Chapter 28Olympic Training Center

Section § 7591

Explanation

This law section states that fifteen million dollars is allocated from the General Fund to support a nonprofit organization, the San Diego National Sports Training Foundation, to build a California Olympic Training Center with support from the U.S. Olympic Committee.

The money will be distributed in equal portions over three years starting from the end of 1990, only if the foundation can match five million dollars by those dates.

Furthermore, any outstanding loan balance and accumulated interest at the time this section was added don't need to be paid back.

(a)CA Government Code § 7591(a) The amount of fifteen million dollars ($15,000,000) is appropriated, subject to subdivision (b), from the General Fund to the Trade and Commerce Agency for a loan for allocation over three years in three equal amounts to that nonprofit organization currently named the San Diego National Sports Training Foundation, for purposes of developing and constructing, with the participation and advice of the United States Olympic Committee, a California Olympic Training Center.
(b)CA Government Code § 7591(b) The loan allocations provided for by this section shall be made no earlier than December 31, of 1990, 1991, and 1992, and shall be made only if the San Diego National Sports Training Foundation is able and willing by each of those dates to provide the sum of five million dollars ($5,000,000), for purposes of developing and constructing, with the participation and advice of the United States Olympic Committee, a California Olympic Training Center.
(c)CA Government Code § 7591(c) Notwithstanding any other provision of law, any outstanding loan balance and any accrued interest that exist on the operative date of the act adding this subdivision shall not be required to be repaid.
San Diego National Sports Training Foundation California Olympic Training Center United States Olympic Committee General Fund appropriation nonprofit organization funding loan allocation sports training facility matching funds requirement loan forgiveness accrued interest 1990 funding timeline construction funding state loan program
(Amended by Stats. 2010, Ch. 719, Sec. 25. (SB 856) Effective October 19, 2010.)

Section § 7591.5

Explanation

This law states that the Secretary of Trade and Commerce must remove any liens related to a specific loan by January 1, 1999. These liens are on property owned by the United States Olympic Committee. However, the law also clarifies that the San Diego National Sports Training Foundation is still responsible for repaying the loan.

The Secretary of Trade and Commerce shall remove any lien placed in connection with a loan authorized pursuant to Section 7591 by January 1, 1999. In requiring the removal of the lien placed on property owned by the United States Olympic Committee, the Legislature does not intend to relieve the San Diego National Sports Training Foundation from its obligation to repay the loan made pursuant to Section 7591.
Secretary of Trade and Commerce lien removal loan repayment San Diego National Sports Training Foundation property owned by United States Olympic Committee January 1 1999 financial obligation Olympic Committee liens loan authorized by Section 7591 San Diego sports foundation obligation to repay loan property lien sports training
(Added by Stats. 1998, Ch. 328, Sec. 11. Effective August 21, 1998.)

Section § 7592

Explanation

This law creates a special fund called the California Olympic Training Account within the General Fund. It is funded by extra vehicle registration fees collected according to another regulation and is transferred yearly to the General Fund.

There is in the General Fund the California Olympic Training Account. The account shall consist of those revenues derived from the additional vehicle registration fees provided for in Section 5023 of the Vehicle Code and shall be annually transferred to the General Fund by the Controller.
California Olympic Training Account vehicle registration fees General Fund transfer revenue allocation Controller funding Olympics training funds financial management Section 5023 budget planning state resources
(Amended by Stats. 2010, Ch. 719, Sec. 26. (SB 856) Effective October 19, 2010.)