It is the intent of the Legislature that any loss of revenue to the General Fund occasioned by the purchase of bonds issued by the authority shall be restored to the General Fund from revenues, moneys, and remittances received by the State Lands Commission and allocated pursuant to Section 6217.
Chapter 3General Fund Revenue Loss
Section § 26042
This law outlines the Legislature's intent to make up for any loss of funds to the state's General Fund caused by buying bonds from a certain authority. The restoration of these funds should come from money received by the State Lands Commission as allocated by another section.
General Fund revenue bond purchase State Lands Commission revenue restoration bond issuance impact fund allocation Section 6217 state budget funding public finance revenue compensation authority bonds financial restoration state financial policy impact on General Fund legislative intent
Section § 26042.2
Every year on May 10, starting from 1982, a specific agency must calculate an amount equivalent to 0.5% of all its outstanding bonds as of May 1 of that year. This calculated amount is considered the revenue loss for the General Fund for that year. The agency then reports this calculation to the Controller.
On May 10, 1982, and on each May 10 thereafter, the authority shall make a determination of an amount equal to one-half of 1 percent of the total of all outstanding bonds issued pursuant to the provisions of Article 3 (commencing with Section 26020) of Chapter 1 as of May 1 of such year. The amount determined shall be deemed the General Fund revenue loss for the year. The authority shall inform the Controller of the determination made under this section.
outstanding bonds General Fund revenue loss annual calculation 0.5 percent May 10 calculation bond determination inform Controller financial reporting government bonds authority responsibility revenue assessment California bonds public agency obligation yearly financial determination May 1 bond total
Section § 26042.4
Starting from May 15, 1982, the California Controller is required to move a specific amount of money from the Energy and Resources Fund to the state's General Fund every year on the same date. This will only happen if Assembly Bill 2973, from the 1979-80 legislative session, was officially made into law and established the Energy and Resources Fund.
On May 15, 1982, and on each May 15 thereafter, the Controller shall transfer to the General Fund the amount determined by the authority pursuant to Section 26042.2 from the Energy and Resources Fund.
This section shall become operative only if Assembly Bill No. 2973 of the 1979–80 Regular Session is chaptered and creates the Energy and Resources Fund.
Controller General Fund Energy and Resources Fund annual transfer fund transfer Assembly Bill 2973 1982 May 15 operative condition fund creation controller duties financial transfer California legislature public resources budgetary provisions
