reglab/statecodes huggingface dataset:
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 1 - General › Section 16727.

16727. Proceeds from the sale of any bonds issued pursuant to this chapter shall be used only for the following purposes:
(a) The costs of construction or acquisition of capital assets. “Capital assets” mean tangible physical property with an expected useful life of 15 years or more. “Capital assets” also means tangible physical property with an expected useful life of 10 to 15 years, but these costs may not exceed 10 percent of the bond proceeds net of all issuance costs. “Capital assets” include major maintenance, reconstruction, demolition for purposes of reconstruction of facilities, and retrofitting work that is ordinarily done no more often than once every 5 to 15 years or expenditures that continue or enhance the useful life of the capital asset. “Capital assets” also include equipment with an expected useful life of two years or more. Costs allowable under this section include costs incidentally but directly related to construction or acquisition, including, but not limited to, planning, engineering, construction management, architectural, and other design work, environmental impact reports and assessments, required mitigation expenses, appraisals, legal expenses, site acquisitions, and necessary easements.
(b) To make grants or loans, if the proceeds of the grants or loans are used for the costs of construction or acquisition of capital assets. Bond proceeds may also be used to pay the costs of a state agency for administering the grant or loan program.
(c) To repay funds borrowed in anticipation of the sale of the bonds, including interest, or to pay interest on the bonds themselves.
(d) To pay the costs of a state agency with responsibility for administering the bond program. These costs include those incurred by the Treasurer, the Controller, the Department of Finance, and the Public Works Board for staff, operating expenses and equipment, and consultants’ costs.
(e) The costs of the Treasurer’s office directly associated with the sale and payment of the bonds, including, but not limited to, underwriting discounts, costs of printing, bond counsel, registration, and fees of trustees.
Nothing in this section is intended to prohibit the investment of bond proceeds or the use of proceeds of those investments in any manner authorized by law.
(Amended by Stats. 2002, Ch. 1124, Sec. 28. Effective September 30, 2002.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 2 - Issuance of Bonds › Section 16730.

16730. Upon request of the board, supported as required in the bond act, the committee shall determine the necessity or desirability of obtaining interim financing pursuant to Section 16312 or 16313 and of issuing any bonds authorized to be issued and the amount of interim financing or bonds then to be obtained or issued and sold. Successive issues of bonds may be authorized and sold and shall be designated by an appropriate number or other designation. It is not necessary that all of the bonds authorized to be issued be sold at any one time.
(Amended by Stats. 1991, Ch. 856, Sec. 2.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 2 - Issuance of Bonds › Section 16732.

16732. In determining the dates of maturity of the bonds, and the amount thereof to mature at each date of maturity, the committee shall be guided, so far as it may deem to be practicable, by the amounts and dates of maturity of the revenue estimated to accrue to the fund pursuant to the bond act. The committee shall fix and determine the dates and amounts of such maturities in such manner that, together with the dates and amounts of interest payments on the bonds, they shall coincide, as nearly as it may deem to be practicable, with the dates and amounts of such estimated revenues.
(Added by Stats. 1953, Ch. 1698.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 2 - Issuance of Bonds › Section 16733.

16733. The rate of interest to be borne by the bonds need not be uniform for all bonds of the same issue, and shall be the rate or rates specified in the bid or proposal for negotiated sale accepted by the Treasurer, unless a variable interest rate is prescribed for the bonds in the resolution pursuant to subdivision (d) of Section 16731. The first interest payment date may be any date within one year after the date of the bonds.
(Amended by Stats. 2001, Ch. 97, Sec. 4. Effective July 24, 2001.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 2 - Issuance of Bonds › Section 16734.

16734. Both principal of and interest on the bonds shall be payable in lawful money of the United States, at the Office of the State Treasurer, or at the office of any state fiscal agent, or at the office of any duly authorized agent of the State Treasurer.
(Amended by Stats. 1957, Ch. 2070.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 2 - Issuance of Bonds › Section 16735.

16735. Each bond shall contain a reference to the bond act, and if subject to call, tender, or redemption prior to maturity, a recital to that effect.
(Amended by Stats. 2009, Ch. 205, Sec. 4. (SB 826) Effective January 1, 2010.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 3 - Preparation and Execution of Bonds › Section 16740.

16740. After the adoption by the committee of any resolution in conformity with Section 16731, 16731.5, or 16731.6, the Treasurer shall arrange for the preparation of the requisite number of suitable bonds or notes, in accordance with the resolution, and in so doing shall arrange for the imprinting thereon of the matters necessary and appropriate thereto after the sale of the bonds and the awarding thereof to the successful bidder.
(Amended by Stats. 1995, Ch. 697, Sec. 2. Effective October 10, 1995.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 3 - Preparation and Execution of Bonds › Section 16741.

16741. All bonds shall bear the facsimile signature of the Governor, the facsimile signature of the Controller, and the facsimile signature of the Treasurer, and each of the bonds shall bear an impress or a facsimile of the Great Seal of the State of California. Each such signature shall be that of the person who shall be in office at the date of authorizing the affixing thereof. Bonds and coupons so executed, when sold, shall be valid and binding notwithstanding any of these persons having ceased to hold their respective offices before the issuance and delivery of the bonds.
(Amended by Stats. 1991, Ch. 856, Sec. 5.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 3 - Preparation and Execution of Bonds › Section 16742.

16742. Whenever the committee may determine by resolution that for any reason any bonds which have been prepared and executed under the foregoing provisions should not be sold or issued, the State Treasurer shall cancel them by perforation with a suitable device in a manner to indicate such cancellation and the date thereof. Upon the committee so determining by resolution, new bonds, conforming to its directions, may be prepared and executed in lieu of any bonds so canceled, and may be sold and issued in the same manner as provided for other bonds in this chapter.
(Added by Stats. 1953, Ch. 1698.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 3 - Preparation and Execution of Bonds › Section 16743.

16743. If the right to do so has been reserved in the resolution adopted in conformity with Section 16731, 16731.5, or 16731.6, temporary or interim bonds, notes, certificates, or receipts may be issued and delivered in lieu of definitive bonds or notes, and shall be exchangeable for definitive bonds or notes when they are executed and available for delivery. The temporary securities shall conform to the resolution, and the signature of the Treasurer alone, which may be by signature stamp, shall be sufficient execution thereof.
(Amended by Stats. 1995, Ch. 697, Sec. 3. Effective October 10, 1995.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 4 - Sale of Bonds › Section 16752.

16752. The Treasurer may from time to time, by electronic means or by public announcement at the place and at or before the time fixed for a competitive sale of bonds, continue the sale to the time and place the Treasurer may select.
(Amended by Stats. 2009, Ch. 205, Sec. 7. (SB 826) Effective January 1, 2010.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 4 - Sale of Bonds › Section 16752.1.

16752.1. The Treasurer may cancel or postpone a competitive sale of bonds to an indefinite date by public announcement, including by electronic means, made prior to or at the time and place fixed for the sale of the bonds. The Treasurer may give notice of the new time and place of the sale of the bonds that the Treasurer may deem advisable.
(Amended by Stats. 2009, Ch. 205, Sec. 8. (SB 826) Effective January 1, 2010.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 4 - Sale of Bonds › Section 16753.

16753. (a) Each bid at a competitive sale shall be submitted to the Treasurer in the form and by the means specified by the Treasurer by public announcement.
(b) Each proposal for purchase of bonds in a negotiated sale shall be made in a bond purchase contract or similar agreement approved by the Treasurer.
(c) (1) The Treasurer shall require that each bidder in a competitive sale or underwriter in a negotiated sale provide a good faith deposit of at least one-half of 1 percent of the principal amount of the bonds for which the bidder or underwriter submits a bid or proposal. The good faith deposit shall be based upon the principal amount of bonds offered for sale in the amount that has been publicly announced at least one day prior to receipt of bids for a competitive sale, or in the amount that is reasonably determined by the Treasurer at least one day prior to a negotiated sale of bonds. The Treasurer shall specify the form of the deposit, which may be a cashier’s check, a surety bond, a wire transfer of funds, or a combination thereof. The deposit shall not bear interest.
(2) This subdivision shall apply only to bonds sold with a fixed interest rate.
(Amended by Stats. 2009, Ch. 205, Sec. 9. (SB 826) Effective January 1, 2010.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 4 - Sale of Bonds › Section 16754.

16754. (a) The bonds specified in the resolution shall be sold by the Treasurer, at the time fixed by the Treasurer, and upon the notice that the Treasurer may deem advisable, or at the time to which the sale shall have been so continued, at a competitive sale to the bidder whose bid will result in the lowest interest cost on account of those bonds.
(b) The Treasurer shall reject any and all bids for the bonds that shall be below the par value thereof plus the interest that shall have accrued thereon from the date thereof or, if any past due coupon or coupons have been detached from the bonds prior to the delivery thereof, then from the due date of the latest coupon so detached, to the date of the purchaser’s payment for the bond.
(c) The method of determining the lowest interest cost bid shall be prescribed in the bond resolution and shall be limited to either the net interest cost method or the present worth basis method, also referred to as the true interest cost, bond book basis, and Canadian interest cost method.
(1) The net interest cost of each bid shall be determined by ascertaining the total amount of interest that the state would be required to pay under that bid, from the date of the bonds to the respective maturity dates of the bonds then offered for sale, at the coupon rate or rates specified in the bid, less the total amount of the premium, if any, offered by the bid. The bid under which the amount so ascertained is the least shall be deemed to be the bid resulting in the lowest net interest cost.
(2) Under the present worth basis method, the bonds shall be awarded to the bidder submitting the lowest interest rate bid, which shall be determined by doubling the semiannual interest rate, compounded semiannually, necessary to discount the debt service payments to the specified interest computation date and to the price bid.
(d) Under either method specified in subdivision (c), the sale shall be for cash, payable upon the delivery of the bonds in definitive form, or if the right to deliver temporary securities has been reserved, then upon the delivery of the temporary securities.
(Amended by Stats. 2009, Ch. 205, Sec. 10. (SB 826) Effective January 1, 2010.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 4 - Sale of Bonds › Section 16754.5.

16754.5. Notwithstanding any provision in this article to the contrary, bonds to provide farm and home aid for veterans in accordance with the Veterans’ Farm and Home Purchase Act of 1974 (Article 3.1 (commencing with Section 987.50) of Chapter 6 of Division 4 of the Military and Veterans Code), may be sold by negotiated sale by the Treasurer with the approval of the Veterans’ Finance Committee of 1943.
(Added by Stats. 1996, Ch. 161, Sec. 1. Effective July 12, 1996.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 4 - Sale of Bonds › Section 16755.

16755. (a) The deposit of each unsuccessful bidder shall be returned to the bidder promptly upon the rejection of the bidder’s bid or the acceptance of another bid.
(b) The deposit of the successful bidder or underwriter in a negotiated sale shall, immediately upon the acceptance of the bid or proposal, become and be the property of the state, be placed in the State Treasury to the credit of the fund, and be credited to the successful bidder or underwriter upon the purchase price of the bonds when the purchase price is paid in full within the time mutually agreed upon between the successful bidder or underwriter and the Treasurer.
(c) If the purchase price is not paid in accordance with subdivision (b), the successful bidder or underwriter shall have no right in and to the bonds by reason of the bid or purchase contract and the successful bidder or underwriter shall not have any right to the recovery of the deposit accompanying the bid or purchase contract or to any allowance or credit by reason of that deposit unless it shall appear that the bonds cannot be validly issued or delivered, or unless the return of the good faith deposit to the underwriter is provided for in the purchase contract.
(Amended by Stats. 2009, Ch. 205, Sec. 12. (SB 826) Effective January 1, 2010.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 4 - Sale of Bonds › Section 16756.

16756. Upon payment in full, the bonds shall be delivered to the purchaser in definitive form, unless the right to deliver temporary securities has been reserved or the purchaser has waived the right to receive definitive bonds at the time of payment, in either of which events such temporary securities, exchangeable for definitive bonds, may be delivered upon such payment. In case the purchase price is not so paid, the bonds so sold but not paid for shall be resold by the State Treasurer, upon notice, as provided in case of original sale.
(Added by Stats. 1953, Ch. 1698.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 4 - Sale of Bonds › Section 16757.

16757. (a) The proceeds of each sale of bonds, and the amount that may have been paid as accrued interest on the bonds, shall be forthwith paid over by the Treasurer into the fund.
(b) All money deposited in the fund pursuant to this section that is derived from premium and accrued interest on bonds sold shall be reserved in the fund and shall be available for transfer to the General Fund as provided in the bond act, except that amounts derived from premium on the bonds may be used to pay costs of issuance of the bonds, as provided in Section 16724.5, and in subdivisions (d) and (e) of Section 16727, prior to transfer to the General Fund.
(Amended by Stats. 2009, Ch. 205, Sec. 13. (SB 826) Effective January 1, 2010.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 4 - Sale of Bonds › Section 16758.

16758. All actual and necessary expenses of the committee and of the members thereof incurred in the performance of their duties shall be paid out of the fund. Such expenses incurred by members of the committee shall be so paid upon claims filed with the State Controller by the member or members who incurred such expenses.
(Added by Stats. 1953, Ch. 1698.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 4 - Sale of Bonds › Section 16759.

16759. The Treasurer shall submit to the Chairperson of the Joint Legislative Budget Committee, after each sale of bonds authorized to be sold under this chapter, an update as to the percentage of general fund moneys that would be used to service the resulting general obligation bond obligations.
(Added by Stats. 1988, Ch. 1561, Sec. 1.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 4 - Sale of Bonds › Section 16760.

16760. Whenever the committee deems that it will increase the salability or the price of the bonds to obtain, prior to or after sale, a legal opinion, other than that of the Attorney General, as to the validity of the bonds, the committee may authorize the State Treasurer or the Department of Finance, or both, to obtain such a legal opinion.
(Added by Stats. 1953, Ch. 1698.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 5 - Payment, Cancellation, and Redemption of Bonds › Section 16770.

16770. The State Treasurer, directly or through state fiscal agents, or other duly authorized agents, shall, on the respective dates of maturity of all bonds, or on the date fixed for the prior redemption of any thereof which may be duly called for redemption, and on the respective due dates of all coupons pertaining to any of said bonds, other than coupons canceled because of the redemption of any of said bonds prior to maturity, or as soon thereafter as said bonds or coupons respectively are surrendered to him, or to any such state fiscal agent, or other duly authorized agent, pay the same.
(Amended by Stats. 1957, Ch. 2070.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 5 - Payment, Cancellation, and Redemption of Bonds › Section 16771.

16771. Upon the payment of any such bond or coupon, the State Treasurer, or the state fiscal agent, or other duly authorized agent, shall cancel the same in a manner to indicate the payment. The State Treasurer, or state fiscal agents, or other duly authorized agents, shall also on the respective dates of maturity of any such bonds that have been executed but remain unsold, cancel the same in a manner to indicate cancellation and on the respective due dates of all coupons attached to any such bond remaining unsold, shall detach all coupons the due date of which has been reached, and cancel them in the same manner as provided for the cancellation of bonds remaining unsold.
(Amended by Stats. 2001, Ch. 97, Sec. 7. Effective July 24, 2001.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 5 - Payment, Cancellation, and Redemption of Bonds › Section 16772.

16772. The State Treasurer, or state fiscal agents, or other duly authorized agents, may destroy or cremate any or all bonds and any or all coupons pertaining thereto which have been previously paid or canceled as provided herein.
(Amended by Stats. 1959, Ch. 209.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 5 - Payment, Cancellation, and Redemption of Bonds › Section 16773.

16773. (a) Whenever any payment of principal of any bonds shall become due, either upon the maturity of any of the bonds or upon the redemption thereof prior to maturity, and whenever any interest on any of the bonds shall fall due, warrants shall be drawn against the appropriation made by the bond act from the General Fund by the Controller in favor of the Treasurer, or state fiscal agents, or other duly authorized agents, pursuant to claims filed with the Controller by the Treasurer, in the amounts so falling due.
(b) For any payments of debt service, as defined in subdivision (c) of Section 998.404 of the Military and Veterans Code, with respect to any bonds issued pursuant to a veterans’ farm and home purchase bond act adopted pursuant to Chapter 6 (commencing with Section 980) of Division 4 of the Military and Veterans Code, the Controller shall first draw warrants against the appropriation from the Veterans’ Bonds Payment Fund in Section 988.6 of the Military and Veterans Code, and, to the extent moneys in that fund are insufficient to pay the amount of debt service then due, shall draw warrants against the appropriation made by the bond act from the General Fund for payment of any remaining amount then due.
(c) (1) For any payments of debt service, as defined in paragraph (4) of subdivision (a) of Section 16965, with respect to any designated bonds issued pursuant to Proposition 1B, the Controller shall first draw warrants against the appropriation from the Transportation Bond Direct Payment Account of the Transportation Debt Service Fund created by subdivision (a) of Section 16965, and, to the extent moneys in that account are insufficient to pay the amount of debt service then due, shall draw warrants from the General Fund for payment of any remaining amount then due against such appropriation as may be available therefor, including the appropriation made by Proposition 1B.
(2) (A) For purposes of this subdivision and Section 16965, “Proposition 1B” means the Highway Safety, Traffic Reduction, Air Quality, and Port Security Bond Act of 2006 (Chapter 12.49 (commencing with Section 8879.20) of Division 1).
(B) For purposes of this subdivision, Section 16965, and Section 9400.4 of the Vehicle Code, the term “designated bond” means any designated bond under Proposition 1B, and the term “nondesignated bond” means any bond issued under Proposition 1B, whether issued before or after the enactment of the act adding this subdivision, that is not a designated bond. For purposes of this subdivision, a “designated bond” is an issue of bonds (including refunding bonds) under Proposition 1B that has been designated by the Treasurer upon or prior to its issuance, with the approval of the related finance committee, to be paid pursuant to paragraph (1).
(Amended by Stats. 2013, Ch. 35, Sec. 3. (SB 85) Effective June 27, 2013.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 5 - Payment, Cancellation, and Redemption of Bonds › Section 16774.

16774. (a) If the committee determines that any bonds then outstanding, including bonds that by their terms are subject to redemption prior to maturity, should be redeemed or retired prior to maturity, and that money sufficient for that redemption or retirement will be available in the fund or the General Fund at the time proposed for the redemption or retirement, it may, by resolution, direct the Treasurer to call and redeem or retire any of these bonds, at a time specified in the resolution, and the Treasurer shall thereupon either give notice of the proposed redemption and redeem the bonds in accordance with the provisions for redemption provided for in the resolution adopted under Section 16731 pursuant to which the bonds were issued or arrange for the purchase and retirement of the bonds.
(b) Money sufficient for the redemption or retirement shall be determined to be available in the General Fund if the Treasurer certifies that either the issuance of refunding bonds under Article 6 (commencing with Section 16780) or the deferral of the planned payment of principal on outstanding bonds has reduced the principal payments required to be made from the General Fund on outstanding bonds during the current fiscal year by an amount equal to, or in excess of, the money required for the redemption or retirement.
(c) Money so determined to be sufficient for the redemption or retirement of bonds and available for that purpose shall be transferred from the General Fund to a separate account within the Refunding Escrow Fund created by Section 16784. Notwithstanding Section 13340, money in that account is continuously appropriated without regard to fiscal years for the purposes of this section. Funds in that account shall be held in trust for the benefit of the holders of the bonds which are to be redeemed or retired and used only for the payment of the principal of, and interest and any redemption premium on, or the purchase price of, the bonds which are to be redeemed or retired. Money in the account shall be invested by the Treasurer and any income from that investment shall be credited to the account. Any funds remaining in the account after all of the bonds are redeemed or retired shall be transferred to the General Fund.
(Amended by Stats. 2001, Ch. 97, Sec. 8. Effective July 24, 2001.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 6 - Refunding Bonds › Section 16780.

16780. (a) The committee may provide for the issuance and sale or exchange of refunding bonds for the purpose of redeeming, retiring, or purchasing for retirement, outstanding bonds at or before their maturity, if the committee determines that refunding is necessary or advisable in order to do either of the following:
(1) To effect a favorable reorganization of the debt structure of the state.
(2) To effect a saving in debt service cost to the state, as measured by the present value of that saving.
(b) When determining debt service savings for purposes of paragraph (2) of subdivision (a), the committee shall include, as interest on a refunded bond, the interest, if any, that will result from a related hedging contract, as described in subparagraph (A) of paragraph (2) of subdivision (d) of Section 16731. The committee may, when determining debt service savings, for purposes of paragraph (2) of subdivision (a), base the interest of a refunding bond upon the effective fixed interest rate under a hedging contract described in clause (ii) of subparagraph (B) of paragraph (1) of subdivision (d) of Section 16731.
(Amended by Stats. 2009, Ch. 205, Sec. 14. (SB 826) Effective January 1, 2010.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 6 - Refunding Bonds › Section 16781.

16781. (a) Except as otherwise provided in this article or in subdivision (b), all of the provisions of this chapter are applicable to the issuance and sale of refunding bonds.
(b) (1) Sections 16730 and 16757 are not applicable to the issuance and sale of refunding bonds.
(2) Notwithstanding Section 16754.3, refunding bonds may be sold by negotiated sale if the Treasurer determines that it is in the best interest of the state to do so.
(Amended by Stats. 1999, Ch. 522, Sec. 4. Effective January 1, 2000.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 6 - Refunding Bonds › Section 16781.5.

16781.5. Notwithstanding any other provision of this article, the renewal and reissuance from time to time of commercial paper notes within the amount and time of a program authorized by the committee pursuant to Section 16731.6 shall be considered a refunding of the amount of the commercial paper notes maturing from time to time that complies with this article.
(Added by Stats. 1995, Ch. 697, Sec. 4. Effective October 10, 1995.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 6 - Refunding Bonds › Section 16782.

16782. (a) Refunding bonds may be issued in a principal amount sufficient to provide funds, either directly or by the purchase of nonredeemable securities, the principal and interest on which shall provide funds for the payment of any or all of the following:
(1) The principal of or purchase price of the bonds to be refunded by the refunding bonds.
(2) All expenses incident to the calling, retiring, purchasing, or paying of the outstanding bonds and the issuance of the refunding bonds, including any excess of the par value of the refunding bonds over the selling price thereof.
(3) Interest upon the refunding bonds from the date of sale to the date of payment of the bonds to be refunded, whether at maturity, pursuant to the call thereof or pursuant to any agreement with the holders thereof.
(4) Any premium necessary in the calling, retiring, or purchase of the outstanding bonds.
(5) The interest accruing on the outstanding bonds to the date of their call, retirement, or purchase.
(6) Subject to the limitation on those payments contained in subparagraph (A) of paragraph (2) of subdivision (d) of Section 16731, any termination payment owed by the state after offset for any payments made to the state pursuant to any hedging contract that was entered into in connection with the bonds to be refunded.
Refunding bonds may be exchanged at not less than their par value and accrued interest for outstanding bonds to be refunded thereby, and this chapter with respect to the sale of bonds does not apply to that exchange.
(b) Notwithstanding subdivision (a), the principal amount of any issue of refunding bonds shall not exceed the original aggregate principal amount of the series of bonds to be refunded. If there remains authorized but unissued bonds under the original bond act for the program which was funded by the series of bonds to be refunded, the principal amount of refunding bonds above the original aggregate principal amount of bonds to be refunded shall be charged against such unused authorization.
(Amended by Stats. 2006, Ch. 640, Sec. 7. Effective September 29, 2006.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 6 - Refunding Bonds › Section 16783.

16783. Refunding bonds may be issued before the first date upon which the bonds being refunded are subject to call or redemption. The final maturity date of any refunding bonds shall not be later than the final maturity date of the series of bonds being refunded.
(Added by Stats. 1987, Ch. 1030, Sec. 3.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 6 - Refunding Bonds › Section 16784.

16784. The Refunding Escrow Fund is hereby created as a special fund in the State Treasury and is continuously appropriated for the purposes of this section. The proceeds of each sale of refunding bonds and any other available moneys shall be (1) set aside in a separate account within the Refunding Escrow Fund, (2) held in trust for the benefit of the holders of either or both of the bonds which are to be refunded or of the refunding bonds as provided in the resolution of the committee authorizing the issuance of the refunding bonds, (3) used only for the payment of the principal of, and interest and any redemption premium on, or the purchase price of the refunded bonds for the payment of interest on the refunding bonds up to the date of the redemption or payment of the bonds to be refunded, and (4) for the other purposes set forth in Section 16782. Moneys in each separate account shall be invested by the Treasurer in accordance with the resolution of the committee providing for the issuance of the refunding bonds, and any income from that investment shall be credited to the account from which the investment was made.
(Amended by Stats. 2006, Ch. 640, Sec. 8. Effective September 29, 2006.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 6 - Refunding Bonds › Section 16785.

16785. Refunding bonds shall be valid and binding obligations of the State of California, and the full faith and credit of the State of California shall be pledged for the punctual payment of the principal of and interest on the bonds as the principal and interest become due and payable.
(Added by Stats. 1987, Ch. 1030, Sec. 3.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 6 - Refunding Bonds › Section 16786.

16786. This article applies only to the refunding of bonds authorized at a statewide election held after the effective date of this article pursuant to a bond act expressly mentioning the right of the state to refund the bonds so authorized. In any such bond act, the provisions included therein pursuant to subdivisions (c), (d), (e), and (f) of Section 16724 apply to refunding bonds to the same extent and in the same manner as those provisions applied to the bonds being refunded.
(Added by Stats. 1987, Ch. 1030, Sec. 3.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 4 - State General Obligation Bonds › ARTICLE 6 - Refunding Bonds › Section 16787.

16787. In any report of outstanding general obligation bonds or bonded debt of the state, the Controller shall include both refunding bonds and bonds which have been refunded but not yet retired, but shall in the same report deduct either the refunded bonds, for the retirement of which sufficient moneys or securities have been deposited in the Refunding Escrow Fund, or the refunding bonds, if interest thereon is pledged to be paid from moneys or securities deposited in the Refunding Escrow Fund until the redemption or payment of the bonds to be refunded, so as to show the net total of bonds or bonded debt to be paid from the General Fund or future revenues of the state other than the income from the investment of the Refunding Escrow Fund.
(Added by Stats. 1987, Ch. 1030, Sec. 3.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 5 - State Indebtedness › Section 16800.

16800. In 1962 the electorate repealed Sections 2, 3, 4, 4
1
/
2
, 5, 6, 8, 8
1
/
2
, 15, 16, 16.5, 17, 18, 19, 19.5, 20, and 21 of Article XVI of the Constitution and continued such provisions as statutes. Such provisions authorized the issuance of certain state bonds which have been issued and many of which are not yet fully retired. The provisions, authorizing the issuance of state bonds which have not yet been fully retired, have been codified in this chapter without change in order that the provisions will be available in the Government Code for ready reference by interested persons and no substantive change in the law is intended by the Legislature.
(Amended by Stats. 1971, Ch. 438.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 5 - State Indebtedness › Section 16804.

16804. The issuance and sale of bonds of the State of California in the sum of two hundred million dollars ($200,000,000) and the use and disposition of the proceeds of the sale of said bonds, all as provided in the State Construction Program Bond Act of 1955 authorizing the issuance and sale of bonds for the purpose of providing a fund to be used to carry out the state construction program contemplated by that act, is hereby authorized and directed, and the State Construction Program Bond Act of 1955 is hereby approved, adopted, legalized, validated and made fully and completely effective; provided, that from the proceeds of the sale of said bonds, the sum of not less than sixty million dollars ($60,000,000) shall be available for expenditure for major building construction, equipment and site acquisition for state colleges now or hereafter established. Nothing in this Constitution shall invalidate or restrict the provisions of this section, nor shall this section prevent amendments to the State Construction Program Bond Act of 1955 which are germane to the subject thereof; provided, such amendments do not increase the sum of the bonds herein authorized to be issued and sold nor utilize the proceeds thereof for purposes not related to the construction program generally described therein.
(Added by Stats. 1970, Ch. 426.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 5 - State Indebtedness › Section 16805.

16805. The issuance and sale of one thousand bonds of the State of California in the denomination of one thousand dollars each, and the use and disposition of the proceeds of the sale of said bonds, all as provided in the California Olympiad Bonds Act of 1927 as passed by the Senate and Assembly at the Forty-seventh Session of the Legislature and approved by the Governor, authorizing the issuance and sale of state bonds in the sum of one million dollars ($1,000,000) for the purpose of providing a fund to be used and disbursed for the purpose of an Olympiad to be held in California in 1932, is hereby authorized and directed and the said California Olympiad Bond Act of 1927 is hereby approved, adopted, legalized, ratified, validated and made fully and completely effective. All provisions of this section shall be self-executing and shall not require any legislative action in furtherance thereof, but this shall not prevent such legislative action. Nothing in this Constitution contained shall be a limitation upon the provisions of this section.
(Added by Stats. 1970, Ch. 426.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 5 - State Indebtedness › Section 16806.

16806. The issuance and sale of bonds of the State of California, not exceeding in the aggregate the sum of one hundred million dollars ($100,000,000), and the use and disposition of the proceeds of the sale of said bonds, all as provided in the Veterans Bond Act of 1949 (Article 5B added to Chapter 6 of Division 4 of the Military and Veterans Code by Chapter 1267 of the Statutes of 1949) authorizing the issuance and sale of state bonds in the sum of one hundred million dollars ($100,000,000) for the purpose of providing a fund to be used and disbursed to provide farm and home aid for veterans in accordance with the provisions of the Veterans Farm and Home Purchase Act of 1943, and of all acts amendatory thereof and supplemental thereto are hereby authorized and directed and said Veterans Bond Act of 1949 is hereby approved, adopted, legalized, ratified, validated, and made fully and completely effective upon the effective date of this amendment to the Constitution. All provisions of this section shall be self-executing and shall not require any legislative action in furtherance thereof, but this shall not prevent such legislative action. Nothing in this Constitution contained shall be a limitation upon the provisions of this section.
(Added by Stats. 1970, Ch. 426.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 5 - State Indebtedness › Section 16807.

16807. The issuance and sale of 10,000 bonds of the State of California in the denomination of one thousand dollars ($1,000) each, and the use and disposition of the proceeds of the sale of said bonds, all as provided in the San Francisco Harbor Improvement Act of 1929, as passed by the Senate and Assembly at the Forty-eighth Session of the Legislature and approved by the Governor, authorizing the issuance and sale of state bonds in the sum of ten million dollars ($10,000,000) for the purpose of providing a fund for the construction in San Francisco Harbor of wharves, piers, seawalls, state railroad, spurs, betterments and appurtenances and for necessary dredging and filling in connection therewith and providing for the payment of the principal and interest of said bonds by the State Treasurer from revenues collected for dockage, tolls, rents, wharfage, cranage, demurrage, switching and any and all collections now or hereafter authorized by law paid into the Fourth San Francisco Seawall Sinking Fund, is hereby authorized and the said San Francisco Harbor Improvement Act of 1929 is hereby approved, adopted, legalized, validated, and made fully and completely effective. All provisions of this section shall be self-executing and shall not require any legislative action in furtherance thereof, but this shall not prevent such legislative action. Nothing in this section contained shall be a limitation upon the provisions of this section.
(Added by Stats. 1970, Ch. 426.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 5 - State Indebtedness › Section 16808.

16808. The issuance and sale of bonds of the State of California in the sum of sixty million dollars ($60,000,000) and the use and disposition of the proceeds of the sale of said bonds, all as provided in the Harbor Development Bond Law of 1958 authorizing the issuance and sale of bonds for the purpose of providing funds for the construction, improvement, and development of harbors in this state, is hereby authorized and directed, and the Harbor Development Bond Law of 1958 is hereby approved, adopted, legalized, validated and made fully and completely effective. Nothing in this Constitution shall invalidate or restrict the provisions of this section, nor shall this section prevent amendments to the Harbor Development Bond Law of 1958 which are germane to the subject thereof; provided, such amendments do not increase the sum of the bonds herein authorized to be issued and sold nor utilize the proceeds thereof for purposes not related to the purposes generally described therein.
(Added by Stats. 1970, Ch. 426.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 3 - STATE BONDS › CHAPTER 5 - State Indebtedness › Section 16809.

16809. Bonds of the State of California shall be prepared, issued, and sold in the amount of two hundred fifty million dollars ($250,000,000), in such denominations, to be numbered, to bear such dates, and to bear such rate of interest as shall be determined by the Legislature.
The proceeds of such bonds shall be used:
(a) To provide loans and grants to the several school districts of the State, subject to such legislation, rules, or regulations as the Legislature may, from time to time, determine.
(b) To pay the expenses that may be incurred in preparing, advertising, issuing, and selling the bonds, and in administering and directing the expenditure of the moneys realized from the sale of such bonds.
The issuance, signing, countersigning, endorsing, and selling of the bonds herein provided for, and the interest coupons thereon, the place and method of payment of principal and interest thereon, the procedure for initiating, advertising and holding sales thereof, and the performance by the several state boards and state officers of their respective duties in connection therewith; and all other provisions, terms, and conditions relating to the bonds, shall be as provided by the Legislature.
The Legislature shall pass all laws, general or special, necessary or convenient to carry into effect the provisions of this section. Such laws may provide for the allocation of funds to school districts pursuant to this section by the State Allocations Board or a similar agency, and in that event, notwithstanding any other provision of this Constitution, Members of the Legislature who are required to meet with such board shall have equal rights and duties with the nonlegislative members to vote and act upon matters pending before such board.
The people of the State of California in adopting this section hereby declare that it is in the interests of the state and of the people thereof for the state to aid school districts of the state in providing necessary and adequate school sites and buildings for the pupils of the public school system, such system being a matter of general concern inasmuch as the education of the children of the state is an obligation and function of the state.
(Added by Stats. 1970, Ch. 426.)