SECTIONS 5096.255-5096.267 - California Statutes

PUBLIC RESOURCES CODE

SECTION 5096.255-5096.267

5096.255. Bonds in the total amount of three hundred seventy
million dollars ($370,000,000), or so much thereof as is necessary,
may be issued and sold to provide a fund to be used for carrying out
the purposes expressed in this chapter and to be used to reimburse
the General Obligation Bond Expense Revolving Fund pursuant to
Section 16724.5 of the Government Code. The bonds shall, when sold,
be and constitute a valid and binding obligation of the State of
California, and the full faith and credit of the State of California
is hereby pledged for the punctual payment of both principal and
interest on the bonds as the principal and interest become due and
payable.

5096.256. There shall be collected each year and in the same manner
and at the same time as other state revenue is collected such a sum
in addition to the ordinary revenues of the state as shall be
required to pay the principal and interest on the bonds maturing each
year, and it is hereby made the duty of all officers charged by law
with any duty in regard to the collection of the revenue to do and
perform each and every act which shall be necessary to collect that
additional sum.

5096.257. There is hereby appropriated from the General Fund in the
State Treasury for the purpose of this chapter, such an amount as
will equal the following:
(a) Such sum annually as will be necessary to pay the principal
and interest on bonds issued and sold pursuant to the provisions of
this chapter, as principal and interest become due and payable.
(b) Such sum as is necessary to carry out the provisions of
Section 5096.259, which sum is appropriated without regard to fiscal
years.

5096.258. The proceeds of bonds issued and sold pursuant to this
chapter shall be deposited in the Parklands Fund of 1984 or the State
Coastal Conservancy Fund of 1984, which are hereby created. The
money in the Parklands Fund of 1984 may be expended only for the
purposes specified in this chapter and only pursuant to appropriation
by the Legislature in the manner prescribed in this chapter. The
money in the State Coastal Conservancy Fund of 1984 may be expended
only for the purposes specified in Section 5096.232 and only pursuant
to appropriation by the Legislature in the manner prescribed in this
chapter.

5096.259. For the purposes of carrying out the provisions of this
article, the Director of Finance may by executive order authorize the
withdrawal from the General Fund of an amount or amounts not to
exceed the amount of the unsold bonds which have been authorized to
be sold for the purpose of carrying out this chapter. Any moneys
deposited in the fund for expenditure for the purposes of subdivision
(c) of Section 5096.231 shall be appropriated to the Department of
Parks and Recreation in the manner provided in Section 5096.260. Any
amounts withdrawn shall be deposited in the fund. Any moneys made
available under this section shall be returned to the General Fund
from moneys received from the sale of bonds for the purpose of
carrying out the provisions of this chapter.

5096.2595. Notwithstanding any other provision of this bond act, or
of the State General Obligation Bond Law (Chapter 4 (commencing with
Section 16720) of Part 3 of Division 4 of Title 2 of the Government
Code), if the Treasurer sells bonds pursuant to this bond act that
include a bond counsel opinion to the effect that the interest on the
bonds is excluded from gross income for federal tax purposes under
designated conditions, the Treasurer may maintain separate accounts
for the bond proceeds invested and the investment earnings on those
proceeds, and may use or direct the use of those proceeds or earnings
to pay any rebate, penalty, or other payment required under federal
law, or take any other action with respect to the investment and use
of those bond proceeds, as may be required or desirable under federal
law in order to maintain the tax-exempt status of those bonds and to
obtain any other advantage under federal law on behalf of the funds
of this state.

5096.260. (a) Except for proposed appropriations under Section
5096.232, proposed appropriations for the program shall be included
in a section in the Budget Bill for the 1984-85 fiscal year and each
succeeding fiscal year for consideration by the Legislature and shall
bear the caption "Parklands Acquisition and Development Program of
1984." The section shall contain separate items for each project,
each class of projects, or each element of the program for which an
appropriation is made.
(b) All proposed appropriations for the program under Section
5096.232 shall be included in a section in the Budget Bill for the
1984-85 fiscal year and each succeeding fiscal year for consideration
by the Legislature and shall bear the caption "State Coastal
Conservancy." The section shall contain separate items for each
project, each class of projects, or each element of the program for
which an appropriation is made.
(c) All appropriations shall be subject to all limitations enacted
in the Budget Act and to all fiscal procedures prescribed by law
with respect to the expenditure of state funds unless expressly
exempted from those laws by a statute enacted by the Legislature.
Those sections shall contain proposed appropriations only for the
program elements and classes of projects contemplated by this
chapter, and no funds derived from the bonds authorized by this
chapter may be expended pursuant to an appropriation not contained in
those sections of the Budget Act.

5096.261. The bonds authorized by this chapter shall be prepared,
executed, issued, sold, paid, and redeemed as provided in the State
General Obligation Bond Law (Chapter 4 (commencing with Section
16720) of Part 3 of Division 4 of Title 2 of the Government Code),
and all of the provisions of that law are applicable to the bonds and
to this chapter and are hereby incorporated in this chapter as
though set forth in full herein.

5096.262. For the purpose of authorizing the issuance and sale,
pursuant to the State General Obligation Bond Law, of the bonds
authorized by this chapter, the Parklands Program Finance Committee
is hereby created. The committee consists of the Governor, the
Controller, the Director of Finance, the Treasurer, and the Secretary
of the Natural Resources Agency. For the purposes of this chapter,
the Parklands Program Finance Committee shall be "the committee" as
that term is used in the State General Obligation Bond Law, and the
Treasurer shall serve as chair of the committee. The Secretary of the
Natural Resources Agency is hereby designated as "the board" for the
purposes of the State General Obligation Bond Law.

5096.263. As used in this chapter, and for the purposes of the
State General Obligation Bond Law, "state grant" or "state grant
moneys" means moneys received by the state from the sale of bonds
authorized by this chapter which are available for grants to
counties, cities, districts, local public agencies, and nonprofit
organizations.

5096.264. All money deposited in the fund or the State Coastal
Conservancy Fund of 1984 which is derived from premium and accrued
interest on bonds sold shall be reserved in those depositories and
shall be available for transfer to the General Fund as a credit to
expenditures for bond interest.

5096.265. Commencing with the Budget Bill for the 1993-94 fiscal
year, the balances remaining in the fund and the State Coastal
Conservancy Fund of 1984 may be appropriated by the Legislature for
expenditure, without regard to the maximum amounts allocated to each
element of the program, for any or all elements of the program
specified in Sections 5096.231 and 5096.232, or any class or classes
of projects within those elements, that the Legislature deems to be
of the highest priority.

5096.266. The Legislature hereby finds and declares that, inasmuch
as the proceeds from the sale of bonds authorized by this chapter are
not "proceeds of taxes" as that term is used in Article XIII B of
the California Constitution, the disbursement of these proceeds is
not subject to the limitations imposed by that article.

5096.267. If any provision of this chapter or the application
thereof to any person or circumstances is held invalid, that
invalidity shall not affect other provisions or applications of the
chapter which can be given effect without the invalid provision or
application, and to this end, the provisions of this chapter are
severable.