(a) Bonds in the total amount of nine hundred million dollars ($900,000,000), not including the amount of any refunding bonds issued in accordance with Section 67359.3, 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 chapter and to reimburse the General Obligation Bond Expense Revolving Fund pursuant to § 16724.5 of the Government Code. The bonds shall, when sold, 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.

(b) Pursuant to this section, the Treasurer shall sell the bonds authorized by the committee at any different times necessary to service expenditures required by the apportionments.

Terms Used In California Education Code 67358.5

  • Committee: means the Higher Education Facilities Finance Committee created pursuant to Section 67353. See California Education Code 67358.2
  • Fund: means the 1992 Higher Education Capital Outlay Bond Fund created pursuant to Section 67358. See California Education Code 67358.2
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

(Added by Stats. 1992, Ch. 13, Sec. 1. Approved in Proposition 153 at the June 2, 1992, election.)

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