The State General Obligation Bond Law is adopted for the purpose of the issuance, sale, and repayment of, and otherwise providing with respect to, the bonds authorized to be issued pursuant to this title, and the provisions of that law are included in this title as though set out in full in this chapter except that, notwithstanding any provision of the State General Obligation Bond Law, the maximum maturity of the bonds shall not exceed 20 years from the date of each respective series. The maturity of each respective series shall be calculated from the date of such series.
Lake Tahoe Acquisitions Bond ActFiscal Provisions
Section § 66952
This law adopts the rules for handling state bonds, which include issuing, selling, and repaying them. Although it follows the State General Obligation Bond Law, there is a special condition: each series of bonds can't mature (need to be fully repaid) more than 20 years after they're issued.
state bonds bond issuance bond sale
Section § 66953
This section defines specific terms used in the regulations concerning the Lake Tahoe Acquisitions in California. It explains what the 'Committee' refers to, the meaning of 'Fund', and clarifies the geographical area encompassed by the 'Lake Tahoe region' or 'region'. It also identifies the 'Agency' responsible for managing funds allocated for this area.
As used in this title, and for the purposes of this title, the following words shall have the following meanings:
(a)CA Government Code § 66953(a) “Committee” means the Lake Tahoe Acquisitions Finance Committee created by Section 66955.
(b)CA Government Code § 66953(b) “Fund” means the Lake Tahoe Acquisitions Fund.
(c)CA Government Code § 66953(c) “Lake Tahoe region” and “region” means the area consisting of Lake Tahoe, the adjacent parts of the Counties of Placer and El Dorado lying within the Tahoe Basin in the State of California, and that additional and adjacent part of the County of Placer outside the Tahoe Basin in the State of California which lies southward and eastward of a line starting at the intersection of the basin crestline and the north boundary of Section 1, thence west to the northwest corner of Section 3, thence south to the intersection of the basin crestline and the west boundary of Section 10; all sections referring to Township 15 North, Range 16 East, M.D.B. and M.
(d)CA Government Code § 66953(d) “Agency” means the agency authorized under Section 66957 to expend money in the fund.
Lake Tahoe Acquisitions Finance Committee Lake Tahoe Acquisitions Fund
Section § 66954
This section establishes the Lake Tahoe Acquisitions Fund within the State Treasury of California.
There is in the State Treasury the Lake Tahoe Acquisitions Fund, which fund is hereby created.
Lake Tahoe Acquisitions Fund State Treasury
Section § 66955
This law establishes the Lake Tahoe Acquisitions Finance Committee to handle the issuance and sale of bonds for Lake Tahoe-related projects. The committee includes key state officials like the Governor, Controller, Treasurer, and Director of Finance, with the Treasurer leading the committee as chairman.
For the purpose of authorizing the issuance and sale, pursuant to the State General Obligation Bond Law, of the bonds authorized by this title, the Lake Tahoe Acquisitions Finance Committee is hereby created. The committee consists of the Governor or his designated representative, the Controller, the Treasurer, and the Director of Finance. The Lake Tahoe Acquisitions Finance Committee shall be the “committee” as that term is used in the State General Obligation Bond Law, and the Treasurer shall serve as chairman of the committee.
Lake Tahoe Acquisitions Finance Committee general obligation bonds bond issuance
Section § 66956
This law allows a committee to generate up to $85 million in debt for California. The funds raised are designated for projects described in another section, including any administrative expenses involved.
The committee is hereby authorized and empowered to create a debt or debts, liability or liabilities, of the State of California, in the aggregate amount of eighty-five million dollars ($85,000,000), in the manner provided in this title. The debt or debts, liability or liabilities, shall be created for the purpose of providing the funds to be used for the object and work specified in Section 66957 and for administrative costs incurred in connection therewith, as provided in Section 66906.7.
debt creation state liability fundraising for projects
Section § 66957
This section explains that funds can be spent by certain governmental agencies to acquire undeveloped lands in the Tahoe area. The purpose is to either protect the natural environment, provide public access to lakeshores, or consolidate lands for better management. Priority goes to buying lands threatened by development that could harm the environment or public land use. Special attention is given to areas around streams, known as 'stream environment zones.' The funds cannot purchase lands already earmarked for purchase by the U.S. Forest Service.
Moneys in the fund shall be available for expenditure in accordance with this title by a new or existing federal, state, regional, or local agency, or any combination thereof, to be designated by statute in accordance with the recommendations of the Tahoe Area Land Acquisition Commission. If no such agency is designated by July 1, 1984, moneys in the funds shall be available for expenditure in accordance with this title by the California Tahoe Conservancy Agency. Moneys in the fund shall be available for expenditure for the following purposes:
(a)CA Government Code § 66957(a) For the acquisition of undeveloped lands threatened with development that will adversely affect the region’s natural environment; will adversely affect the use, management, or protection of public lands in the vicinity of the development; or will have a combination of those effects. In particular, preference shall be given to the acquisition of undeveloped lands within stream environment zones and other undeveloped lands that, if developed, would be likely to erode or contribute to the further eutrophication or degradation of the waters of the region due to that or other causes. “Stream environment zone” means that area which surrounds a stream, including major streams, minor streams, and drainage ways; which owes its biological and physical characteristics to the presence of water; which may be inundated by a stream; or in which actions of man or nature may directly or indirectly affect the stream. A stream includes small lakes, ponds, and marshy areas through which the stream flows. Acquisitions made pursuant to this subdivision are not intended to replace, wholly or partially, the exercise of any authority conferred by law for the protection of the region’s natural environment, including stream environment zones, or the protection of public lands and resources. Accordingly, every public official or agency responsible for the administration or enforcement of any law having any of those purposes shall continue to administer or enforce that law with respect to lands acquired pursuant to this title, notwithstanding the making of any acquisition pursuant to this subdivision.
(b)CA Government Code § 66957(b) For the acquisition of undeveloped lands whose primary use will be public lakeshore access, preservation of riparian or littoral wildlife habitat, or recreation, or a combination thereof.
(c)CA Government Code § 66957(c) For the acquisition of undeveloped lands that do not satisfy the requirements of either subdivision (a) or (b) but which, if acquired, would facilitate one or both of the following:
(1)CA Government Code § 66957(c)(1) Consolidation of lands for their more effective management as a unit.
(2)CA Government Code § 66957(c)(2) Provision of public access to other public lands.
As used in this section, “undeveloped land” includes land that has been subdivided and improved with streets and utilities, but does not have structures other than those related to such streets and utilities.
Moneys in the fund shall not be used to acquire land which has been designated and authorized for purchase by the United States Forest Service.
Tahoe Area land acquisition undeveloped lands
Section § 66958
This section explains that when California sells bonds under this title, they become official and binding debts of the state. California promises to pay them on time, using its full resources.
Each year, California will raise money to pay these bonds by collecting additional revenue alongside regular state revenues. This task is the responsibility of revenue collection officers.
The state can use money gained from the sale of these bonds, like premiums and interest, to help pay bond interest by transferring it to the General Fund.
(a)CA Government Code § 66958(a) When sold, the bonds authorized by this title shall constitute valid and legally binding general obligations of the State of California, and the full faith and credit of the State of California is hereby pledged for the punctual payment of both principal and interest thereon.
(b)CA Government Code § 66958(b) There shall be collected annually in the same manner and at the same time as other state revenue is collected such a sum, in addition to the ordinary revenues of the state, as shall be required to pay the interest and principal on the bonds maturing each year, and it is hereby made the duty of all officers charged by law with any duty in regard to the collection of the revenue to do and perform each and every act which shall be necessary to collect that additional sum.
(c)CA Government Code § 66958(c) All money deposited in the fund which has been derived from premium and accrued interest on bonds sold shall be available for transfer to the General Fund as a credit to expenditures for bond interest.
California bonds general obligations state debt
Section § 66959
This law states that if the value of a piece of land has been significantly decreased due to government rules or regulations introduced after January 1, 1980, aimed at protecting water quality or other regional resources, the agency can buy the land. The purchase price should be fair to the landowner. When deciding this price, the agency may take into account how much the owner initially paid for the land, any special assessments the owner has paid, and other factors that would ensure a fair price for the landowner.
If the value of any land to be purchased by the agency has been substantially reduced by any statute, ordinance, rule, regulation, or other order adopted after January 1, 1980, by state or local government for the purpose of protecting water quality or other resources in the region, the agency may purchase the land for a price it determines would assure fairness to the landowner. In determining the price to be paid for the land, the agency may consider the price which the owner originally paid for the land, any special assessments paid by the landowner, and any other factors the agency determines should be considered to ensure that the landowner receives a fair and reasonable price for the land.
land valuation reduction land purchase water quality protection
Section § 66960
This law section explains that any money repaid to the state for help paid for by bonds can be moved into the General Fund. Once added, this money is used to pay back the General Fund for spending on the bond's principal and interest.
All money deposited in the fund pursuant to any provision of law requiring repayments to the state for assistance financed by the proceeds of the bonds authorized by this title shall be available for transfer to the General Fund. When transferred to the General Fund such money shall be applied as a reimbursement to the General Fund on account of principal and interest on the bonds which has been paid from the General Fund.
bond repayment General Fund transfer state assistance
Section § 66961
This law section states that money from California's General Fund will be set aside to ensure two things: paying off the principal and interest on specific state bonds when they're due, and covering any other costs necessary under this section without being tied to a specific budget year.
There is hereby appropriated from the General Fund in the State Treasury for the purpose of this title, such an amount as will equal the following:
(a)CA Government Code § 66961(a) That sum annually as will be necessary to pay the principal of and the interest on the bonds issued and sold pursuant to the provisions of this title, as principal and interest become due and payable.
(b)CA Government Code § 66961(b) That sum as is necessary to carry out the provisions of Section 66961, which sum is appropriated without regard to fiscal years.
General Fund appropriation bond principal bond interest
Section § 66962
This law allows the Director of Finance to temporarily withdraw money from California's General Fund, up to the amount of unsold bonds authorized for sale. This money is deposited into a specific fund and used as planned by the committee. Once the bonds are sold, the borrowed money, plus interest, must be returned to the General Fund.
For the purpose of carrying out the provisions of this title, the Director of Finance may by executive order authorize the withdrawal from the General Fund of an amount or amounts not to exceed the amount of the unsold bonds which the committee has by resolution authorized to be sold for the purpose of carrying out this title. Any amounts withdrawn shall be deposited in the fund and shall be disbursed by the committee in accordance with this title. Any moneys made available to the committee pursuant to this section shall be returned by the committee to the General Fund, together with interest at the rate then payable on funds deposited in the Pooled Money Investment Fund, from moneys received from the sale of bonds pursuant to the provisions of this title.
Director of Finance executive order General Fund withdrawal
Section § 66962.5
This law allows the California State Treasurer to manage and invest funds from certain state bonds separately if the bonds have a tax-exempt status under federal law. The Treasurer can use or direct these investments to comply with federal requirements to keep the bonds' tax-exempt status and possibly gain additional federal benefits for the state's funds.
Notwithstanding any other provision of this bond act, or of the State General Obligation Bond Law (Chapter 4 (commencing with Section 16720) of Part 3 of Division 4 of Title 2), if the Treasurer sells bonds pursuant to this bond act that include a bond counsel opinion to the effect that the interest on the bonds is excluded from gross income for federal tax purposes under designated conditions, the Treasurer may maintain separate accounts for the bond proceeds invested and the investment earnings on those proceeds, and may use or direct the use of those proceeds or earnings to pay any rebate, penalty, or other payment required under federal law, or take any other action with respect to the investment and use of those bond proceeds, as may be required or desirable under federal law in order to maintain the tax-exempt status of those bonds and to obtain any other advantage under federal law on behalf of the funds of this state.
State Treasurer bond proceeds investment management
Section § 66963
This section allows the committee to give the State Treasurer permission to sell all or part of certain bonds whenever the Treasurer decides it's the right time.
The committee may authorize the State Treasurer to sell all or any part of the bonds herein authorized at such time or times as may be fixed by the Treasurer.
committee authorization State Treasurer bond sales
Section § 66964
This law states that the money made from selling bonds can only be used for specific purposes outlined in Section 66957. It can't be transferred to the General Fund to pay back bond principal or interest. The funds must be spent as specified in this section.
All proceeds from the sale of bonds, except those derived from premiums and accrued interest, shall be available for the purpose provided in Section 66957 but shall not be available for transfer to the General Fund to pay principal and interest on bonds. The money in the fund may be expended only as herein provided.
bond proceeds sale of bonds bond premiums
Section § 66965
This law states that any money requested for certain programs must be specifically listed in a part of the state’s Budget Bill starting with the 1983-84 fiscal year. These appropriations have to follow all the rules and limits that are set out in the Budget Act and other fiscal laws unless a specific law says otherwise. Additionally, money from bonds described in this title can only be spent if it’s included in that specific section of the Budget Act.
All proposed appropriations for the programs specified in this title shall be included in a section in the Budget Bill for the 1983–84 and each succeeding fiscal year, for consideration by the Legislature. All appropriations shall be subject to all limitations enacted in the Budget Act and to all fiscal procedures prescribed by law with respect to the expenditures of state funds, unless expressly exempted from such laws by a statute enacted by the Legislature. No funds derived from the bonds authorized by this title may be expended pursuant to an appropriation not contained in such section of the Budget Act.
proposed appropriations Budget Bill 1983-84 fiscal year
Section § 66966
This law section declares that the agency chosen by the Tahoe Area Land Acquisition Commission, or the California Tahoe Conservancy Agency if no agency is chosen, will act as the 'board' in relation to Section 16722.
The agency designated by the Tahoe Area Land Acquisition Commission, or if none is so designated, the California Tahoe Conservancy Agency, shall be deemed the “board” for purposes of Section 16722.
Tahoe Area Land Acquisition Commission California Tahoe Conservancy Agency Section 16722
