SECTIONS 5730-5738 - California Statutes

PUBLIC RESOURCES CODE

SECTION 5730-5738

5730. Bonds in the total amount of one hundred million dollars
($100,000,000), 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 of, and interest on, the
bonds as the principal and interest become due and payable.

5731. 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,
and 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 shall be necessary to collect that additional sum.

5732. There is hereby appropriated from the General Fund, for the
purpose 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
principal and interest become due and payable.
(b) The sum which is necessary to carry out the provisions of
Section 5733, appropriated without regard to fiscal years.

5733. For the purposes of carrying out this article, the Director
of Finance may, pursuant to appropriate authority in each annual
Budget Act, 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 Any amounts withdrawn shall be deposited in the fund.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 this chapter. The money withdrawn from the
General Fund shall be returned to the General Fund with interest at
the rate earned by the money in the Pooled Money Investment Account
during the time the money was withdrawn from the General Fund
pursuant to this section.

5733.5. 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.

5734. 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.

5735. 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 Community Parklands Program Finance
Committee is hereby created. The committee consists of the
Controller, the Director of Finance, and the Treasurer. For purposes
of this chapter, the Community Parklands Program Finance Committee is
"the committee" as that term is used in the State General Obligation
Bond Law, and the Treasurer shall serve as chairperson of the
committee.

5736. All money deposited in the fund which 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.

5737. 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.

5738. If any provision of this chapter or the application thereof
to any person or circumstance 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.