SECTIONS 66100-66103 - California Statutes

EDUCATION CODE

SECTION 66100-66103

66100. A fund in the State Treasury is hereby created, to be known
as the Capital Outlay Fund for Public Higher Education. All money in
the Capital Outlay Fund for Public Higher Education, including any
money deposited in said fund from any source whatsoever after the
effective date of this chapter, shall be available, when appropriated
by the Legislature, for expenditure for capital outlay purposes
relating to public higher education including, but not limited to,
acquisition of sites and construction of new institutions of public
higher education thereon.

66103. The Director of Finance shall cause all moneys in the fund
which are in excess of current requirements to be invested and
reinvested from time to time in securities described in Section 16430
of the Government Code, and such securities may be sold or exchanged
if in his opinion such sale or exchange is in the best interests of
the state in effectuating the purposes of this chapter. All income
derived from such investment, reinvestment, sale, or exchange shall
be credited to the fund.