SECTIONS 16955-16960 - California Statutes

GOVERNMENT CODE

SECTION 16955-16960

16955. This chapter, being necessary for the health, welfare, and
safety of the state and its residents, shall be liberally construed
to effect its purposes.

16956. This chapter shall be deemed to provide a complete and
alternative authorization to take the actions necessary to implement
this chapter, and shall be regarded as supplemental and additional to
the powers conferred by other laws. The issuance of the bonds and
their terms, the application of proceeds to the funding or refunding
of pension obligations or prior bonds, and the entering into of any
ancillary obligation under this chapter need not comply with the
requirements of any other law applicable to the issuance of bonds or
ancillary obligations, including, but not limited to, the State
General Obligation Bond Law (Chapter 4 (commencing with Section
16720)). The purposes authorized by this chapter may be effectuated
and bonds are authorized to be issued for any purposes under this
chapter notwithstanding that any other law may provide for those
purposes or for the issuance of bonds for like purposes and without
regard to the requirements, restrictions, limitations, or other
provisions contained in any other law.

16957. Section 10295 of the Public Contract Code and Article 4
(commencing with Section 10335) of Chapter 2 of Part 2 of Division 2
of the Public Contract Code do not apply to agreements entered into
by the committee, or any individual to whom the committee delegates
contracting authority, in connection with the sale of bonds or other
matters authorized under this chapter.

16958. Bonds issued pursuant to this chapter are a legal investment
for any state special fund or trust fund, notwithstanding any
provision of law limiting the investments that may be made by the
fund. The bonds shall be legal investments in which all public
officers and public bodies of the state, its political subdivisions,
all municipalities and municipal subdivisions, all insurance
companies and associations and other persons carrying on an insurance
business, all banks, bankers, banking institutions, including
savings and loan associations, building and loan associations, trust
companies, savings banks and savings associations, investment
companies, and other persons carrying on banking business, all
administrators, guardians, executors, trustees, and other
fiduciaries, and all persons authorized to invest in bonds or other
obligations of the state, may properly and legally invest funds,
including capital, in their control or belonging to them. The bonds
may be used by any private financial institution, person, or
association as security for public officers and bodies of the state
or any agency or political subdivision of the state and all
municipalities and public corporations for any purpose for which the
deposit of bonds or other obligations of the state is authorized by
law, including deposits to secure public funds.

16959. The committee may bring an action to determine the validity
of any bonds to be issued, or any ancillary obligations and other
contracts to be entered into, under this chapter pursuant to Chapter
9 (commencing with Section 860) of Title 10 of Part 2 of the Code of
Civil Procedure. For the purposes of Section 860 of the Code of Civil
Procedure, any action initiated pursuant to this section shall be
brought in the Superior Court of the County of Sacramento.

16960. Notwithstanding Section 13340, there is hereby continuously
appropriated, without regard to fiscal year, from the General Fund
for the purposes of this chapter, an amount, subject to the
limitations of this chapter, that equals the sum annually that is
necessary to pay all obligations, including principal, interest,
costs, expenses, rebate, legal, commitment, or other fees, and all
other amounts incurred by the state under or in connection with bonds
and any ancillary obligations payable entered into by the state. The
amount hereby appropriated each fiscal year to pay principal on any
bonds issued pursuant to this chapter and any ancillary obligations
associated therewith may not exceed the outstanding principal amount
of all bonds issued pursuant to this chapter. The amount appropriated
each fiscal year to pay interest on any bonds issued pursuant to
this chapter and any ancillary obligations associated therewith may
not exceed 15 percent per annum of the outstanding amount of all
bonds issued pursuant to this chapter. The amount hereby appropriated
each year to pay costs, expenses, rebate, legal, commitment, or
other fees and other amounts of any ancillary obligations may not
exceed 5 percent per annum of the outstanding amount of all bonds
issued pursuant to this chapter. Expenditures pursuant to this
section shall reflect the efforts of the state to secure financing
that results in the least cost to the state after considering both
short-term and long-term financing costs.