This law allows California to issue and sell bonds totaling up to $3.44 billion. The money raised is used for water-related projects and to reimburse a specific state fund for bond expenses. These bonds are a reliable financial commitment from the state, which pledges to pay back the bond's principal and interest when they're due.

This section states that any bonds authorized under this division should follow the same rules and procedures as those outlined in the State General Obligation Bond Law. This includes their preparation, execution, selling, payment, and redemption. Essentially, it means that all the rules from the other law apply here as if they were written in full in this division.

This law section establishes the Water Security, Clean Drinking Water, Coastal and Beach Protection Act of 2002 Finance Committee. Its role is to oversee the issuance and sale of bonds under the State General Obligation Bond Law. The committee is made up of the Controller, the Director of Finance, and the Treasurer, or their representatives, with the Treasurer serving as the chairperson. A majority of the committee members can make decisions on behalf of the committee.

Additionally, the law designates the secretary as "the board" for purposes related to this chapter and the bond law.

This section explains that a committee decides if issuing bonds is needed or preferable to fund certain projects under this law. If they decide to issue bonds, they determine the amount. The statute also allows for bonds to be issued and sold in stages, rather than all at once.

Each year, California must collect enough money from taxes to cover the payment of principal and interest on state bonds due that year. This collection happens at the same time and in the same way as other state revenues. All officials involved in collecting this money have a responsibility to ensure it's done correctly.

This law states that funds from California's General Fund will be used for two key purposes related to this division. First, it ensures there is enough money to pay off both the principal and interest of any bonds issued, according to their due dates. Second, it provides whatever amount is necessary to meet the requirements outlined in Section 79586, disregarding fiscal year boundaries.

This law allows the Director of Finance to take money from the General Fund, up to the amount of bonds that are planned to be sold, to help finance specific projects. The withdrawn money is placed in a special fund and must be paid back to the General Fund once the bonds are sold, along with the interest that money would have earned in the state investment account.

Any money that comes from extra payments or interest earned from selling bonds is set aside and can be moved to the General Fund to help pay for bond interest costs.

This law allows for the refunding of previously issued bonds by selling new refunding bonds, following specific procedures outlined in another part of the government code. It also states that when state voters approve the issuance of bonds, that approval automatically includes consent for issuing any refunding bonds needed later on.

This law states that the expenses involved in issuing bonds are to be covered by the money raised from those bonds. Each program that receives funding from these bonds must contribute to covering these costs. Additionally, any real expenses for managing the funded programs should be paid using the funds specifically set aside for them.

This section allocates $95 million from unissued bonds to be used specifically under Division 26.7, starting with Section 79700. The money will be taken proportionally from each bond allocation in this division.