2005 California Government Code Sections 15820.18-15820.19 Article 3. Construction Financing

15820.18.  (a) The board may issue certificates pursuant to Chapter
4 (commencing with Section 15821) or revenue bonds, negotiable notes,
or negotiable bond anticipation notes pursuant to Chapter 5
(commencing with Section 15830) to finance the cost of acquisition,
construction, or renovation and the equipping of the public buildings
or facilities and related infrastructure authorized by this chapter.
   (b) The revenues, rentals, or receipts received by the board from
the public buildings or facilities and equipment authorized by this
chapter shall be pledged to the payment of the principal of, and the
interest on, the certificates, revenue bonds, notes, or anticipation
notes issued to finance the acquisition, construction, or renovation
and the equipping of those public buildings or facilities and related
infrastructure.
   (c) No certificates, revenue bonds, notes, or anticipation notes
shall be issued, and no acquisition, construction, or renovation and
the equipping for any public building or facility and related
infrastructure authorized by this article shall be commenced or
purchased, unless the Legislature, by statute, authorizes the total
amount of certificates, revenue bonds, notes, or anticipation notes
that may be used to finance that public building or facility and
related infrastructure.
15820.19.  The board may contract for a project authorized by the
Legislature  before issuing certificates, revenue bonds, notes, or
bond anticipation notes pursuant to Section 15820.18 if any segment
of higher education provides from any lawful source temporary
construction financing to meet contract payments for the project or
if the board obtains a loan from the General Fund.  Any loan from the
General Fund shall be specifically authorized by the Legislature and
shall not exceed the amount authorized by the Legislature.   The
loan amount shall be repaid by the board to the General Fund together
with interest in the amount that those moneys would have earned in
the Pooled Money Investment Account.
   It is the intent of this section to reduce the cost of the
projects and time between the authorization of capital outlay
projects by the Legislature and the availability of those projects
for student and faculty use.