SECTIONS 15820.70 - California Statutes

GOVERNMENT CODE

SECTION 15820.70

15820.70. The Legislature finds and declares that California's
public colleges and universities, recognized as being among the world'
s finest, require assistance in reducing their operating costs or
increasing their income, or both. To this end the Legislature finds
that it is in the public interest to construct, renovate, and equip
facilities or acquire equipment, or both, that may be leased or
lease-purchased by the University of California, the California State
University, the California Maritime Academy, and the community
college districts with the specific purpose of reducing the operating
costs or increasing the income, or both, of these institutions and,
and through the use of the savings in the support budgets of these
postsecondary institutions or an increase in the income of these
postsecondary institutions or through the use of a combination of
savings and an increase in the income of these postsecondary
institutions, to amortize the investment of the State Public Works
Board over a reasonable period of time.
It is the intent of the Legislature that the savings in operating
costs or increase in income, or both, from these improvements
financed by the State Public Works Board be available to the colleges
and universities for the purpose of making the lease or
lease-purchase payments to the State Public Works Board. In addition,
it is the intent of the Legislature that upon completion of the
obligations to the State Public Works Board, the college and
universities use the remaining savings, if any remain, for further
improvements in these institutions.
It is also the intent of the Legislature that the cost of any
construction, renovation, or acquisition authorized by statute
pursuant to this chapter shall be considered an expenditure of state
or community college district funds in the fiscal year in which
payments are made to the State Public Works Board under the terms of
the lease or lease-purchase agreement.