Article 1General

Section § 101142

Explanation

This law establishes a special fund called the 2016 California Community College Capital Outlay Bond Fund. The purpose of this fund is to hold money from bonds that are sold to support California Community College projects. Also, a specific committee known as the Higher Education Facilities Finance Committee is given the authority to create debts or liabilities on behalf of California to provide financial assistance to these colleges.

(a)CA Education Code § 101142(a) The 2016 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 § 101142(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 bonds proceeds Higher Education Facilities Finance Committee college infrastructure funding state treasury debt creation financial assistance college projects funding bond sales education funding college facilities community college support state debts California Treasury
(Added November 8, 2016, by initiative Proposition 51, Sec. 3.)