This law allows California to issue and sell up to $10 billion in bonds, not counting any bonds issued to refund debt under a specific section. The bonds are intended to fund specific projects and reimburse a government fund. These bonds are a legally binding obligation for California, meaning the state is committed to paying back the principal and interest on time. The state Treasurer will handle the selling of these bonds, deciding how much to issue based on the needs identified by a committee. The terms for issuing these bonds are detailed in a resolution adopted by the committee.

This law explains that any bonds issued under this division must follow the rules set out in the State General Obligation Bond Law. All the rules from that law apply here, except for specific parts of another law, Section 16727 of the Government Code. This means that the way bonds are handled—from creation to redemption—has to stick to those established guidelines.

This law establishes the Safe Drinking Water, Wildfire Prevention, Drought Preparedness, and Clean Air Bond Finance Committee. The committee is created to manage the issuance and sale of bonds for specific environmental and safety purposes under the State General Obligation Bond Law.

The committee includes high-level state officials, such as the Director of Finance, Treasurer, Controller, Secretary of the Natural Resources Agency, and the Secretary for Environmental Protection. These members can appoint representatives to act on their behalf. The Treasurer serves as the chair of the committee, and actions can be taken by a majority of the committee members.

The committee decides if they need to issue and sell bonds to fund tasks outlined in this division. They can choose how much to issue and sell. Bonds can be sold in stages, so they don’t have to sell them all at once.

This law section specifies that within the context of the State General Obligation Bond Law, the term "board" refers to the Secretary of the Natural Resources Agency, according to Government Code Section 16722.

Every year, additional money must be collected alongside regular state taxes to cover the payment of the principal and interest on bonds due that year. It's the responsibility of all relevant officers to ensure this extra amount is collected properly.

This law sets up a continuous flow of money from the state's General Fund to cover two main financial obligations. First, it ensures there's always enough money to pay off any bonds, including interest, that are issued under this division as they become due. Second, it allows for the necessary funds to support the activities dictated by Section 95009.

This law allows the board to request a loan from the Pooled Money Investment Board to fund activities under this division. The loan amount must not exceed the authorized unsold bonds amount minus any loans not yet repaid or funds withdrawn from the General Fund and not returned. The board must complete necessary paperwork to get and repay the loan, and loaned amounts are added to the fund for use in accordance with this division.

This law allows the Treasurer to sell bonds that are tax-exempt under federal law, meaning the bond interest isn't taxed federally. The Treasurer can maintain separate accounts for the money gained from selling these bonds and any earnings from investing that money. They can use these funds to make payments required by federal law or take actions needed to keep the bonds' tax-exempt status and gain other federal tax benefits for the state.

This section allows the Director of Finance to temporarily borrow money from the General Fund up to the amount of unsold bonds approved for sale, excluding certain types of bonds. The borrowed money must be used for specific purposes outlined in this division and eventually paid back to the General Fund with interest, from the money received when these bonds are sold.

This law states that money in a specific fund, generated from bond premiums and interest, should mostly be reserved to cover bond interest costs for the state. However, premiums can first be used to pay for the cost of issuing the bonds before the rest is transferred to cover bond interest expenses.

This law, under the State General Obligation Bond Law, states that the expenses involved in issuing bonds should be covered by the funds raised from selling those bonds. If there are premiums (extra funds) from selling the bonds, those can also cover the costs. If premiums do not cover all expenses, the remaining costs should be divided among the programs the bonds support.

This law section states that bonds issued under this division can be refinanced according to certain state rules. When voters approve issuing these bonds, they also approve refinancing them if needed. Basically, refinancing a bond means replacing it with a new bond to manage debt better. The process of refinancing must follow the specific guidelines approved with the bond and can only legally eliminate the debt as allowed by law.

This law allows funds to be used for giving grants and loans to nonprofit organizations. These funds can help repay certain types of financing as long as the projects align with the division's goals.

This law states that money from selling certain bonds isn't considered 'tax proceeds' according to Article XIII B of the California Constitution. Therefore, spending this bond money isn't restricted by the rules that apply to spending tax money under that article.

When bonds are issued under this section, they should, whenever possible, adhere to well-known standards and recommended practices for funding projects aimed at climate change mitigation, adaptation, or resilience.