2007 California Government Code Chapter 28. Olympic Training Center

CA Codes (gov:7591-7592)

7591.  (a) The amount of fifteen million dollars (,000,000) is
appropriated, subject to subdivision (b), from the General Fund to
the Trade and Commerce Agency for a loan for allocation over three
years in three equal amounts to that nonprofit organization currently
named the San Diego National Sports Training Foundation, for
purposes of developing and constructing, with the participation and
advice of the United States Olympic Committee, a California Olympic
Training Center.
   (b) The loan allocations provided for by this section shall be
made no earlier than December 31, of 1990, 1991, and 1992, and shall
be made only if the San Diego National Sports Training Foundation is
able and willing by each of those dates to provide the sum of five
million dollars (,000,000), for purposes of developing and
constructing, with the participation and advice of the United States
Olympic Committee, a California Olympic Training Center.
   (c) Loan allocations shall be repaid in full no later than 20
years from the date of receipt at a rate of interest equal to the
average Pooled Money Investment Account rate over the period during
which any portion of an allocated amount remains outstanding.




7591.5.  The Secretary of Trade and Commerce shall remove any lien
placed in connection with a loan authorized pursuant to Section 7591
by January 1, 1999.  In requiring the removal of the lien placed on
property owned by the United States Olympic Committee, the
Legislature does not intend to relieve the San Diego National Sports
Training Foundation from its obligation to repay the loan made
pursuant to Section 7591.



7592.   There is in the General Fund the California Olympic Training
Account.  The account shall consist of those revenues derived from
the additional vehicle registration fees provided for in Section 5023
of the Vehicle Code and shall be used for the repayment of the loan
authorized in Section 7591 for purposes of a California Olympic
Training Center.