2005 California Health and Safety Code Sections 53200-53209 CHAPTER 3. FISCAL PROVISIONS

HEALTH AND SAFETY CODE
SECTION 53200-53209

53200.  Bonds in the total amount of one hundred fifty million
dollars ($150,000,000), exclusive of refunding bonds issued pursuant
to Section 53201, 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 part 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.
53201.  Any bonds issued and sold pursuant to this chapter 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 2 of Title 2 of the Government Code.  Approval by the
electors of the state for the issuance of these bonds shall include
the approval of the issuance of any bonds issued to refund any bonds
originally issued or any previously issued refunding bonds.
53202.  The bonds authorized by this part 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
part and are hereby incorporated in this part as though set forth in
full in this part.
53203.  (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 part, the Housing Committee is hereby created.
For purposes of this part, the Housing Committee is "the committee"
as that term is used in the State General Obligation Bond Law.  The
committee consists of the Controller, the Treasurer, the Director of
Finance, the Director of the Department of Housing and Community
Development, and the Executive Director of the California Housing
Finance Agency, or their designated representatives.  A majority of
the committee may act for the committee.
   (b) For purposes of the State General Obligation Bond Law, the
Department of Housing and Community Development is designated as the
"board" for programs administered by the department and the
California Housing Finance Agency is designated as the "board" for
programs administered by the agency.
53204.  The committee shall determine whether or not it is necessary
or desirable to issue bonds authorized pursuant to this part in
order to carry out the actions specified in Part 8 (commencing with
Section 53130) as added by Senate Bill 1692 of the 1987-88 Regular
Session, 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.
53205.  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 is necessary to collect that additional sum.
53206.  Notwithstanding Section 13340 of the Government Code, there
is hereby appropriated from the General Fund in the State Treasury,
for the purposes of this part, 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 part, as the
principal and interest become due and payable.
   (b) The sum which is necessary to carry out the provisions of
Section 53207, appropriated without regard to fiscal years.
53207.  For the purposes of carrying out this part, 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 this
part.  Any amounts withdrawn shall be deposited in the fund.  Any
money made available under this section shall be returned to the
General Fund, plus interest that the amounts would have earned in the
Pooled Money Investment Account, from money received from the sale
of bonds for the purpose of carrying out this part.
53207.5.  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.
53208.  The board may request the Pooled Money Investment Board to
make a loan from the Pooled Money Investment Account, in accordance
with Section 16312 of the Government Code, for the purposes of
carrying out the provisions of this chapter.  The amount of the
request shall not exceed the amount of unsold bonds which the
committee has by resolution authorized to be sold for the purpose of
carrying out this chapter.  The board shall execute such documents as
are required by the Pooled Money Investment Board to obtain and
repay the loan.  Any amounts loaned shall be deposited in the fund to
be allocated by the board in accordance with this chapter.
53209.  The Legislature hereby finds and declares that, inasmuch as
the proceeds from the sale of bonds authorized by this part are not
"proceeds of taxes" as that term is used in Article XIIIB of the
California Constitution, the disbursement of these proceeds is not
subject to the limitations imposed by that article.


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