2010 California Code
Health and Safety Code
Chapter 3. Fiscal Provisions

53546.  Bonds in the total amount of two billion eight hundred fifty
million dollars ($2,850,000,000), exclusive of refunding bonds, or
so much thereof as is necessary, are hereby authorized to be issued
and sold for carrying out the purposes expressed in this part and to
reimburse the General Obligation Bond Expense Revolving Fund pursuant
to Section 16724.5 of the Government Code. All bonds herein
authorized which have been duly sold and delivered as provided herein
shall constitute valid and legally binding general obligations of
the state, and the full faith and credit of the state is hereby
pledged for the punctual payment of both principal and interest
thereof.



53547.  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), except subdivision (a) of Section
16727 to the extent that it is inconsistent with this part, and all
of the other provisions of that law as amended from time to time
apply to the bonds and to this part and are hereby incorporated in
this part as though set forth in full in this part.



53548.  (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 Finance Committee created
pursuant to Section 53524 is continued in existence. For the purposes
of this part, the Housing Finance Committee is "the committee" as
that term is used in the State General Obligation Bond Law.
   (b) The committee may adopt guidelines establishing requirements
for administration of its financing programs to the extent necessary
to protect the validity of, and tax exemption for, interest on the
bonds. The guidelines shall not constitute rules, regulations,
orders, or standards of general application and are not subject to
Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3
of Title 2 of the Government Code.
   (c) For the purposes of the State General Obligation Bond Law, the
Department of Housing and Community Development is designated the
"board" for programs administered by the department, and the
California Housing Finance Agency is the "board" for programs
administered by the agency.



53549.  Upon request of the board stating that funds are needed for
purposes of this part, 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 Section
53545, 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 are not required to be sold at any
one time. Bonds may bear interest subject to federal income tax.



53550.  There shall be collected annually, in the same manner and at
the same time as other state revenue is collected, a sum of money in
addition to the ordinary revenues of the state, sufficient to pay
the principal of, and interest on, the bonds as provided herein, and
all officers required by law to perform any duty in regard to the
collections of state revenues shall collect that additional sum.




53551.  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 Section 53553,
appropriated without regard to fiscal years.



53552.  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 purposes of this part.
The amount of the request shall not exceed the amount of the unsold
bonds which the committee has, by resolution, authorized to be sold
for the purpose of this part, less any amount withdrawn pursuant to
Section 53553. The board shall execute any documents as required by
the Pooled Money Investment Board to obtain and repay the loan. Any
amount loaned shall be deposited in the fund to be allocated in
accordance with this part.


53553.  For the purpose of carrying out this part, the Director of
Finance may, by executive order, authorize the withdrawal from the
General Fund of any 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 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 the
interest that the amounts would have earned in the Pooled Money
Investment Account, from money received from the sale of bonds which
would otherwise be deposited in that fund.




53554.  The bonds may be refunded in accordance with Article 6
(commencing with Section 16780) of the State General Obligation Bond
Law. Approval by the electors of this act shall constitute approval
of any refunding bonds issued pursuant to the State General
Obligation Bond Law.



53555.  Notwithstanding any provisions in the State General
Obligation Bond Law, the maximum maturity of any bonds authorized by
this part shall not exceed 30 years from the date of each respective
series. The maturity of each series shall be calculated from the date
of each series.



53556.  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 XIII B of the
California Constitution, the disbursement of these proceeds is not
subject to the limitations imposed by that article.




53557.  Notwithstanding any provision of the State General
Obligation Bond Law with regard to the proceeds from the sale of
bonds authorized by this part that are subject to investment under
Article 4 (commencing with Section 16470) of Chapter 3 of Part 2 of
Division 4 of Title 2 of the Government Code, the Treasurer may
maintain a separate account for investment earnings, order the
payment of those earnings to comply with any rebate requirement
applicable under federal law, and may otherwise direct the use and
investment of those proceeds so as 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.



53558.  All money derived from premium and accrued interest on bonds
sold pursuant to this chapter shall be transferred to the General
Fund as a credit to expenditures for bond interest.