California Government Code 16321 – The amount of outstanding loans made pursuant to Section 14556.8 is …
The amount of outstanding loans made pursuant to Section 14556.8 is seven hundred six million dollars ($706,000,000). Four hundred seventy million dollars ($470,000,000) of this amount shall be repaid from the General Fund pursuant to subdivision (c) of § 20 of Article XVI of the California Constitution. Two hundred thirty-six million dollars ($236,000,000) shall be repaid from the General Fund. The total amount of the loans shall be repaid no later than June 30, 2020, and upon repayment of this amount all loans authorized pursuant to Section 14556.8 and any associated interest shall be deemed repaid. The loans shall be repaid proportionately and in equal installments over three years. The Department of Finance shall prepare a loan repayment schedule, pursuant to which the outstanding loans shall be repaid by June 30, 2020, as follows:
(a) Two hundred fifty-six million dollars ($256,000,000) for transfer to the Public Transportation Account, to be allocated as follows:
Terms Used In California Government Code 16321
- 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.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18
- Subdivision: means a subdivision of the section in which the term occurs unless some other section is expressly mentioned. See California Government Code 10
(1) Up to twenty million dollars ($20,000,000) to local and regional agencies for climate change adaptation planning.
(2) The remainder to the Transit and Intercity Rail Capital Program as authorized in Part 2 (commencing with Section 75220) of Division 44 of the Public Resources Code.
(b) Two hundred twenty-five million dollars ($225,000,000) for transfer to the State Highway Account, for the State Highway Operation and Protection Program.
(c) Two hundred twenty-five million dollars ($225,000,000) is hereby continuously appropriated without regard to fiscal year to the Controller for apportionment to cities and counties for local streets and roads pursuant to the formula in clauses (i) and (ii) of subparagraph (C) of paragraph (3) of subdivision (a) of § 2103 of the Streets and Highways Code.
(Amended by Stats. 2019, Ch. 32, Sec. 7. (SB 87) Effective June 27, 2019.)