SECTIONS 99060-99064 - California Statutes

GOVERNMENT CODE

SECTION 99060-99064

99060. (a) The proceeds of bonds issued and sold pursuant to this
title shall be deposited in the Economic Recovery Fund, which is
hereby established in the State Treasury.
(b) Moneys in the fund shall be invested in the Surplus Money
Investment Fund, and any income from that investment shall be
credited to the fund.
(c) Except for amounts necessary to pay costs of issuance,
administrative costs, and any other costs payable in connection with
the bonds, and to retire or refund bonds issued and sold pursuant to
this title or bonds issued and sold under Title 17 (commencing with
Section 99000), the remaining balance of the fund, as determined by
the committee, shall be transferred to the General Fund to fund the
purposes set forth in this title.

99062. Out of the first money realized from the sale of bonds as
provided in this chapter, there shall be redeposited in the General
Obligation Bond Expense Revolving Fund, established by Section
16724.5, the amount of all expenditures made for purposes specified
in that section, and this money may be used for the same purpose and
repaid in the same manner whenever additional bond sales are made.

99064. The proceeds of the bonds issued and sold pursuant to this
chapter shall be available for the purpose of providing an efficient,
equitable, and economical means of doing both of the following:
(a) Funding the accumulated state budget deficit, which may be
accomplished in part by refunding or repaying bonds issued pursuant
to Title 17 (commencing with Section 99000).
(b) Paying costs relating to the issuance of bonds under this
title, including, but not limited to, providing reserves, capitalized
interest, and the costs of obtaining or entering into any ancillary
obligation, costs associated with the repayment or refunding of the
fiscal recovery bonds issued pursuant to Title 17 (commencing with
Section 99000), and administrative and other costs associated with
implementing the purposes of this title.