(a) The committee shall be and is hereby authorized to create a debt or debts, liability or liabilities, of the State of California pursuant to this chapter for the purpose of funding aid to the University of California, the California State University, the California community colleges, and the California Maritime Academy for the construction, including the construction of buildings and the acquisition of related fixtures, renovation, and reconstruction of facilities, for the acquisition of sites upon which these facilities are to be constructed, for the equipping of new, renovated, or reconstructed facilities, and to provide funds for payment of preconstruction costs, including, but not limited to, preliminary plans and working drawings.

(b) Moneys made available under Section 67340 or 67342 may be used to provide short-term loans to community colleges for the purchase of instructional equipment. Those loans shall be repaid from the first moneys available in the Capital Outlay Fund for Public Higher Education beginning in the 1989-90 fiscal year, or from proceeds of the bonds.

Terms Used In California Education Code 67334

  • Committee: means the Higher Education Facilities Finance Committee created pursuant to Section 67353. See California Education Code 67332
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Fund: means the 1988 Higher Education Capital Outlay Bond Fund created pursuant to Section 67333. See California Education Code 67332
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.

(Added by Stats. 1988, Ch. 44, Sec. 1. Approved in Proposition 78 at the November 8, 1988, election.)

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