SECTIONS 5096.360-5096.372 - California Statutes

PUBLIC RESOURCES CODE

SECTION 5096.360-5096.372

5096.360. Bonds in the total amount of two billion one hundred
million dollars ($2,100,000,000), not including the amount of any
refunding bonds issued in accordance with Section 5096.370, or so
much thereof as is necessary, may be issued and sold to provide a
fund to be used for carrying out the purposes set forth in Section
5096.310 and to be used to reimburse the General Obligation Bond
Expense Revolving Fund pursuant to Section 16724.5 of the Government
Code. The bonds, when sold, shall 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 the principal of, and interest on, the bonds as the
principal and interest become due and payable. Pursuant to this
section, the Treasurer shall sell the bonds authorized by the Safe
Neighborhood Parks, Clean Water, Clean Air, and Coastal Protection
(the Villaraigosa-Keeley Act) Finance Committee created pursuant to
subdivision (a) of Section 5096.362 at any different times that are
necessary to service expenditures appropriated pursuant to this
chapter.

5096.361. 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 apply to the bonds and to this
chapter and are hereby incorporated in this chapter as though set
forth in full in this chapter.

5096.362. (a) Solely 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 Safe Neighborhood Parks, Clean
Water, Clean Air, and Coastal Protection (Villaraigosa-Keeley Act)
Finance Committee is hereby created. For purposes of this chapter,
the Safe Neighborhood Parks, Clean Water, Clean Air, and Coastal
Protection (Villaraigosa-Keeley Act) Finance Committee is "the
committee" as that term is used in the State General Obligation Bond
Law. The committee consists of the Controller, the Director of
Finance, and the Treasurer, or their designated representatives. The
Treasurer shall serve as chairperson of the committee. A majority of
the committee may act for the committee.
(b) For purposes of the State General Obligation Bond Law, the
secretary is designated the "board."

5096.363. The committee shall determine whether or not it is
necessary or desirable to issue bonds authorized pursuant to this
chapter to carry out Section 5096.310 and, if so, the amount of bonds
to be issued and sold. Successive issues of bonds may be authorized
and sold to carry out those actions progressively, and it is not
necessary that all of the bonds authorized to be issued be sold at
any one time.

5096.364. There shall be collected each year and in the same manner
and at the same time as other state revenue is collected, in
addition to the ordinary revenues of the state, a sum in an amount
required to pay the principal of, and interest on, the bonds maturing
each year. It is 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 is necessary to collect that additional sum.

5096.365. Notwithstanding Section 13340 of the Government Code,
there is hereby appropriated from the General Fund in the State
Treasury, for the purposes of this chapter, an amount that will equal
the total of the following:
(a) The sum annually necessary to pay the principal of, and
interest on, bonds issued and sold pursuant to this chapter, as the
principal and interest become due and payable.
(b) The sum necessary to carry out Section 5096.366, appropriated
without regard to fiscal years.

5096.366. For purposes of carrying out this chapter, the Director
of Finance may authorize the withdrawal from the General Fund of an
amount or amounts not to exceed the amount of the unsold bonds that
have been authorized to be sold for the purpose of carrying out this
chapter. Any amount withdrawn shall be deposited in the fund. Any
money made available under this section shall be returned to the
General Fund from proceeds received from the sale of bonds for the
purpose of carrying out this chapter.

5096.367. Pursuant to Chapter 4 (commencing with Section 16720) of
Part 3 of Division 4 of Title 2 of the Government Code, the cost of
bond issuance shall be paid out of the bond proceeds. These costs
shall be shared proportionally by each program funded through this
bond act.

5096.367.5. Actual costs incurred in connection with administering
programs authorized under the categories specified in Section
5096.310 shall be paid from the funds authorized by this act.

5096.368. The secretary may request the Pooled Money Investment
Board to make a loan from the Pooled Money Investment Account,
including other authorized forms of interim financing that include,
but are not limited to, commercial paper, in accordance with Section
16312 of the Government Code, for purposes of carrying out this
chapter. The amount of the request shall not exceed the amount of the
unsold bonds that the committee, by resolution, has authorized to be
sold for the purpose of carrying out this chapter. The secretary
shall execute any documents required by the Pooled Money Investment
Board to obtain and repay the loan. Any amounts loaned shall be
deposited in the fund to be allocated by the board in accordance with
this chapter.

5096.369. All money deposited in the fund that is derived from
premium and accrued interest on bonds sold shall be reserved in the
fund and shall be available for transfer to the General Fund as a
credit to expenditures for bond interest.

5096.370. The bonds may be refunded in accordance with Article 6
(commencing with Section 16780) of Chapter 4 of Part 3 of Division 4
of Title 2 of the Government Code, which is a part of the State
General Obligation Bond Law. Approval by the voters of the state of
the issuance of the bonds described in this chapter includes the
approval of the issuance of any bonds to refund any bonds originally
issued under this chapter or any previously issued refunding bonds.

5096.371. Notwithstanding any provision of this chapter or the
State General Obligation Bond Law, if the Treasurer sells bonds
pursuant to this chapter that include a bond counsel opinion to the
effect that the interest on the bonds is excluded from gross income
for federal tax purposes, subject to designated conditions, the
Treasurer may maintain separate accounts for the investment of bond
proceeds and the investment earnings on those proceeds. The Treasurer
may use or direct the use of those proceeds or earnings to pay any
rebate, penalty, or other payment required under federal law or to
take any other action with respect to the investment and use of bond
proceeds required or desirable under federal law 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.

5096.372. (a) 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.
(b) Funds provided pursuant to this chapter, and any appropriation
or transfer of those funds, shall not be deemed to be a transfer of
funds for the purposes of Chapter 9 (commencing with Section 2780) of
Division 3 of the Fish and Game Code.