The institute may request the Pooled Money Investment Board to make a loan from the Pooled Money Investment Account in accordance with § 16312 of the Government Code for the purposes of carrying out this article. The amount of the loan shall not exceed the amount of the unsold bonds that the committee, by resolution, has authorized to be sold for the purpose of carrying out this article excluding any refunding bonds authorized pursuant to Section 125291.155, less any amount loaned pursuant to this section and not yet repaid, and any amount withdrawn from the General Fund pursuant to Section 125291.140 and not yet returned to the General Fund. The institute shall execute any documents required by the Pooled Money Investment Board to obtain and repay the loan. Any amounts loaned shall be deposited in the fund to be allocated by the institute in accordance with this article.

(Added November 3, 2020, by initiative Proposition 14, Sec. 24. Effective on December 16, 2020.)