SECTIONS 5930-5938 - California Statutes

PUBLIC RESOURCES CODE

SECTION 5930-5938

5930. (a) (1) Bonds in the total amount of seven hundred
seventy-six million dollars ($776,000,000), or so much thereof as is
necessary, may be issued and sold to be used for carrying out the
purposes expressed in this division and in Chapter 7.5 (commencing
with Section 2700) of Division 3 of the Fish and Game Code and to be
used to reimburse the General Obligation Bond Expense Revolving Fund
pursuant to Section 16724.5 of the Government Code. A sum, not to
exceed seven hundred twenty-six million dollars ($726,000,000) of the
bond proceeds, shall be deposited in the California Wildlife,
Coastal, and Park Land Conservation Fund of 1988 for the purposes of
this division, and a sum, not to exceed fifty million dollars
($50,000,000) of bond proceeds, shall be deposited in the Wildlife
and Natural Areas Conservation Fund for the purposes of the Wildlife
and Natural Areas Conservation Program (Chapter 7.5 (commencing with
Section 2700) of Division 3 of the Fish and Game 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 as they become due and payable.

5931. The bonds authorized by this division 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 provisions of that law shall apply to the bonds and are
hereby incorporated in this division as though set forth in full in
this division.

5932. (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 division, the California Wildlife, Coastal, and
Park Land Conservation Program of 1988 Finance Committee is hereby
created. For purposes of this division, the California Wildlife,
Coastal, and Park Land Conservation Program of 1988 Finance Committee
is "the committee" as that term is used in the State General
Obligation Bond Law. The committee shall consist 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 this division and Chapter 7.5 (commencing with
Section 2700) of Division 3 of the Fish and Game Code and the State
General Obligation Bond Law, the Wildlife Conservation Board, the
Department of Parks and Recreation, the Department of Water
Resources, the Department of Forestry, the Department of Fish and
Game, the Santa Monica Mountains Conservancy, or the State Coastal
Conservancy, depending on which agency has jurisdiction, is hereby
designated as "the board."

5933. The committee shall determine whether or not it is necessary
or desirable to issue bonds authorized pursuant to this division in
order to carry out the actions specified in Section 5907 of this code
and Section 2720 of the Fish and Game Code, 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.

5934. There shall be collected annually 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 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
is necessary to collect that additional sum.

5935. Notwithstanding Section 13340 of the Government Code, there
is hereby appropriated from the General Fund, for the purposes of
this division, an amount that will equal the total of the following:
(1) The sum annually necessary to pay the principal of, and
interest on, bonds issued and sold pursuant to this division, as the
principal and interest become due and payable.
(2) The sum which is necessary to carry out the provisions of
Section 5936, appropriated without regard to fiscal years.

5936. For the purposes of carrying out this division and Chapter
7.5 (commencing with Section 2700) of Division 3 of the Fish and Game
Code, 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 which have been authorized to be sold for the purpose of
carrying out those provisions. Any amounts withdrawn shall be
deposited in the California Wildlife, Coastal, and Park Land
Conservation Fund of 1988 or the Wildlife and Natural Areas
Conservation Fund, as appropriate. Any money made available under
this section shall be returned to the General Fund, plus the interest
that the amounts would have earned in the Pooled Money Investment
Account, from money received from the sale of bonds which would
otherwise be deposited in that fund.

5936.5. 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.

5937. All money derived from premium and accrued interest on bonds
sold shall be reserved and shall be available for transfer to the
General Fund as a credit to expenditures for bond interest.

5938. The people of California hereby find and declare that,
inasmuch as the proceeds from the sale of bonds authorized by this
division 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 limitation imposed by that article.