Article 1General Provisions

Section § 101440

Explanation

This law creates the 2024 California Community College Capital Outlay Bond Fund to manage money from bonds specifically raised for community college infrastructure projects. It excludes refunding bonds, which are used to pay back older bonds.

The Higher Education Facilities Finance Committee will continue to function as the overseeing committee to handle these funds and ensure they support California Community Colleges.

(a)CA Education Code § 101440(a) The 2024 California Community College Capital Outlay Bond Fund is hereby established in the State Treasury for deposit of funds from the proceeds of bonds, not including the proceeds of any refunding bonds issued in accordance with Section 101451, issued and sold for the purposes of this chapter.
(b)CA Education Code § 101440(b) The Higher Education Facilities Finance Committee established pursuant to Section 67353 is hereby continued in existence to act as the committee, as defined in the State General Obligation Bond Law (Chapter 4 (commencing with Section 16720) of Part 3 of Division 4 of Title 2 of the Government Code), for purposes of this chapter and to provide funds to aid the California Community Colleges.
California Community College Capital Outlay Bond Fund bond proceeds Higher Education Facilities Finance Committee infrastructure projects community college funding bond issuance refunding bonds State Treasury bond management educational infrastructure financial oversight college support
(Added by Stats. 2024, Ch. 81, Sec. 28. (AB 247) Approved in Proposition 2 at the November 5, 2024, election. Effective November 6, 2024.)