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refundln~ bond~'lss~ed In accordance with Section 5096.677, or so much thereof as is necessary, may be issued and
<br />sold to provide a fund to be used for carrying out the purposes set forth in Section 5096.610 and to be used to reimburse
<br />the General Obligation Bond Expense Revolving Fund pursuant to Section 16724.5 of the Government Code. The bonds,
<br />when sold, shall be and constitute a valid and binding obligation of the State of California, and the full faith and credit of
<br />the State of California is hereby pledged for the punctual payment of the principal of, and: interest on, the bonds as the
<br />principal and interest become due and payable. Pursuant to this section, the Treasurer shall sell the bonds authorized by
<br />the California Clean Water, Clean Air, Safe Neighborhood Parks, and Coastal Protection Act Finance Committee created
<br />pursuant to subdivision (a) of Section 5096.667 at any different times that are necessary to service expenditures
<br />appropriated pursuant to this chapter.
<br />5096.666. The bonds authorized by this chapter shall be prepared, executed, issued, sold, paid, and redeemed as
<br />provided In the State General Obligation Bond Law (Chapter 4 (commencing with Section 16720) of Part 3 of Division 4 of
<br />Title 2 of the Government Code), and all of the provisions of that law apply to the bonds and to this chapter and are
<br />hereby incorporated in this chapter by this reference as though set forth in full in this chapter.
<br />5096.667. (a) Solely for the purpose of authorizing the issuance
<br />and sale, pursuant to the State General Obligation Bond Law, of the bonds authorized by this chapter, the California
<br />Clean Water, Clean Air, Safe Neighborhood Parks, and Coastal Protection ACt Finance Committee Is hereby created. For
<br />purposes of this chapter, the California Clean Water, Clean Air, Safe Neighborhood Parks, and Coastal Protection Act
<br />Finance Committee is "the committee" as that term is used in the State General Obligation Bond Law. The committee
<br />consists of the Controller, the Dlractor of Finance, and the Treasurer, or their designated representatives. The Treasurer
<br />shall serve as chairperson of the committee. A majority of the committee may act for the committee.
<br />(b) For purposes of the State General Obligation Bond Law, the
<br />Secretary of the Resources Agency is designated the "board."
<br />5096.668. The committee shall determine whether or not it is
<br />necessary or desirable to issue bonds authorized pursuant to this
<br />chapter to carry out Section 5096.610 and, if so, the amount of bonds to be issued and sold. Successive issues of bonds
<br />may be authorized and sold to carry out those actions progressively, and it is not necessary that all of the bonds
<br />authorized to be issued be sold at any one time.
<br />5096.670. There shall be collected each year and in the same
<br />manner and at the same time as other state revenue is collected, in addition to the ordinary revenues of the state, a sum
<br />in an amount required to pay the principal of, and interest on, the bonds maturing each year. It is the duty of all officers
<br />charged by law with any duty in regard to the collection of the revenue to do and perform each and every act that Is
<br />necessary to collect that additional sum.
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<br />5096.671. Notwithstanding Section 13340 of the Government Code, there is hereby appropriated from the General Fund
<br />in the State Treasury, for the purposes of this chapter, an amount that will equal the total of the following:
<br />(a) The sum annually necessary to pay the principal of, and
<br />interest on, bonds issued and sold pursuant to this chapter, as the principal and interest become due and payable.
<br />(b) The sum necessary to carry out Section 5096.672, appropriated without regard to fiscal years.
<br />5096.672. For purposes of carrying out this chapter, the Director
<br />of Finance may authorize the withdrawal from the General Fund of an amount or amounts not to exceed the amount of the
<br />unsold bonds that have been authorized to be sold for the purpose of carrying out this chapter. Any amount wlthdrewn
<br />shall be deposited in the fund. Any money made available under this section shall be returned to the General Fund from
<br />proceeds received from the sale of bonds for the purpose of carrying out this chapter.
<br />5096.673. Pursuant to Chapter 4 (commencing with Section 16720) of Part 3 of Division 4 of Title 2 of the Government
<br />Code, the cost of bond Issuance shall be paid out of the bond proceeds. These costs shall be shared proportionally by
<br />each program funded through this bond act.
<br />5096.674. Actual costs incurred in connection with administering
<br />programs authorized under the categories specified in Section
<br />5096.610 shall be paid from the funds authorized by this act. 5096.675. The secretary may request the Pooled Money
<br />Investment Board to make a loan from the Pooled Money Investment Account, including other authorized forms of Intadm
<br />financing that include, but are not limited to, commercial paper, in accordance with Section 16312 of the Government
<br />Code, for purposes of carrying out this chapter. The amount of the request shall not exceed the amount of the unsold
<br />bonds that the committee, by resolution, has authorized to be sold for the purpose of carrying out this chapter. The
<br />secretary shall execute any documents required by the Pooled Money Investment
<br /> Board to obtain and repay the loan. Any amounts loaned shall be
<br />deposited in the fund to be allocated by the board in accordance with this chapter,
<br /> 5096.676. All money deposited in the fund that is derived from
<br /> premium and accrued interest on bonds sold shall be reserved in the fund and shall be available for transfer to the
<br /> General Fund as a credit to expenditures for bond interest.
<br /> 5096.677, The bonds may be refunded in accordance with Article 6 (commencing with Section 16780) of Chapter 4 of
<br /> Part 3 of Division 4 of Title 2 of the Government Code, which is a part of the State General Obligation Bond Law. Approval
<br /> by the voters of the state of the issuance of the bonds described in this chapter includes the approval of the issuance of
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