SECTIONS 100450-100460 - California Statutes

EDUCATION CODE

SECTION 100450-100460

100450. The Legislature finds and declares all of the following:
(a) California's economic and social prosperity relies on a higher
education system that keeps pace with California's growth. In the
coming decades, the state's economic prosperity will depend on
increasing the productivity of the work force and on the ability to
compete successfully in the world marketplace.
(b) The system of public higher education in this state includes
the University of California, the Hastings College of the Law, the
California State University, the California Community Colleges, and
their respective off-campus centers. Each of these institutions plays
a vital role in maintaining California's dominance in higher
education in the United States.
(c) Over the last several years, studies have been completed by
the California Postsecondary Education Commission, the University of
California, the California State University, and the California
Community Colleges to assess their long-term and short-term capital
needs. Those studies demonstrate that the long-term and short-term
needs total, in the aggregate, seven hundred fifty million dollars
($750,000,000) per year into the next century.
(d) Proceeds from the sale of bonds issued and sold pursuant to
this chapter may be used to fund construction on existing or new
campuses and off-campus centers, including the construction of
buildings and the acquisition of related fixtures, the renovation and
reconstruction of facilities, site acquisition, the equipping of
new, renovated, or reconstructed facilities, which equipment shall
have an average useful life of 10 years; and to provide funds for the
payment of preconstruction costs, including, but not limited to,
preliminary plans and working drawings at the University of
California, the Hastings College of the Law, the California State
University and the California Community Colleges.
(e) The purposes of this article include assisting in meeting the
capital outlay financing needs of California's public higher
education system.

100455. (a) Two billion five hundred million dollars
($2,500,000,000) of the proceeds of bonds issued and sold pursuant to
this part shall be deposited in the 1998 Higher Education Capital
Outlay Bond Fund which is hereby established in the State Treasury.
These funds shall be available for expenditure when appropriated.
(b) One billion two hundred fifty million dollars ($1,250,000,000)
of the bonds described in subdivision (a), shall only be issued and
sold pursuant to this chapter on or after July 1, 2000.

100457. (a) Of the amount of bonds issued and sold pursuant to
subdivision (b) of Section 100455, one hundred sixty-five million
dollars ($165,000,000) shall be allocated in the 2000-01 fiscal year
to be available only for the following purposes:
(1) The development of new campuses of the University of
California.
(2) The development of new campuses, small campuses with
enrollments of less than 5,000 full-time equivalent students, and
off-campus centers at the California State University and the
California Community Colleges.
(b) The amount of the allocation of funds required pursuant to
this section for the development of new campuses may be reduced by a
future legislative act if the Legislature finds that state funds have
been provided from sources other than the proceeds of bonds for
capital outlay costs. The reduction shall be limited to the amount
actually provided from sources other than bond proceeds.

100460. The Higher Education Facilities Finance Committee
established pursuant to Section 67353 is hereby authorized to create
a debt or debts, liability or liabilities, of the State of California
pursuant to this chapter for the purpose of providing funds to aid
the University of California, the Hastings College of the Law, the
California State University, and the California Community Colleges.