Bonds in the total amount of seven hundred sixty-eight million six hundred seventy thousand dollars ($768,670,000), or so much thereof as is necessary, may be issued and sold to be used for carrying out the purposes expressed in this division and in Chapter 7.5 (commencing with Section 2700) of Division 3 of the Fish and Game Code and to be used to reimburse the General Obligation Bond Expense Revolving Fund pursuant to
Section 16724.5 of the Government Code. A sum, not to exceed seven hundred twenty-six million dollars ($726,000,000) of the bond proceeds, shall be deposited in the California Wildlife, Coastal, and Park Land Conservation Fund of 1988 for the purposes of this division, and a sum, not to exceed fifty million dollars ($50,000,000) of bond proceeds, shall be deposited in the Wildlife and Natural Areas Conservation Fund for the purposes of the Wildlife and Natural Areas Conservation Program (Chapter 7.5 (commencing with Section 2700) of Division 3 of the Fish and Game Code). The bonds shall, when sold, be and constitute a valid and binding obligation 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 as they become due and payable.
Chapter 4Fiscal Provisions
Section § 5930
This section authorizes the issuance and sale of bonds totaling up to $768,670,000 to fund conservation efforts in California. Up to $726 million of the bond money will go to the California Wildlife, Coastal, and Park Land Conservation Fund for conservation purposes, while up to $50 million will be directed to the Wildlife and Natural Areas Conservation Fund. These bonds are a legal obligation of the state, and California promises to pay the principal and interest on time.
bonds issuance conservation funding California Wildlife Coastal and Park Land Conservation Fund Wildlife and Natural Areas Conservation Fund General Obligation Bond Expense Revolving Fund state obligation principal and interest payment Fish and Game Code Wildlife and Natural Areas Conservation Program Division 3 Chapter 7.5 268 670 000 bond 726 000 000 conservation fund 50 000 000 natural areas fund full faith and credit of California
Section § 5931
This law section states that any bonds created under this division will be handled according to the rules in the State General Obligation Bond Law. This means the entire process for these bonds, from preparation to redemption, follows these existing legal guidelines, which are fully incorporated here.
The bonds authorized by this division shall be prepared, executed, issued, sold, paid, and redeemed as provided 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), and all provisions of that law shall apply to the bonds and are hereby incorporated in this division as though set forth in full in this division.
bonds State General Obligation Bond Law bond preparation bond execution bond issuance bond sale bond payment bond redemption financial guidelines government code bond provisions public finance debt management California bonds legal compliance
Section § 5932
This law section creates the California Wildlife, Coastal, and Park Land Conservation Program of 1988 Finance Committee to manage the issuance and sale of bonds related to wildlife and land conservation projects. The committee is composed of the Controller, Director of Finance, and the Treasurer, who serves as the chairperson. They make decisions by majority vote.
Additionally, several agencies such as the Wildlife Conservation Board and the Department of Parks and Recreation are designated with specific roles regarding different conservation programs. These agencies are collectively referred to as 'the board' and have jurisdiction depending on the area of focus.
(a)CA Public Resources Code § 5932(a) Solely for the purpose of authorizing the issuance and sale, pursuant to the State General Obligation Bond Law, of the bonds authorized by this division, the California Wildlife, Coastal, and Park Land Conservation Program of 1988 Finance Committee is hereby created. For purposes of this division, the California Wildlife, Coastal, and Park Land Conservation Program of 1988 Finance Committee is “the committee” as that term is used in the State General Obligation
Bond Law. The committee shall consist of the Controller, the Director of Finance, and the Treasurer, or their designated representatives. The Treasurer shall serve as chairperson of the committee. A majority of the committee may act for the committee.
(b)CA Public Resources Code § 5932(b) For purposes of this division and Chapter 7.5 (commencing with Section 2700) of Division 3 of the Fish and Game Code and the State General Obligation Bond Law, the Wildlife Conservation Board, the Department of Parks and Recreation, the Department of Water Resources, the Department of Forestry, the Department of Fish and Game, the Santa Monica Mountains Conservancy, or the State Coastal Conservancy, depending on which agency has jurisdiction, is hereby designated as “the board.”
California Wildlife Conservation bond issuance Finance Committee land conservation projects Controller Director of Finance Treasurer Wildlife Conservation Board Department of Parks and Recreation State Coastal Conservancy Santa Monica Mountains Conservancy Department of Water Resources Department of Forestry Department of Fish and Game State General Obligation Bond Law
Section § 5933
This section explains that a committee will decide if it's necessary to issue bonds to fund certain environmental projects. If needed, they will also decide the amount of bonds to issue. The bonds can be sold over time as needed, rather than all at once.
The committee shall determine whether or not it is necessary or desirable to issue bonds authorized pursuant to this division in order to carry out the actions specified in Section 5907 of this code and Section 2720 of the Fish and Game Code, and, if so, the amount of bonds to be issued and sold. Successive issues of bonds may be authorized and sold to carry out those actions progressively, and it is not necessary that all of the bonds authorized to be issued be sold at any one
time.
bonds issuance environmental funding committee decision progressive bond sale Section 5907 projects Section 2720 Fish and Game Code funding environmental actions successive issues bond amount determination public resource financing
Section § 5934
Each year, the state must collect an extra amount of money, alongside regular taxes, to pay off the principal and interest on state bonds. All officials involved in revenue collection must do everything necessary to gather this additional money.
There shall be collected annually in the same manner and at the same time as other state revenue is collected, in addition to the ordinary revenues of the state, a sum in an amount required to pay the principal of, and interest on, the bonds each year, and it is 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 is necessary to collect that additional sum.
state bonds principal and interest annual collection revenue collection extra revenue state officers tax collection bond payments fiscal responsibility state finance debt service revenue duties state taxation public debt
Section § 5935
This law says that, regardless of other rules, money is automatically set aside from California's General Fund every year to cover certain costs related to bonds. This includes paying the amount borrowed (principal) and the interest on those bonds when they're due. It also provides funds to support specific actions outlined in another section, 5936, without worrying about the fiscal year.
Notwithstanding Section 13340 of the Government Code, there is hereby appropriated from the General Fund, for the purposes of this division, an amount that will equal the total of the following:
(1)CA Public Resources Code § 5935(1) The sum annually necessary to pay the principal of, and interest on, bonds issued and sold pursuant to this division, as the principal and interest become due and payable.
(2)CA Public Resources Code § 5935(2) The sum which is necessary to carry out the provisions of Section 5936, appropriated without regard to fiscal years.
appropriation General Fund bonds principal payment interest payment Section 5936 automatic funding California finance fiscal years bond repayment debt service annual budget funding allocation public finance government bonds
Section § 5936
This law allows the Director of Finance to temporarily take money from the General Fund to help implement certain wildlife and conservation projects. However, the amount taken can't exceed the value of unsold bonds approved for these projects. The borrowed funds go into specific conservation funds, and must be repaid to the General Fund once the bonds are sold, including any interest they would have earned if they had stayed in the General Fund.
For the purposes of carrying out this division and Chapter 7.5 (commencing with Section 2700) of Division 3 of the Fish and Game Code, the Director of Finance may authorize the withdrawal from the General Fund of an amount or amounts not to exceed the amount of the unsold bonds which have been authorized to be sold for the purpose of carrying out those provisions. Any amounts withdrawn shall be deposited in the California Wildlife, Coastal, and Park Land Conservation Fund of 1988 or the
Wildlife and Natural Areas Conservation Fund, as appropriate. Any money made available under this section shall be returned to the General Fund, plus the interest that the amounts would have earned in the Pooled Money Investment Account, from money received from the sale of bonds which would otherwise be deposited in that fund.
Director of Finance General Fund withdrawal unsold bonds wildlife conservation park land conservation California Wildlife Coastal and Park Land Conservation Fund Wildlife and Natural Areas Conservation Fund bond sales temporary funding interest repayment Pooled Money Investment Account
Section § 5936.5
This law allows the State Treasurer to maintain separate accounts for bonds if they have a legal opinion stating their interest is tax-exempt under federal law. The Treasurer can use these funds to comply with federal requirements to keep this tax-exempt status, such as paying penalties or making other necessary payments.
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 of the Government Code), 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 bonds tax-exempt interest federal tax purposes separate accounts bond proceeds investment earnings rebate payments penalty under federal law tax-exempt status maintenance bond counsel opinion advantage under federal law interest exclusion tax-exempt bonds investment use federal compliance
Section § 5937
This law section states that any extra money made from selling bonds, including premium and accrued interest, should be set aside and can be moved to the General Fund. This money will be used to help cover the costs associated with paying interest on the bonds.
All money derived from premium and accrued interest on bonds sold shall be reserved and shall be available for transfer to the General Fund as a credit to expenditures for bond interest.
bond premiums accrued interest bonds sold General Fund transfer credit to expenditures bond interest costs financial management bond sale proceeds public finance budget allocation government bonds interest payments financial reserves expense management state budget planning
Section § 5938
This law states that the money generated from selling bonds, authorized under this division, is not considered tax revenue. Because of this, there are no spending limits on these funds as defined by Article XIII B of the California Constitution.
The people of California hereby find and declare that, inasmuch as the proceeds from the sale of bonds authorized by this division are not “proceeds of taxes” as that term is used in Article XIII B of the California Constitution, the disbursement of these proceeds is not subject to the limitation imposed by that article.
bond proceeds tax revenue exclusion Article XIII B California Constitution financial limitations bond sales spending limitations budget allocation public funding non-tax funds constitutional interpretation fund disbursement proceeds of taxes California public finance government spending rules
