reglab/statecodes huggingface dataset:
2023 California Code › Government Code - GOV › TITLE 17 - CALIFORNIA FISCAL RECOVERY FINANCING ACT › CHAPTER 4 - Bond Provisions › Section 99011.

99011. (a) The authority, at any time or from time to time, upon the request of the Director of Finance, may issue bonds for the purposes set forth in subdivision (b) of Section 99005. Each issue of bonds may be in an amount sufficient to provide for the funding of all or a portion of the accumulated budget deficit, for funding any necessary reserves and capitalized interest, for obtaining or entering into any ancillary obligations deemed necessary or desirable by the authority, for paying costs of issuance of the bonds as approved by the Director of Finance, or for refunding any bonds previously issued by the authority.
(b) Bonds issued pursuant to this title, and any ancillary obligations entered into with respect to those bonds, are not a debt or liability of the state or of any political subdivision thereof or a pledge of the full faith and credit of the state or of any political subdivision thereof, and shall be payable by the authority solely from available revenues. Notwithstanding any other provision of law, the Legislature is not obligated to appropriate special sales tax revenues or any other funds or otherwise make any other funds available to pay debt service on the bonds or to pay ancillary obligations issued or entered into pursuant to this title. All bonds shall contain on the face thereof a statement to the effect that the bonds are a special obligation of the authority payable solely from available revenues, including moneys deposited in the Fiscal Recovery Fund, if and to the extent appropriated in each fiscal year for that purpose by the Legislature; that the Legislature is not obligated to make such an appropriation or to provide any other funds for the repayment of the bonds; that neither the state nor any political subdivision thereof, except the authority to the extent provided in this subdivision, is obligated to pay the bonds or the interest thereon; that neither the full faith and credit nor the taxing power of the state or any political subdivision thereof is pledged to the payment of the principal of or interest on the bonds; and that the authority has no taxing power.
(c) (1) On request of the Director of Finance, the authority may issue bond anticipation notes, payable within a period not to exceed two years, from the proceeds of the sale of bonds or from available revenues, or both, as provided in the indenture pertaining to the bond anticipation notes.
(2) Notwithstanding paragraph (1), if bonds that are not bond anticipation notes have not been issued at the maturity date of an issue of bond anticipation notes, the authority may renew those notes from time-to-time, provided the final maturity date of any such renewal notes shall not be later than six years from the date of initial issuance of a series of bond anticipation notes. The authority may not renew any bond anticipation notes after issuance of bonds in an amount sufficient to refund those notes.
(Added by Stats. 2003, 1st Ex. Sess., Ch. 13, Sec. 2. Effective October 28, 2003.)
2023 California Code › Government Code - GOV › TITLE 17 - CALIFORNIA FISCAL RECOVERY FINANCING ACT › CHAPTER 4 - Bond Provisions › Section 99012.

99012. (a) The indenture may provide any or all of the following for the bonds:
(1) The form of the bonds, which may be issued as serial bonds, term bonds, or installment bonds, or any combination thereof.
(2) The date or dates to be borne by the bonds.
(3) The time or times of maturity of the bonds.
(4) The interest, fixed or variable, to be borne by the bonds.
(5) The time or times that the bonds shall be payable.
(6) The denominations, form, and registration privileges of the bonds.
(7) The manner of execution of the bonds.
(8) The place or places the bonds are payable, which may include one or more paying agents within or outside of the state.
(9) The terms of redemption, tender, or purchase of the bonds.
(10) The establishment of funds and accounts to be held by a trustee to provide for payment or security for the bonds or ancillary obligations or related costs.
(11) Any other terms and conditions deemed necessary by the authority.
(b) Pursuant to Section 5702, the Treasurer shall serve as agent for the offer and sale of the bonds. The bonds may be sold at either a competitive or negotiated sale, at the time or times, at a premium or a discount, or with neither, and with all other terms and conditions that the Treasurer, in his or her capacity as agent for sale of state bonds, shall determine.
(Added by Stats. 2003, 1st Ex. Sess., Ch. 13, Sec. 2. Effective October 28, 2003.)
2023 California Code › Government Code - GOV › TITLE 17 - CALIFORNIA FISCAL RECOVERY FINANCING ACT › CHAPTER 4 - Bond Provisions › Section 99013.

99013. The proceeds of the bonds, exclusive of amounts required to be held by the authority for reserves, capitalized interest, or costs of issuance and ancillary obligations, as authorized by subdivision (a) of Section 99011, shall be deposited in the General Fund to fund all or a portion of the accumulated budget deficit, or shall be used to refund bonds previously issued pursuant to this title.
(Added by Stats. 2003, 1st Ex. Sess., Ch. 13, Sec. 2. Effective October 28, 2003.)
2023 California Code › Government Code - GOV › TITLE 17 - CALIFORNIA FISCAL RECOVERY FINANCING ACT › CHAPTER 4 - Bond Provisions › Section 99014.

99014. (a) At the discretion of the authority, any bonds issued pursuant to this title may be secured by an indenture by and between the authority and a trustee. The indenture may contain any provision to protect and enforce the rights and remedies of the bond owners that is reasonable and proper and not in violation of law. The indenture may set forth the rights and remedies of the bond owners and of the trustee or trustees and may restrict the individual right of action by bond owners.
(b) Any trust funds or accounts created by the indenture may be held outside the State Treasury. Available revenues deposited in a trust fund or account held outside the State Treasury are hereby pledged to secure the bonds and ancillary obligations, subject to application for the purposes and pursuant to the terms set forth in the indenture. The available revenues so pledged shall immediately be subject to the lien of the pledge without filing, physical delivery, or other act, and the lien of the pledge shall be superior to all other claims and liens of any kind whatsoever.
(c) In addition to the requirements of subdivisions (a) and (b), any indenture described in this section may contain any other provisions the authority may deem reasonable and proper for the security of the bond owners.
(Added by Stats. 2003, 1st Ex. Sess., Ch. 13, Sec. 2. Effective October 28, 2003.)
2023 California Code › Government Code - GOV › TITLE 17 - CALIFORNIA FISCAL RECOVERY FINANCING ACT › CHAPTER 4 - Bond Provisions › Section 99015.

99015. (a) The authority may provide for the issuance of bonds any portion of which is to be used for the purpose of refunding outstanding bonds, including the payment of the principal thereof and interest and redemption premiums, if any, thereon. The proceeds of bonds issued to refund any outstanding bonds may be applied to the retirement of those outstanding bonds at maturity, or the redemption, on any redemption date, or purchase of the outstanding bonds prior to maturity, upon the terms and subject to the conditions the authority shall deem advisable.
(b) Notwithstanding any other provision of this title, the authority may not issue refunding bonds with a final maturity date later than the final maturity date of the series of bonds being refunded, unless the Legislature has adopted legislation by a two-thirds vote of each house, extending the imposition of a special sales tax or taxes to provide for payment of the refunding bonds. This subdivision shall not apply to bonds issued to refund bond anticipation notes issued pursuant to subdivision (c) of Section 99011.
(Added by Stats. 2003, 1st Ex. Sess., Ch. 13, Sec. 2. Effective October 28, 2003.)
2023 California Code › Government Code - GOV › TITLE 17 - CALIFORNIA FISCAL RECOVERY FINANCING ACT › CHAPTER 4 - Bond Provisions › Section 99016.

99016. The exercise of the powers granted by this title shall be in all respects for the benefit of the people of the state. Any and all bonds issued by the authority, their transfer, and the income therefrom, shall at all times be free from taxation of every kind by the state and by all political subdivisions of the state.
(Added by Stats. 2003, 1st Ex. Sess., Ch. 13, Sec. 2. Effective October 28, 2003.)
2023 California Code › Government Code - GOV › TITLE 17 - CALIFORNIA FISCAL RECOVERY FINANCING ACT › CHAPTER 5 - Miscellaneous Provisions › Section 99017.

99017. This title, being necessary for the health, welfare, and safety of the people of the state, shall be liberally construed to effect its purposes.
(Added by Stats. 2003, 1st Ex. Sess., Ch. 13, Sec. 2. Effective October 28, 2003.)
2023 California Code › Government Code - GOV › TITLE 17 - CALIFORNIA FISCAL RECOVERY FINANCING ACT › CHAPTER 5 - Miscellaneous Provisions › Section 99018.

99018. This title shall be deemed to provide a complete, additional, and alternative method for doing the things authorized in its provisions, and shall be regarded as supplemental and additional to the powers conferred by other laws. The sale and issuance of bonds, the application of proceeds to the funding of the accumulated budget deficit, and the refunding of prior bonds and the entering into of any ancillary obligation under this title, are not required to comply with the requirements of any other state or local law applicable to the issuance of bonds or ancillary obligations. The purposes authorized in subdivision (c) of Section 99002 may be effectuated and bonds are authorized to be issued for any of those purposes, notwithstanding that any other state or local law may provide for those purposes or for the issuance of bonds for the same or similar purposes, and without regard to the requirements, restrictions, limitations, or other provisions contained in any other state or local law.
(Added by Stats. 2003, 1st Ex. Sess., Ch. 13, Sec. 2. Effective October 28, 2003.)
2023 California Code › Government Code - GOV › TITLE 17 - CALIFORNIA FISCAL RECOVERY FINANCING ACT › CHAPTER 5 - Miscellaneous Provisions › Section 99019.

99019. Bonds issued pursuant to this title are a legal investment for any state special fund or trust fund, notwithstanding any provision of state or local law limiting the investments that may be made by the fund. The bonds shall be legal investments in which all public officers and public bodies of the state and its political subdivisions, all municipalities and municipal subdivisions, all insurance companies and associations and other persons carrying on an insurance business, all banks, bankers, banking institutions, including savings and loan associations, building and loan associations, trust companies, savings banks and savings associations, investment companies, and other persons carrying on banking business, all administrators, guardians, executors, trustees, and other fiduciaries, and all persons authorized to invest in bonds or other obligations of the state, may properly and legally invest funds, including capital, in their control or belonging to them. The bonds may be used by any such private financial institution, person, or association as security for public officers and bodies of the state or any agency or political subdivision of the state and all municipalities and public corporations for any purpose for which the deposit of bonds or other obligations of the state is authorized by law, including deposits to secure public funds.
(Added by Stats. 2003, 1st Ex. Sess., Ch. 13, Sec. 2. Effective October 28, 2003.)
2023 California Code › Government Code - GOV › TITLE 17 - CALIFORNIA FISCAL RECOVERY FINANCING ACT › CHAPTER 5 - Miscellaneous Provisions › Section 99020.

99020. (a) The authority may bring an action to determine the validity of any bonds to be issued, or ancillary obligations and other contracts to be entered into, under this title pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of the Code of Civil Procedure. For the purposes of Section 860 of the Code of Civil Procedure, any action initiated pursuant to this section shall be brought in the Superior Court in the County of Sacramento.
(b) Any action brought to enforce any provision of this title shall be brought in the Superior Court in the County of Sacramento and shall have priority over civil matters not themselves having priority.
(c) Notwithstanding any other provision of law, the exclusive means to obtain review of a superior court judgment entered in an action brought pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of the Code of Civil Procedure to determine the validity of any bonds to be issued, or ancillary obligations or other contracts to be entered into, under this title shall be by petition to the Supreme Court for writ of review. Any such petition shall be filed within 15 days following the notice of entry of the superior court judgment, and no extension of that period may be allowed. If no petition is filed within the time allowed therefor, or the petition is denied, with or without opinion, the decision of the superior court shall be final and enforceable as provided in subdivision (a) of Section 870 of the Code of Civil Procedure. In any case in which a petition has been filed within the time allowed therefor, the Supreme Court shall make any orders it deems proper in the circumstances. If no answering party appeared in the superior court action, the only issues that may be raised in the petition are those related to the jurisdiction of the superior court.
(Added by Stats. 2003, 1st Ex. Sess., Ch. 13, Sec. 2. Effective October 28, 2003.)
2023 California Code › Government Code - GOV › TITLE 17 - CALIFORNIA FISCAL RECOVERY FINANCING ACT › CHAPTER 5 - Miscellaneous Provisions › Section 99040.

99040. The Director of Finance shall immediately notify the Joint Legislative Budget Committee, the Executive Officer of the Franchise Tax Board, the Executive Director of the State Board of Equalization, and the Director of the Department of Motor Vehicles when and if an amendment to the California Constitution is approved at a statewide election held during the 2009 calendar year, that limits the total amount that, under Section 20 of Article XVI of the California Constitution, may be transferred by statute from the Budget Stabilization Account, or any successor to that account, to the General Fund.
(Added by Stats. 2009, 3rd Ex. Sess., Ch. 18, Sec. 1. Effective February 20, 2009.)
2023 California Code › Government Code - GOV › TITLE 17 - CALIFORNIA FISCAL RECOVERY FINANCING ACT › CHAPTER 5 - Miscellaneous Provisions › Section 99047.

99047. The Director of Finance shall immediately notify the Joint Legislative Budget Committee, the Executive Director of the State Board of Equalization, and the Controller upon the occurrence of a legislative or administrative action that does any of the following effective prior to July 1, 2012:
(a) Transitions any enrollee in the Healthy Families Program pursuant to Part 6.2 (commencing with Section 12693) of Division 2 of the Insurance Code to the Medi-Cal program under Chapter 7 (commencing with Section 14000) and Chapter 8 (commencing with Section 14200) of Part 3 of Division 9 of the Welfare and Institutions Code or any other state program. For the purpose of this section, a “transition” shall not include the enrollment of a Healthy Families Program enrollee into Medi-Cal or any other state program based upon Medi-Cal or any other state program eligibility criterion as it exists at the time of enactment.
(b) Transfers any administrative functions for the Healthy Families Program, including, but not limited to, eligibility processing and health care service delivery, away from the Managed Risk Medical Insurance Board or vendors with whom the Managed Risk Medical Insurance Board chooses to contract for performance of these functions.
(c) Ceases operation of, or repeals, the Healthy Families Program pursuant to Part 6.2 (commencing with Section 12693) of Division 2 of the Insurance Code.
(d) Ceases operation of, or repeals authorization for, the Managed Risk Medical Insurance Board.
(Added by Stats. 2011, 1st Ex. Sess., Ch. 11, Sec. 1. (AB 21 1x) Effective September 16, 2011. Conditionally inoperative as provided in Sec. 92 of Ch. 11.)
2023 California Code › Government Code - GOV › TITLE 18 - THE ECONOMIC RECOVERY BOND ACT › CHAPTER 1 - General Provisions › Section 99050.

99050. (a) This title shall be known and may be cited as the Economic Recovery Bond Act.
(b) The Legislature finds and declares that it is essential to the public welfare that an efficient, equitable, and alternative source of funding be established in order to preserve public education and critical health and safety programs that otherwise could not be funded in light of the accumulated state budget deficit, and that securing the availability of the proceeds of the bonds proposed to be issued and sold pursuant to this title is the most efficient, equitable, and economical means available.
(Added by Stats. 2003, 5th Ex. Sess., Ch. 2, Sec. 3. Approved in Proposition 57 at the March 2, 2004, election.)
2023 California Code › Government Code - GOV › TITLE 18 - THE ECONOMIC RECOVERY BOND ACT › CHAPTER 1 - General Provisions › Section 99051.

99051. As used in this title, the following terms have the following meanings:
(a) (1) “Accumulated state budget deficit” has the same meaning as in Section 1.3 of Article XVI of the California Constitution.
(2) The amount referred to in paragraph (1) shall be as certified by the Director of Finance.
(b) “Ancillary obligation” means an obligation of the state entered into in connection with any bonds issued under this title, including the following:
(1) A credit enhancement or liquidity agreement, including any credit enhancement or liquidity agreement in the form of bond insurance, letter of credit, standby bond purchase agreement, reimbursement agreement, liquidity facility, or other similar arrangement.
(2) A remarketing agreement.
(3) An auction agent agreement.
(4) A broker-dealer agreement or other agreement relating to the marketing of the bonds.
(5) An interest rate or other type of swap or hedging contract.
(6) An investment agreement, forward purchase agreement, or similar structured investment contract.
(c) “Committee” means the Economic Recovery Financing Committee created pursuant to Section 99055.
(d) “Fund” means the Economic Recovery Fund created pursuant to Section 99060.
(e) “Resolution” means any resolution, trust agreement, indenture, certificate, or other instrument authorizing the issuance of bonds pursuant to this title and providing for their security and repayment.
(f) “Trustee” means the Treasurer or a bank or trust company within or without the state acting as trustee for any issue of bonds under this title and, if there is more than one issue of bonds, the term means the trustee for each issue of bonds, respectively. If there are cotrustees for an issue of bonds, “trustee” means those cotrustees collectively.
(Added by Stats. 2003, 5th Ex. Sess., Ch. 2, Sec. 3. Approved in Proposition 57 at the March 2, 2004, election.)
2023 California Code › Government Code - GOV › TITLE 18 - THE ECONOMIC RECOVERY BOND ACT › CHAPTER 2 - Economic Recovery Financing Committee › Section 99055.

99055. (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 title and the making of those determinations and the taking of other actions as are authorized by this title, the Economic Recovery Financing Committee is hereby created. For purposes of this title, the Economic Recovery Financing Committee is “the committee” as that term is used in the State General Obligation Bond Law (Chapter 4 (commencing with Section 16720) of Part 3 of Division 4 of Title 2).
(b) The committee consists of all of the following members:
(1) The Governor or his or her designee.
(2) The Director of Finance.
(3) The Treasurer.
(4) The Controller.
(5) The Director of the Governor’s Office of Business and Economic Development.
(6) The Director of General Services.
(7) The Director of Transportation.
(c) Notwithstanding any other provision of law, any member may designate a deputy to act as that member in his or her place and stead for all purposes, as though the member were personally present.
(d) The Legislature finds and declares that each member of the committee has previously acted as a member of a similar finance committee.
(e) A majority of the members of the committee shall constitute a quorum of the committee and may act for the committee.
(f) The Director of Finance shall serve as chairperson of the committee.
(Amended by Stats. 2013, Ch. 353, Sec. 110. (SB 820) Effective September 26, 2013. Operative July 1, 2013, by Sec. 129 of Ch. 353. Note: This section was added by Stats. 2003, 5th Ex. Sess., Ch. 2, and approved in Prop. 57 on March 2, 2004.)
2023 California Code › Government Code - GOV › TITLE 18 - THE ECONOMIC RECOVERY BOND ACT › CHAPTER 3 - Economic Recovery Fund › Section 99060.

99060. (a) The proceeds of bonds issued and sold pursuant to this title shall be deposited in the Economic Recovery Fund, which is hereby established in the State Treasury.
(b) Moneys in the fund shall be invested in the Surplus Money Investment Fund, and any income from that investment shall be credited to the fund.
(c) Except for amounts necessary to pay costs of issuance, administrative costs, and any other costs payable in connection with the bonds, and to retire or refund bonds issued and sold pursuant to this title or bonds issued and sold under Title 17 (commencing with Section 99000), the remaining balance of the fund, as determined by the committee, shall be transferred to the General Fund to fund the purposes set forth in this title.
(Added by Stats. 2003, 5th Ex. Sess., Ch. 2, Sec. 3. Approved in Proposition 57 at the March 2, 2004, election.)
2023 California Code › Government Code - GOV › TITLE 18 - THE ECONOMIC RECOVERY BOND ACT › CHAPTER 3 - Economic Recovery Fund › Section 99062.

99062. Out of the first money realized from the sale of bonds as provided in this chapter, there shall be redeposited in the General Obligation Bond Expense Revolving Fund, established by Section 16724.5, the amount of all expenditures made for purposes specified in that section, and this money may be used for the same purpose and repaid in the same manner whenever additional bond sales are made.
(Added by Stats. 2003, 5th Ex. Sess., Ch. 2, Sec. 3. Approved in Proposition 57 at the March 2, 2004, election.)
2023 California Code › Government Code - GOV › TITLE 18 - THE ECONOMIC RECOVERY BOND ACT › CHAPTER 3 - Economic Recovery Fund › Section 99064.

99064. The proceeds of the bonds issued and sold pursuant to this chapter shall be available for the purpose of providing an efficient, equitable, and economical means of doing both of the following:
(a) Funding the accumulated state budget deficit, which may be accomplished in part by refunding or repaying bonds issued pursuant to Title 17 (commencing with Section 99000).
(b) Paying costs relating to the issuance of bonds under this title, including, but not limited to, providing reserves, capitalized interest, and the costs of obtaining or entering into any ancillary obligation, costs associated with the repayment or refunding of the fiscal recovery bonds issued pursuant to Title 17 (commencing with Section 99000), and administrative and other costs associated with implementing the purposes of this title.
(Added by Stats. 2003, 5th Ex. Sess., Ch. 2, Sec. 3. Approved in Proposition 57 at the March 2, 2004, election.)
2023 California Code › Government Code - GOV › TITLE 18 - THE ECONOMIC RECOVERY BOND ACT › CHAPTER 4 - Bond Provisions › Section 99065.

99065. (a) Subject to subdivision (b), bonds in the total amount of fifteen billion dollars ($15,000,000,000), not including the amount of any refunding bonds issued in accordance with Section 99075, 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 title and to reimburse the General Obligation Bond Expense Revolving Fund, pursuant to Section 16724.5. The bonds, when sold, shall 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. Additionally, the bonds, when sold, shall be secured by a pledge of revenues and any other amounts in the Fiscal Recovery Fund created pursuant to Section 99008. The bonds may be secured by different lien priorities on amounts in the Fiscal Recovery Fund.
(b) The amount of bonds that may be issued and sold pursuant to subdivision (a) shall be reduced by the amount of bonds issued pursuant to Title 17 (commencing with Section 99000), and by the amount of bonds issued pursuant to the California Pension Obligation Financing Act (Chapter 7 (commencing with Section 16910) of Part 3 of Division 4 of Title 2), except to the extent those bonds will be retired, defeased, or redeemed with the proceeds of bonds authorized by this title.
(c) Pursuant to this section, the Treasurer shall sell the bonds authorized by the committee. The bonds shall be sold upon the terms and conditions specified in a resolution to be adopted by the committee pursuant to Section 16731 and Section 99070. Whenever the committee deems it necessary for an effective sale of the bonds, the committee may authorize the Treasurer to sell any issue of bonds at less than their par value. Notwithstanding Section 16754.3, the discount with respect to any issue of the bonds shall not exceed 3 percent of the par value thereof, net of any premium.
(Added by Stats. 2003, 5th Ex. Sess., Ch. 2, Sec. 3. Approved in Proposition 57 at the March 2, 2004, election.)
2023 California Code › Government Code - GOV › TITLE 18 - THE ECONOMIC RECOVERY BOND ACT › CHAPTER 4 - Bond Provisions › Section 99066.

99066. The bonds authorized by this title 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), and all of the provisions of that law, except subdivisions (a) and (b) of Section 16727 or any other provision in that law that is inconsistent with the terms of this title, apply to the bonds and to this title and are hereby incorporated in this title as though set forth in full in this title.
(Added by Stats. 2003, 5th Ex. Sess., Ch. 2, Sec. 3. Approved in Proposition 57 at the March 2, 2004, election.)
2023 California Code › Government Code - GOV › TITLE 18 - THE ECONOMIC RECOVERY BOND ACT › CHAPTER 4 - Bond Provisions › Section 99067.

99067. For purposes of this title, the Department of Finance is designated the “board” as that term is used in the State General Obligation Bond Law.
(Added by Stats. 2003, 5th Ex. Sess., Ch. 2, Sec. 3. Approved in Proposition 57 at the March 2, 2004, election.)
2023 California Code › Government Code - GOV › TITLE 18 - THE ECONOMIC RECOVERY BOND ACT › CHAPTER 4 - Bond Provisions › Section 99069.

99069. Notwithstanding any other provision of this title, or of the State General Obligation Bond Law, if the Treasurer sells bonds pursuant to this title that include a bond counsel opinion to the effect that the interest on the bonds is excluded from gross income for federal tax purposes subject to designated conditions, the Treasurer may maintain separate accounts for the bond proceeds invested and for 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 that is 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.
(Added by Stats. 2003, 5th Ex. Sess., Ch. 2, Sec. 3. Approved in Proposition 57 at the March 2, 2004, election.)
2023 California Code › Government Code - GOV › TITLE 18 - THE ECONOMIC RECOVERY BOND ACT › CHAPTER 4 - Bond Provisions › Section 99070.

99070. (a) (1) The committee shall determine whether or not it is necessary or desirable to issue bonds authorized pursuant to this title in order to carry out the purposes of this title and, if so, the amount of bonds to be issued and sold, the times at which the proceeds of the bonds authorized by this title shall be required to be available, and those other terms and conditions for the bonds authorized by this title as it shall determine necessary or desirable.
(2) In addition to all other powers specifically granted in this title and the State General Obligation Bond Law, the committee may do all things necessary or convenient to carry out the powers and purposes of this title, including the approval of any indenture and any ancillary obligation relating to those bonds, and the delegation of necessary duties to the chairperson, and to the Treasurer as agent for sale of the bonds.
(3) The committee shall determine the amount of the bonds to be issued so that the net proceeds of the bonds issued to fund the accumulated budget deficit, when added to the net proceeds of any bonds issued pursuant to Title 17 (commencing with Section 99000) for that purpose, exclusive of bonds issued pursuant to this title for the purpose of refunding bonds issued pursuant to this title or Title 17 (commencing with Section 99000), will not exceed fifteen billion dollars ($15,000,000,000) in the aggregate. Nothing in this section shall be construed to limit the ability of the committee to authorize the issuance of any amount of bonds that it shall determine necessary or appropriate to accomplish the purposes of this title, including the refunding or redemption of the bonds issued pursuant to Title 17 (commencing with Section 99000), subject to the limit on the total amount of bonds set forth in Section 99065.
(b) 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. In addition to all other powers specifically granted in this title and the State General Obligation Bond Law, the committee may do all things necessary or convenient, including the delegation of necessary duties to the chairperson and to the Treasurer as agent for sale of the bonds, to carry out the powers and purposes of this title.
(Added by Stats. 2003, 5th Ex. Sess., Ch. 2, Sec. 3. Approved in Proposition 57 at the March 2, 2004, election.)
2023 California Code › Government Code - GOV › TITLE 18 - THE ECONOMIC RECOVERY BOND ACT › CHAPTER 4 - Bond Provisions › Section 99071.

99071. The principal of and interest on the bonds and the payment of any ancillary obligations shall be payable from and secured by a pledge of all state sales and use tax revenues in the Fiscal Recovery Fund established pursuant to Section 99008 and any earnings thereon. To the extent that moneys in the Fiscal Recovery Fund are deemed insufficient to make these payments, pursuant to an estimate certified by the Director of Finance and approved by the committee, 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 and the payment of any ancillary obligations for which payment is authorized by this title and for which the full faith and credit of the state has been pledged. 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 that is necessary to collect that additional sum.
(Added by Stats. 2003, 5th Ex. Sess., Ch. 2, Sec. 3. Approved in Proposition 57 at the March 2, 2004, election.)
2023 California Code › Government Code - GOV › TITLE 18 - THE ECONOMIC RECOVERY BOND ACT › CHAPTER 4 - Bond Provisions › Section 99072.

99072. (a) Notwithstanding Section 13340, there is hereby continuously appropriated from the Fiscal Recovery Fund established pursuant to Section 99008 an amount that will equal the total of the following:
(1) The sum annually necessary to pay the principal of, and interest on, bonds issued and sold as described in Section 99070, as the principal and interest become due and payable, together with any amount necessary to satisfy any reserve and coverage requirements in the resolution.
(2) The sum necessary to pay any ancillary obligations entered into in connection with the bonds.
(3) Any trustee and other administrative costs incurred in connection with servicing the bonds and ancillary obligations.
(4) Redemption, retirement, defeasance or purchase of any bonds as authorized by the committee prior to their stated maturity dates.
(b) Notwithstanding Section 13340, if the funds appropriated by subdivision (a) are estimated to be insufficient to meet the requirement specified in paragraphs (1) to (4), inclusive, of subdivision (a), as approved pursuant to Section 99071, there is hereby continuously appropriated from the General Fund, for the purposes of this chapter, an amount that will provide sufficient revenues to meet whatever requirements specified in paragraphs (1) to (4), inclusive, of subdivision (a) cannot be met from revenues appropriated from the Fiscal Recovery Fund.
(c) The sales and use tax revenues received pursuant to Sections 6051.5 and 6201.5 of the Revenue and Taxation Code and deposited into the Fiscal Recovery Fund are hereby irrevocably pledged to the payment of principal and interest on the bonds issued pursuant to this title, to payment of any ancillary obligations, and to costs necessary for servicing and administering the bonds and ancillary obligations. The Legislature may elect to deposit additional revenues in the Fiscal Recovery Fund. The pledge of this subdivision shall vest automatically upon execution and delivery of any resolution or agreement relating to ancillary obligations, without the need for any notice or filing in any office or location.
(Added by Stats. 2003, 5th Ex. Sess., Ch. 2, Sec. 3. Approved in Proposition 57 at the March 2, 2004, election.)
2023 California Code › Government Code - GOV › TITLE 18 - THE ECONOMIC RECOVERY BOND ACT › CHAPTER 4 - Bond Provisions › Section 99074.

99074. All money deposited in the Economic Recovery Fund that is derived from accrued interest on bonds sold shall be reserved in that fund and shall be available for transfer to the Fiscal Recovery Fund as a credit to expenditures for bond interest.
(Added by Stats. 2003, 5th Ex. Sess., Ch. 2, Sec. 3. Approved in Proposition 57 at the March 2, 2004, election.)
2023 California Code › Government Code - GOV › TITLE 18 - THE ECONOMIC RECOVERY BOND ACT › CHAPTER 4 - Bond Provisions › Section 99075.

99075. The bonds may be refunded in accordance with Article 6 (commencing with Section 16780) of Chapter 4 of Part 3 of Division 4 of Title 2, which is a part of the State General Obligation Bond Law. Approval by the electors of the state for the issuance of the bonds described in this title shall include approval of the issuance of any bonds issued to refund any bonds originally issued under this title or any previously issued refunding bonds.
(Added by Stats. 2003, 5th Ex. Sess., Ch. 2, Sec. 3. Approved in Proposition 57 at the March 2, 2004, election.)
2023 California Code › Government Code - GOV › TITLE 18 - THE ECONOMIC RECOVERY BOND ACT › CHAPTER 4 - Bond Provisions › Section 99076.

99076. The Legislature hereby finds and declares that, inasmuch as the proceeds from the sale of bonds authorized by this title 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.
(Added by Stats. 2003, 5th Ex. Sess., Ch. 2, Sec. 3. Approved in Proposition 57 at the March 2, 2004, election.)
2023 California Code › Government Code - GOV › TITLE 18 - THE ECONOMIC RECOVERY BOND ACT › CHAPTER 4 - Bond Provisions › Section 99077.

99077. The state hereby pledges and agrees with the holders of any bonds issued pursuant to this title that it will not reduce the rate of imposition of either of the taxes imposed pursuant to Sections 6051.5 and 6201.5 of the Revenue and Taxation Code, which generate the revenue deposited in the Fiscal Recovery Fund.
(Added by Stats. 2003, 5th Ex. Sess., Ch. 2, Sec. 3. Approved in Proposition 57 at the March 2, 2004, election.)
2023 California Code › Government Code - GOV › TITLE 19 - The Every Kid Counts (EKC) Act › Section 99101.

99101. The Legislature finds and declares all of the following:
(a) Children who have even small savings accounts for college are three times more likely to attend, and four times more likely to graduate from, college.
(b) College enrollment among low-income students has risen but significantly lags behind the enrollment of middle- and high-income students. In 2012, about 51 percent of recent low-income high school graduates and equivalency holders were enrolled in college, while enrollment among middle- and high-income students had risen to nearly 65 percent and 81 percent, respectively.
(c) Recent pilot programs in California and throughout the nation have proven that low-income people can save if they have incentives and mechanisms encouraging them to do so.
(Amended by Stats. 2018, Ch. 7, Sec. 26. (AB 108) Effective March 13, 2018.)
2023 California Code › Government Code - GOV › TITLE 19 - The Every Kid Counts (EKC) Act › Section 99102.

99102. (a) There is hereby established the Every Kid Counts (EKC) College Savings Program.
(b) The Student Aid Commission shall implement and administer a grant program that supports local governments and other entities that sponsor one or more comprehensive citywide or regional children’s savings account programs to help families, especially low-income families with young children, establish and maintain college savings accounts.
(c) The commission shall distribute grants to qualifying entities determined pursuant to subdivision (d) based on how many of these entities are eligible to receive grants pursuant to subdivision (d), the amount of available funding to award grants under the Every Kid Counts (EKC) College Savings Program, the number of students that each participating entity intends to serve under the program, and the percentage of low-income families residing in the community served by each participating entity. The amount of each grant award to a participating entity shall be, at minimum, one hundred thousand dollars ($100,000).
(d) A qualifying entity shall meet all of the following requirements in order to receive a grant under this title:
(1) Have a college savings program in operation or development that primarily targets pupils in kindergarten and grades 1 to 6, inclusive, on or before December 31, 2018.
(2) Have moneys, in addition to funding allocated pursuant to this title, to support its college savings program.
(3) Agree to enter into an evaluation consortium that allows for independent research and evaluation of activities and outcomes associated with its college savings program.
(e) Funding allocated to participating entities pursuant to this title may be used for any of the following purposes:
(1) To award seed, matching, or incentive grants for individual family college savings accounts.
(2) For outreach efforts to educate families about local college savings programs that are in operation or development.
(3) To support an established evaluation consortium that monitors, collects data on, and provides analysis on short-term and long-term college savings program trends and the development of best practices. Support under this paragraph may include any of the following:
(A) Data collection and evaluation of college savings account creation and activity.
(B) Data collection and evaluation of the postsecondary aspirations, enrollment, and degree completion for beneficiaries of college savings accounts.
(C) Efforts to help beneficiaries of college savings accounts receive high school diplomas, or the equivalent.
(4) To fund one-time administrative costs related to the Every Kid Counts (EKC) College Savings Program.
(f) The commission shall adopt, as necessary, application procedures, forms, administrative guidelines, and other requirements for purposes of implementing and administering the Every Kid Counts (EKC) College Savings Program.
(Amended by Stats. 2018, Ch. 7, Sec. 27. (AB 108) Effective March 13, 2018.)
2023 California Code › Government Code - GOV › TITLE 19 - The Every Kid Counts (EKC) Act › Section 99106.

99106. (a) The commission shall adopt regulations as it deems necessary to implement and administer this title.
(b) The commission may adopt regulations to implement and administer this title as emergency regulations in accordance with the rulemaking provisions of the Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2). The adoption of the regulations shall be deemed to be an emergency and necessary for the immediate preservation of the public peace, health and safety, or general welfare.
(Amended by Stats. 2018, Ch. 7, Sec. 29. (AB 108) Effective March 13, 2018.)
2023 California Code › Government Code - GOV › TITLE 19 - The Every Kid Counts (EKC) Act › Section 99109.

99109. (a) The commission may, in implementing and administering this title, consider whether and how proposed actions allow for rigorous evaluation, such as through experimental or quasi-experimental methods, of the effects of a program established pursuant to this title, including whether the program causes each of the following:
(1) Families to open a college savings account.
(2) Families to make college savings account contributions.
(3) Children to attend college.
(4) Children to graduate from college.
(b) Consistent with other laws, the commission may make data available to allow for the rigorous evaluation described in subdivision (a).
(Amended by Stats. 2018, Ch. 7, Sec. 31. (AB 108) Effective March 13, 2018.)
2023 California Code › Government Code - GOV › TITLE 20 - INTERNATIONAL RELATIONS › CHAPTER 1 - General Provisions › Section 99500.

99500. (a) The Governor is the primary state officer representing California’s interest in international affairs, to the extent that representation is not in conflict with federal law or the California Constitution, and except as otherwise specified in this title, to the extent this title is not in conflict with federal law or the California Constitution.
(b) The Lieutenant Governor is the Chair of the California Commission for Economic Development, to improve trade opportunities for California. The Legislature finds that the commission has developed international partnerships that provide venues for foreign companies to do business in the state and for California-based companies to access foreign markets.
(c) The Attorney General is the chief law officer of California and as such assists the federal government in defending against international challenges to California laws.
(d) The Secretary of State oversees the International Business Relations Program, which aims to develop stronger connections between the international business community and the state by assisting foreign business entities with the various filing processes and procedures in California.
(e) The Department of Food and Agriculture is the primary state agency for the promotion of California agriculture, fish, and forest exports.
(f) The Natural Resources Agency and the California Environmental Protection Agency are the primary state agencies for the promotion of international exchange of environmental protection technologies, alternative energy technologies, and the promotion of the transfer of environmental technology to and from the state.
(g) The Governor’s Office of Business and Economic Development is the primary state agency responsible for international trade and investment activities in areas other than those covered by the Department of Food and Agriculture.
(h) Subdivisions (a) to (f), inclusive, are declaratory of, and do not constitute a change in, existing law.
(Amended by Stats. 2012, Ch. 294, Sec. 12. (AB 2012) Effective September 11, 2012.)
2023 California Code › Government Code - GOV › TITLE 20 - INTERNATIONAL RELATIONS › CHAPTER 1 - General Provisions › Section 99501.

99501. (a) (1) The state point of contact, within the executive branch, acts, in compliance with federal practice, as the liaison between the state and the Office of the United States Trade Representative on trade-related matters.
(2) The state point of contact who, in compliance with federal practice, receives updates from the federal government on trade policies, is often provided the opportunity to review and comment on ongoing trade negotiations.
(b) The state point of contact shall, in addition to any other duties assigned by the Governor, do all of the following:
(1) Promptly disseminate correspondence or information from the United States Trade Representative to the appropriate state agencies and departments and legislative committees.
(2) Work with the appropriate state agencies and departments, and the Legislature, to review the effects on the California environment, and California businesses, workers, and general lawmaking authority, of any proposed or enacted trade agreement provisions, and communicate those findings to the United States Trade Representative.
(3) Serve as liaison to the Legislature on matters of trade policy oversight.
(Added by Stats. 2006, Ch. 663, Sec. 3. Effective January 1, 2007.)
2023 California Code › Government Code - GOV › TITLE 20 - INTERNATIONAL RELATIONS › CHAPTER 1 - General Provisions › Section 99502.

99502. (a) The Office of Planning and Research shall maintain and update, a full and comprehensive list of all state agreements made with foreign governments. The list shall be updated within 30 days of the effective date of each new agreement. The list shall include at least all of the following:
(1) The dates of enactment or approval and termination.
(2) The agency, department, board, commission, or other governmental entity responsible for implementation.
(3) Activities proposed.
(4) Expected outcomes.
(b) Agencies may separately maintain detailed information or reports on these activities as those agencies determine to be appropriate, but that information or those reports shall not be deemed to meet the requirements of this section.
(Added by Stats. 2006, Ch. 663, Sec. 3. Effective January 1, 2007.)