Article 1General

Section § 101032

Explanation

This law section establishes a special fund called the California Community College Capital Outlay Bond Fund, which is used to hold money from bond sales.

The purpose of these bonds is to raise funds for projects or needs at California Community Colleges. Additionally, a specific committee, called the Higher Education Facilities Finance Committee, is allowed to incur debts or liabilities on behalf of the state to provide necessary financing for these colleges.

(a)CA Education Code § 101032(a) The 2006 California Community College Capital Outlay Bond Fund is hereby established in the State Treasury for deposit of funds from the proceeds of bonds issued and sold for the purposes of this chapter.
(b)CA Education Code § 101032(b) The Higher Education Facilities Finance Committee established pursuant to Section 67353 is hereby authorized to create a debt or debts, liability or liabilities, of the State of California pursuant to this chapter for the purpose of providing funds to aid the California Community Colleges.
California Community College Capital Outlay Bond Fund bond proceeds Higher Education Facilities Finance Committee state treasury community college funding capital outlay bond issuance state debt college infrastructure education financing facility improvements California Community Colleges financial aid capital projects state liabilities
(Added by Stats. 2006, Ch. 35, Sec. 16. Approved in Proposition 1D at the November 7, 2006, election.)