Out of the first money realized from the sale of bonds as provided by this article, there shall be redeposited in the General Obligation Bond Expense Revolving Fund, established by § 16724.5 of the Government Code, 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 renumbering Section 19242 by Stats. 2013, Ch. 602, Sec. 61. (SB 360) Effective January 1, 2014. Note: This section (as originally numbered) was added by Stats. 2001, Ch. 902, and approved in Prop. 41 on March 5, 2002.)

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Terms Used In California Elections Code 19263

  • Bond: means a state general obligation bond issued pursuant to this article adopting the provisions of the State General Obligation Bond Law. See California Elections Code 19252
  • Fund: means the Voting Modernization Fund, created pursuant to subdivision (b) of Section 19254. See California Elections Code 19252
  • 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.
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