SECTIONS 79580-79590 - California Statutes

WATER CODE

SECTION 79580-79590

79580. Bonds in the total amount of three billion four hundred
forty million dollars ($3,440,000,000), not including the amount of
any refunding bonds issued in accordance with Section 79588, or so
much thereof as is necessary, may be issued and sold to be used for
carrying out the purposes set forth in this division and to be used
to reimburse the General Obligation Bond Expense Revolving Fund
pursuant to Section 16724.5 of the Government Code. The bond proceeds
shall be deposited in the Water Security, Clean Drinking Water,
Coastal and Beach Protection Fund of 2002 created by Section 79510.
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 they become due
and payable.

79581. 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 to this
division and are hereby incorporated in this division by this
reference as though fully set forth in this division.

79582. (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 Water Security, Clean Drinking
Water, Coastal and Beach Protection Act of 2002 Finance Committee is
hereby created. For purposes of this division, the Water Security,
Clean Drinking Water, Coastal and Beach Protection Act of 2002
Finance Committee is "the committee" as that term is used by 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 chapter and the State General Obligation
Bond Law, the secretary is designated as "the board."

79583. 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 this division 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.

79584. 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 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 so and perform each and every
act that is necessary to collect that additional sum.

79585. Notwithstanding Section 13340 of the Government Code, there
is hereby appropriated from the General Fund, for purposes of this
division, 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 division, as the
principal and interest become due and payable.
(b) The sum which is necessary to carry out the provisions of
Section 79586, appropriated without regard to fiscal years.

79586. For the purposes of carrying out this division, 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
division. Any amounts withdrawn shall be deposited in the fund. 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 that would otherwise be deposited in that fund.

79587. 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.

79588. Any bonds issued or sold pursuant to this division may be
refunded by the issuance of refunding bonds 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. Approval by the
electors of the state for the issuance of the bonds shall include
approval of the issuance of any bonds issued to refund any bonds
originally issued or any previously issued refunding bonds.

79589. 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.

79590. 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 under this
division. Actual costs incurred in connection with administering
programs authorized under the categories specified in this division
shall be paid by the funds authorized for those purposes by this
division.