SECTIONS 4155-4157 - California Statutes

FOOD AND AGRICULTURAL CODE

SECTION 4155-4157

4155. The 22nd District Agricultural Association may expend up to
seven hundred fifty thousand dollars ($750,000) annually for the
operation of a fair pursuant to Section 4001 for the purposes
enumerated therein from funds received by the district from a lease
of district property for horse racing purposes. Any funds thereby
received by the district in excess of this seven hundred fifty
thousand dollars ($750,000) may be expended in furtherance of the
master plan developed pursuant to Section 4156. Any of these funds
that are not expended in this manner, or accumulated to be expended
in furtherance of the master plan, including the amortization of
revenue bonds, shall be transferred by the district to the General
Fund upon executive order of the Director of Food and Agriculture.

4156. The State Race Track Leasing Commission shall prepare a
master plan for the long-range comprehensive development and
improvement of, and construction upon, the property of the 22nd
District Agricultural Association. Such plan shall prescribe the
amounts which may be expended for the various features of the plan,
the period authorized for the completion of each such feature, and
the terms of any revenue bond financing undertaken with respect to
such plan. Such plan is subject to amendment by the commission.

4157. The Director of Finance may enter into an agreement prior to
September 1, 1976, with the State Race Track Leasing Commission and
the 22nd District Agricultural Association to commit the state to
advance to the Architecture Revolving Fund a sum of not to exceed six
hundred thousand dollars ($600,000), if needed, for the construction
of improvements at Del Mar Race Track as described in work order AFD
410 of the Office of Architecture and Construction. Any such
commitment shall be deemed, with respect to the project for which it
is made, to constitute a deposit of funds available for expenditure
by the Department of General Services for the purposes of Section
14957 of the Government Code. The Director of Finance, to the extent
necessary to honor such commitment, shall authorize by executive
order the withdrawal of an amount or amounts from the General Fund in
the State Treasury not to exceed six hundred thousand dollars
($600,000) for transfer to the Architecture Revolving Fund. Any
amount so transferred shall be used solely for the project for which
the commitment was made and shall not exceed the amount necessary for
the project, after deducting from the commitment the amount of all
funds in the Del Mar Capital Improvement Account. Any sums so
transferred shall be repaid to the General Fund, with simple interest
at the average rate earned by the Pooled Money Investment Account
for the month in which the transfer is made, from the first moneys
placed in the Del Mar Capital Improvement Account (created by lease
agreement of January 8, 1969, between the State Race Track Leasing
Commission and the Del Mar Thoroughbred Club) not needed for the
project for which the commitment was given; provided, that, in any
case, such repayment in full with interest as specified shall be made
from funds in such improvement account prior to October 1, 1978.