931. The object of this chapter is to provide funds to assist in
the construction of a State Water Resources Development System for
the State of California. Said system shall be comprised of the State
Water Facilities as defined in Section 12934(d) hereof and such
additional facilities as may now or hereafter be authorized by the
Legislature as a part of (1) the Central Valley Project or (2) the
California Water Plan, and including such other additional facilities
as the department deems necessary and desirable to meet local needs,
including, but not restricted to, flood control, and to augment the
supplies of water in the Sacramento-San Joaquin Delta and for which
funds are appropriated pursuant to this chapter. The enactment of
this chapter shall not be construed as creating any right to water or
the use thereof nor as affecting any existing legislation with
respect to water or water rights, except as expressly provided
herein, nor shall anything herein contained affect or be construed as
affecting vested water rights. Any facilities heretofore or
hereafter authorized as a part of the Central Valley Project or
facilities which are acquired or constructed as a part of the State
Water Resources Development System with funds made available
hereunder shall be acquired, constructed, operated, and maintained
pursuant to the provisions of the code governing the Central Valley
Project, as said provisions may now or hereafter be amended. For the
purposes of this chapter the Sacramento-San Joaquin Delta shall be
deemed to be within the watershed of the Sacramento River. No
facility constructed in whole or in part with funds made available by
this chapter shall be used to transport water the right to which was
secured through eminent domain by others than the State unless
approved by the Legislature by concurrent resolution with a majority
of the members elected to each house voting in favor thereof.
12932. Insofar as it is not inconsistent with the express
provisions of this chapter, the State General Obiligation Bond Law
(Chapter 4 (commencing at Section 16720) of Part 3, Division 4, Title
2 of the Government Code), is adopted for the purpose of the
issuance, sale, and repayment of, and otherwise providing with
respect to, the bonds 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. All references in this chapter to
"herein" shall be deemed to refer both to this chapter and such law.
12933. There is hereby created a California Water Resources
Development Finance Committee composed of the Governor, the State
Treasurer, the State Controller, Director of Finance and Director of
Water Resources, all of whom shall serve without compensation, and
the majority of whom shall be empowered to act for said committee.
The Director of Finance shall provide such assistance, and the
Attorney General shall furnish such legal advice, to the California
Water Resources Development Finance Committee as it may require.
12934. As used in this chapter and for the purposes of this chapter
as used in the State General Obligation Bond Law, the following
words shall have the following meanings:
(a) "Committee" shall mean the California Water Resources
Development Finance Committee created by Section 12933.
(b) "Board" or "department" shall mean the Department of Water
Resources.
(c) "Fund" shall mean the California Water Resources Development
Bond Fund created by Section 12935.
(d) "State Water Facilities" shall mean the following facilities:
(1) A multiple purpose dam and reservoir on the Feather River in
the vicinity of Oroville, Butte County, and dams and reservoirs
upstream therefrom in Plumas County in the vicinity of Frenchman,
Grizzly Valley, Abbey Bridge, Dixie Refuge and Antelope Valley;
(2) An aqueduct system which will provide for the transportation
of water from a point or points at or near the Sacramento-San Joaquin
Delta to termini in the Counties of Marin, Alameda, Santa Clara,
Santa Barbara, Los Angeles and Riverside, and for delivery of water
both at such termini and at canal-side points en route, for service
in Solano, Napa, Sonoma, Marin, Alameda, Contra Costa, Santa Clara,
San Benito, Santa Cruz, Fresno, Tulare, Kings, Kern, Los Angeles,
Ventura, San Bernardino, Riverside, Orange, San Diego, San Luis
Obispo, Monterey and Santa Barbara Counties.
Said aqueduct system shall consist of intake and diversion works,
conduits, tunnels, siphons, pipelines, dams, reservoirs, and pumping
facilities, and shall be composed of a North Bay aqueduct extending
to a terminal reservoir in Marin County; a South Bay aqueduct
extending to terminal reservoirs in the Counties of Alameda and Santa
Clara; a reservoir near Los Banos in Merced County; a Pacheco Pass
Tunnel aqueduct from a reservoir near Los Banos in Merced County to a
terminus in Pacheco Creek in Santa Clara County; a San Joaquin
Valley-Southern California aqueduct extending to termini in the
vicinity of Newhall, Los Angeles County, and Perris, Riverside
County, and having a capacity of not less than 2,500 cubic feet per
second at all points north of the northerly boundary of the County of
Los Angeles in the Tehachapi Mountains in the vicinity of Quail Lake
and a capacity of not less than 10,000 cubic feet per second at all
points north of the initial offstream storage reservoir; a coastal
aqueduct beginning on the San Joaquin Valley-Southern California
aqueduct in the vicinity of Avenal, Kings County, and extending to a
terminal at the Santa Maria River;
(3) Master levees, control structures, channel improvements, and
appurtenant facilities in the Sacramento-San Joaquin Delta for water
conservation, water supply in the Delta, transfer of water across the
Delta, flood and salinity control, and related functions.
(4) Facilities for removal of drainage water from the San Joaquin
Valley.
(5) Facilities for the generation and transmission of electrical
energy.
(6) Provision for water development facilities for local areas as
provided in Chapter 5 (commencing at Section 12880) of Part 6 of
Division 6 of the Water Code as the same may now or hereafter be
amended.
(7) Including for the foregoing (1 through 5) the relocation of
utilities and highways and acquisition of all lands, rights of way,
easements, machinery, equipment, apparatus, and all appurtenances
necessary or convenient therefor.
12935. For the purpose of creating a fund, herein designated the
California Water Resources Development Bond Fund, to provide for the
acquisition, construction and completion of the State Water
Facilities herein specified and, to the extent provided in Section
12938, for additions to the State Water Resources Development System,
the committee shall be and is hereby authorized and empowered to
create a debt or debts, liability or liabilities of the State of
California in the aggregate principal amount of one billion seven
hundred fifty million dollars ($1,750,000,000) in the manner and to
the extent herein provided, but not otherwise nor in excess thereof.
12936. 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 thereof.
Notwithstanding the provisions of subdivision (b) of Section 16731 of
the Government Code, the first date or dates of maturity of any
series of bonds issued under this chapter shall be not more than 10
years, and the last dates of maturity of any such series of bonds may
be fixed at any date or dates to and including 50 years, after the
date of that series. The committee may fix different dates for the
bonds of each series and the bonds of any series may be made to
mature and become payable at different times from those of any other
series; provided, that the maturity dates of each separate series
shall comply with the provisions of this section.
12937. The ways and means for the payment of the interest on and
the principal of such bonds shall be as follows:
(a) 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 said 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 said revenue, to do and
perform each and every act which shall be necessary to collect such
additional sum.
There is hereby appropriated from the General Fund in the State
Treasury 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, as said principal and interest become due
and payable.
On the several dates on which funds are remitted pursuant to
Section 16676 of the Government Code for the payment of the then
maturing principal and interest on the bonds, to wit, on the several
dates of maturity of said principal and interest in each fiscal year
there shall be transferred into the General Fund in the State
Treasury from revenues deposited in the fund as provided in
subdivision (b) of this Section 12937, and from any accrued interest
and premiums received on any sale, or sales of the bonds, so far as
available therein, amounts equal to, but not in excess of, all sums
so becoming due for principal and interest and in the event such
money received from such sources and so returned on said remittance
dates is less than the principal and interest then due and payable
then the balance remaining unpaid shall be transferred to the General
Fund out of moneys in the fund received from such sources as soon
thereafter as it shall become available, together with simple
interest thereon, from such remittance dates until so returned at the
same rate as borne by the bonds.
(b) All revenues derived from the sale, delivery or use of water
or power, and all other income or revenue, derived by the State, from
the State Water Resources Development System shall be deposited in a
special account or accounts in the California Water Resources
Development Bond Fund and shall be accounted for and used annually
only for the following purposes and in the following order, to wit:
1. The payment of the reasonable costs of the annual maintenance
and operation of the State Water Resources Development System and the
replacement of any parts thereof.
2. The annual payment of the principal of and interest on the
bonds issued pursuant to this chapter.
3. Transfer to the California Water Fund as reimbursement for
funds utilized from said fund for construction of the State Water
Resources Development System.
4. Any surplus revenues in each year not required for the purpose
specified in the foregoing subparagraphs (1), (2) and (3) of this
subdivision (b) of Section 12937 and not required to be transferred
to the General Fund pursuant to subparagraph (a) of this Section
12937, shall, during the time any of the bonds authorized herein are
outstanding, be deposited in a special account in the California
Water Resources Development Bond Fund and are hereby appropriated for
use and shall be available for expenditure by the department for
acquisition and construction of the State Water Resources Development
System as described in Section 12931 hereof.
All such revenues shall constitute a trust fund and are hereby
pledged for the uses and purposes above set forth and such pledge
shall inure to the direct benefit of the owners and holders of all
general obligation bonds issued under this chapter. The department,
subject to such terms and conditions as may be prescribed by the
Legislature, shall enter into contracts for the sale, delivery or use
of water or power, or for other services and facilities, made
available by the State Water Resources Development System with public
or private corporations, entities, or individuals. Such contracts
shall not be impaired by subsequent acts of the Legislature during
the time when any of the bonds authorized herein are outstanding and
the State may sue and be sued with respect to said contracts. Said
contracts shall be for a stated term and, insofar as practicable and
feasible, for the full term of the life of the general obligation
bonds issued under this chapter and each such contract shall recite
(i) that it is entered into for the direct benefit of the holders and
owners of all general obligation bonds issued under this chapter,
and (ii) that the income and revenues derived from such contracts are
pledged to the purposes and in the priority herein set forth. Such
pledge of revenues as herein set forth is hereby declared to be and
shall constitute an essential term of this chapter and upon its
ratification by the people of the State of California shall be
binding upon the State so long as any general obligation bonds
authorized hereunder are outstanding and unpaid. Such income and
revenues, subject to the priorities herein set forth, shall
constitute additional security for all of the bonds authorized and
issued hereunder irrespective of the date of their issuance and sale
and so long as any of the bonds authorized and issued hereunder, or
the interest thereon, are unpaid, such income and revenues shall not
be used for any other purpose. The bonds authorized hereunder shall
be equally secured by a lien upon all income and revenues derived
from the State Water Resources Development System without priority
for number, amount, date of bonds, of sale, of execution, or of
delivery pursuant to this chapter. Notwithstanding the pledge of
revenues herein contained, the State of California shall remain
liable for the payment of the principal of and interest upon all of
the bonds authorized and issued under this chapter.
12938. All proceeds from the sale of the bonds herein authorized
shall be deposited in the fund as provided in Section 16757 of the
Government Code and shall be available for the purpose provided in
Section 12935, but, except only as to accrued interest and any
premiums received on any sale, or sales, of the bonds, shall not be
available for transfer to the General Fund. All moneys deposited in
the fund are hereby appropriated to the department for expenditure
and allocation by the department without regard to fiscal years for
the State Water Facilities as herein defined and, to the extent
provided in this Section 12938, for additions to the State Water
Resources Development System. Of the total amount of the bonds
authorized herein, one hundred thirty million dollars ($130,000,000)
and no more shall be available exclusively for the provision of water
development facilities for local areas as set forth in subdivision
(d)(6) of Section 12934. Any money in the California Water Fund, and
any surplus revenue as described in Section 12937(b)4, available for
expenditure for the State Water Resources Development System shall be
used for the construction of the State Water Facilities in lieu of
the proceeds of bonds authorized by this chapter. The use of the
proceeds of bonds for such construction shall be decreased by an
amount equal to that hereafter expended from the California Water
Fund for the construction of State Water Facilities. To the extent
that money is expended from the California Water Fund for
construction of the State Water Facilities, proceeds from the sale of
bonds authorized pursuant to this act in an equal amount, is
appropriated and shall be expended for the construction of such
additional facilities of the State Water Resources Development System
as the department shall determine to be necessary and desirable to
meet local needs, including, but not restricted to, flood control,
and to augment the supplies of water in the Sacramento-San Joaquin
Delta from multiple purpose dams, reservoirs, aqueducts and
appurtenant works in the watersheds of the Sacramento, Eel, Trinity,
Mad, Van Duzen and Klamath Rivers for use in the State Water
Resources Development System, and the department is authorized to
construct any and all facilities for which funds are appropriated to
it for expenditure pursuant to this chapter. Such additional
facilities for local needs shall include those necessary to conserve
or develop water which is tributary to the stream upon which any of
the facilities of the State Water Resources Development System are
constructed and it shall be the duty of the department to diligently
plan such full development and submit plans and reports thereon to
the Legislature. All moneys in the California Water Fund and all
accruals thereto are hereby appropriated to the department for
expenditure and allocation by the department without regard to fiscal
years for the State Water Resources Development System as defined in
Section 12931 except that in any fiscal year the Legislature may
appropriate for any lawful purpose any money in the California Water
Fund which is unexpended at the beginning of that fiscal year and any
money accruing to that fund during the fiscal year.
12938.1. The provisions of Article 2 (commencing with Section
13320) of Chapter 3, Part 3, Division 3, Title 2 of the Government
Code are applicable to the department with respect to expenditures of
money pursuant to this chapter.
12938.2. The Department of Finance shall identify in the annual
Governor's Budget the proposed revenues and expenditures for the four
purposes identified in subdivision (b) of Section 12937. The data
shall be organized on a fiscal year basis and shall include (1) an
estimate of total revenues for the four purposes by revenue source,
and (2) a detailed statement of expenditures for the past, current,
and future fiscal years.
12938.2. 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.
12939. Upon the written request of the board, supported by a
statement of the expenditures made and to be made for the State Water
Resources Development System, the committee shall determine whether
or not it is necessary or desirable to issue any bonds authorized
under this chapter in order to make those expenditures and, if so,
the amount of bonds then to be issued and sold. Successive issues of
bonds may be authorized and sold to make those expenditures
progressively and it shall not be necessary that all of the bonds
herein authorized to be issued shall be sold at any one time.
12940. If any resolution determining that the sale of all or any
part of the bonds herein authorized is necessary or desirable, the
committee may in its discretion provide for the interexchange of
bonds of different denominations, which may be in any multiple of one
thousand dollars ($1,000), the issuance of bonds of different
denominations in lieu of or in exchange for bonds of a like aggregate
principal amount but of different denominations, the issuance of
registered bonds in such denominations as may be specified by the
committee and the exchange of such registered bonds for coupon bonds
of a like aggregate principal amount but of different denominations.
The committee may also provide for the authentication of any bonds by
the State Controller or by any deputy state controller. If
authentication is so required, no bond authorized hereunder shall be
valid unless so authenticated in the manner so required.
12941. In computing the net interest cost under Section 16754 of
the Government Code, the committee may determine that interest shall
be computed either from the date of sale or from the date of the
bonds or from the last preceding interest payment date to the
respective maturity dates of the bonds then offered for sale at the
coupon rate or rates specified in the bid, such computation to be
made on a 360-day year basis, and the committee shall make
appropriate provision therefor in the form of notice of sale of the
bonds.
12942. The committee may authorize the State Treasurer to sell all
or any part of the bonds herein authorized at such date or dates as
may be fixed by the State Treasurer and no direction of the Governor
shall be required. The provisions of Sections 16750 and 16754 of the
Government Code respecting the direction of the Governor shall not be
applicable to such sale.
12944. (a) In the operation of reservoirs, other than terminal
reservoirs from which water is supplied for domestic use without
purification treatment after withdrawal from such reservoirs,
constructed under this chapter, the department, to the extent that it
is compatible with public health and safety requirements, shall
permit the use of the water for body contact sports.
