California Government Code 16724.5 – (a) For purposes of this section, “revolving fund” means the …
(a) For purposes of this section, “revolving fund” means the General Obligation Bond Expense Revolving Fund created pursuant to this section.
(b) There is in the State Treasury the General Obligation Bond Expense Revolving Fund, which shall consist of all moneys appropriated by the Legislature into that fund or payable into that fund in accordance with this section.
Terms Used In California Government Code 16724.5
- Bond: means a state general obligation bond issued pursuant to an act adopting the provisions of this chapter. See California Government Code 16722
- Committee: means the finance committee or other body created by that act and authorized to cause bonds to be issued by the adoption of a resolution or resolutions. See California Government Code 16722
- Fund: means the fund created by that act, and into which the proceeds from the sale of the bonds are paid. See California Government Code 16722
- 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.
- 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
(c) All moneys in the revolving fund are hereby appropriated and shall be available without regard to fiscal years for all of the following:
(1) The payment of the expenses incurred by the Treasurer in having the bonds prepared and in advertising their sale or their prior redemption, and of the other costs described in subdivision (e) of Section 16727.
(2) For expenses incurred by the committee pursuant to Section 16758.
(3) For payment for legal services pursuant to Section 16760.
(d) Whenever bonds are sold, out of the first moneys realized from their sale, there shall be redeposited in the revolving fund the sums that have been expended for the purposes specified in subdivision (c), which may be used for the same purposes and repaid in the same manner whenever additional sales are made.
(Amended by Stats. 2010, Ch. 328, Sec. 86. (SB 1330) Effective January 1, 2011.)