SECTIONS 20000-20011 - California Statutes

EDUCATION CODE

SECTION 20000-20011

20000. Bonds in the amount of three hundred fifty million dollars
($350,000,000), exclusive of refunding bonds, or so much thereof as
is necessary, may be issued and sold for deposit in the fund to be
used in accordance with, and for carrying out the purposes expressed
in, this chapter, including all acts amendatory thereof and
supplementary thereto, and to be used to reimburse the General
Obligation Bond Expense Revolving Fund pursuant to Section 16724.5 of
the Government Code. The bonds, when sold, shall be and constitute a
valid and binding obligation 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 of and interest on bonds
as the principal and interest become due and payable.

20001. 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.

20002. (a) For purposes of this chapter, the California Library
Construction and Renovation Finance Committee established pursuant to
Section 19972 is the "committee" as that term is used in the State
General Obligation Bond Law.
(b) For purposes of the State General Obligation Bond Law, the
California Public Library Construction and Renovation Board
established pursuant to subdivision (c) of Section 19986 is
designated the "board."

20003. 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 this chapter, including
all acts amendatory thereof and supplementary thereto, 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.

20004. 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. 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.

20005. 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 necessary to carry out Section 20006, appropriated
without regard to fiscal years.

20006. For the purposes of carrying out this chapter, 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 to be sold for the purpose of carrying out this
chapter. Any amounts withdrawn shall be deposited in the fund. Any
money made available under this section shall be returned to the
General Fund, with interest at the rate earned by the money in the
Pooled Money Investment Account during the time the money was
withdrawn from the General Fund pursuant to this section, from money
received from the sale of bonds for the purpose of carrying out this
chapter.

20007. 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 that the committee has, by
resolution, authorized to be sold for the purpose of carrying out
this chapter. The board shall execute any documents 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.

20008. 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 of the
electors of the state for the issuance of bonds under 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.

20009. All money deposited in the fund that is derived from premium
and accrued interest on bonds sold pursuant to this chapter shall be
reserved in the fund and shall be available for transfer to the
General Fund as a credit to expenditures for bond interest.

20010. 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.

20011. Amounts deposited in the fund pursuant to this chapter may
be appropriated in the annual Budget Act to the State Librarian for
the actual amount of office, personnel, and other customary and usual
expenses incurred in the direct administration of grant projects
pursuant to this chapter, including, but not limited to, expenses
incurred by the State Librarian in providing technical assistance to
an applicant for a grant under this chapter.