2005 California Government Code Sections 66952-66966 CHAPTER 2. FISCAL PROVISIONS

66952.  The State General Obligation Bond Law is adopted for the
purpose of the issuance, sale, and repayment of, and otherwise
providing with respect to, the  bonds authorized to be issued
pursuant to this title, and the provisions of that law are included
in this title as though set out in full in this chapter except that,
notwithstanding any provision of the State General Obligation Bond
Law, the maximum maturity of the bonds shall not exceed 20 years from
the date of each respective series.  The maturity of each respective
series shall be calculated from the date of such series.
66953.  As used in this title, and for the purposes of this title,
the following words shall have the following meanings:
   (a) "Committee" means the Lake Tahoe Acquisitions Finance
Committee created  by Section 66955.
   (b) "Fund" means the Lake Tahoe Acquisitions Fund.
   (c) "Lake Tahoe region" and "region" means the area consisting of
Lake Tahoe, the adjacent parts of the Counties of Placer and El
Dorado lying within the Tahoe Basin in the State of California, and
that additional and adjacent part of the County of Placer outside the
Tahoe Basin in the State of California which lies southward and
eastward of a line starting at the intersection of the basin
crestline and the north boundary of Section 1, thence west to the
northwest corner of Section 3, thence south to the intersection of
the basin crestline and the west boundary of Section 10; all sections
referring to Township 15 North, Range 16 East, M.D.B. and M.
   (d) "Agency" means the agency authorized under Section 66957 to
expend money in the fund.
66954.  There is in the State Treasury the Lake Tahoe Acquisitions
Fund, which fund is hereby created.
66955.  For the purpose of authorizing the issuance and sale,
pursuant to the  State General Obligation Bond Law, of the bonds
authorized by this title, the Lake Tahoe Acquisitions Finance
Committee is hereby created.  The committee consists of the Governor
or his designated representative, the Controller, the Treasurer, and
the Director of Finance.  The Lake Tahoe Acquisitions Finance
Committee shall be the "committee" as that term is used in the State
General Obligation Bond Law, and the Treasurer shall serve as
chairman of the committee.
66956.  The committee is hereby authorized and empowered to create a
debt or debts, liability or liabilities, of the State of California,
in the aggregate amount of eighty-five million dollars
($85,000,000), in the manner provided in this title.  The debt or
debts, liability or liabilities, shall be created for the purpose of
providing the funds to be used for the object and work specified in
Section 66957 and for administrative costs incurred in connection
therewith, as provided in Section 66906.7.
66957.  Moneys in the fund shall be available for expenditure in
accordance with this title by a new or existing federal, state,
regional, or local agency, or any combination thereof, to be
designated by statute in accordance with the recommendations of the
Tahoe Area Land Acquisition Commission.  If no such agency is
designated by July 1, 1984, moneys in the funds shall be available
for expenditure in accordance with this title by the California Tahoe
Conservancy Agency.  Moneys in the fund shall be available for
expenditure for the following purposes:
   (a) For the acquisition of undeveloped lands threatened with
development that will adversely affect the region's natural
environment; will adversely affect the use, management, or protection
of public lands in the vicinity of the development; or will  have a
combination of those effects.  In particular, preference shall be
given to the acquisition of undeveloped lands within stream
environment zones and other undeveloped lands that, if developed,
would be likely to erode or contribute to the further eutrophication
or degradation of the waters of the region due to that or other
causes.  "Stream environment zone" means that area which surrounds a
stream, including major streams, minor streams, and drainage ways;
which owes its biological and physical characteristics to the
presence of water; which may be inundated by a stream; or in which
actions of man or nature may directly or indirectly affect the
stream.  A stream includes small lakes, ponds, and marshy areas
through which the stream flows.  Acquisitions made pursuant to this
subdivision are not intended to replace, wholly or partially, the
exercise of any authority conferred by law for the protection of the
region's natural environment, including stream environment zones, or
the protection of public lands and resources.  Accordingly, every
public official or agency responsible for the administration or
enforcement of any law having any of those purposes shall continue to
administer or enforce that law with respect to lands acquired
pursuant to this title, notwithstanding the making of any acquisition
pursuant to this subdivision.
   (b) For the acquisition of undeveloped lands whose primary use
will be public lakeshore access, preservation of riparian or littoral
wildlife habitat, or recreation, or a combination thereof.
   (c) For the acquisition of undeveloped lands that do not satisfy
the requirements of either subdivision (a) or (b) but which, if
acquired, would facilitate one or both of the following:
   (1) Consolidation of lands for their more effective management as
a unit.
   (2) Provision of public access to other public lands.
   As used in this section, "undeveloped land" includes land that has
been subdivided and improved with streets and utilities, but does
not have structures other than those related to such streets and
utilities.
   Moneys in the fund shall not be used to acquire land which has
been designated and authorized for purchase by the United States
Forest Service.
66958.  (a) When sold, the bonds authorized by this title shall
constitute valid and legally binding general obligations 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 thereon.
   (b) There shall be collected annually in the same manner and at
the same time as other state revenue is collected such a sum, in
addition to the ordinary revenues of the state, as shall be required
to pay the interest and principal on the bonds maturing each year,
and it is hereby made 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.
   (c) All money deposited in the fund which has been derived from
premium and accrued interest on bonds sold shall be available for
transfer to the General Fund  as a credit to expenditures for bond
interest.
66959.  If the value of any land to be purchased by the agency has
been substantially reduced by any statute, ordinance, rule,
regulation, or other order adopted after January 1, 1980, by state or
local government for the purpose of protecting water quality or
other resources in the region, the agency may purchase the land for a
price it determines would assure fairness to the landowner.  In
determining the price to be paid for the land, the agency may
consider the price which the owner originally paid for the land, any
special assessments paid by the landowner, and any other factors the
agency determines should be considered to ensure that the landowner
receives a fair and reasonable price for the land.
66960.  All money deposited in the fund pursuant to any provision of
law requiring repayments to the state for assistance financed by the
proceeds of the bonds authorized by this title shall be available
for transfer to the General Fund.  When transferred to the General
Fund such money shall be applied as a reimbursement to the General
Fund on account of principal and interest on the bonds which has been
paid from the General Fund.
66961.  There is hereby appropriated from the General Fund in the
State Treasury for the purpose of this title, such an amount as will
equal the following:
   (a) That sum annually as will be necessary to pay the principal of
and the interest on the bonds issued and sold pursuant to the
provisions of this title, as principal and interest become due and
payable.
   (b) That sum as is necessary to carry out the provisions of
Section 66961, which sum is appropriated without regard to fiscal
years.
66962.  For the purpose of carrying out the provisions of this
title, the Director of Finance may by executive order authorize the
withdrawal from the General  Fund of an amount or amounts not to
exceed the amount of the unsold bonds which the committee has by
resolution authorized to be sold for the purpose of  carrying out
this title.  Any amounts withdrawn shall be deposited in the fund and
shall be disbursed by the committee in accordance with this title.
Any moneys made available to the committee pursuant to this section
shall be returned by the committee to the General Fund, together with
interest at the rate then payable on funds deposited in the Pooled
Money Investment Fund, from moneys received from the sale of bonds
pursuant to the provisions of this title.
66962.5.  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), 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.
66963.  The committee may authorize the State Treasurer to sell all
or any part of the bonds herein authorized at such time or times as
may be fixed by the Treasurer.
66964.  All proceeds from the sale of bonds, except those derived
from premiums and accrued interest, shall be available for the
purpose provided in Section 66957 but shall not be available for
transfer to the General Fund to pay principal and interest on bonds.
The money in the fund may be expended only as herein provided.
66965.  All proposed appropriations for the programs specified in
this title shall be included in a section in the Budget Bill for the
1983-84 and each succeeding fiscal year, for consideration by the
Legislature.  All appropriations shall be subject to all limitations
enacted in the Budget Act and to all fiscal procedures prescribed by
law with respect to the expenditures of state funds, unless expressly
exempted from such laws by a statute enacted by the Legislature.  No
  funds derived from the bonds authorized by this title may be
expended pursuant to an appropriation not contained in such section
of the Budget Act.
66966.  The agency designated by the Tahoe Area Land Acquisition
Commission, or if none is so designated, the California Tahoe
Conservancy Agency, shall be deemed the "board" for purposes of
Section 16722.