This law states that any money earned from selling bonds under this division goes into the State Treasury. The funds are credited specifically to the Safe, Clean, Reliable Water Supply Fund.

This law allows California to issue and sell up to $995 million in bonds. The funds from these bonds will support projects outlined in this division and reimburse a state expense fund. The bonds are a secure obligation of the state, backed by its full credit and commitment to pay back both the main loan amount and interest on time.

This law section reallocates specific amounts of unissued bonds originally authorized for other sections to instead be used for the purposes outlined in Division 26.7. It specifies the exact dollar amounts from various sections that are being redirected, emphasizing the total fund reallocation to support those specific purposes under Division 26.7, starting with Section 79700.

This law states that any bonds issued under this division will follow all the same rules as outlined in the State General Obligation Bond Law, which is a set of instructions for handling bonds. Essentially, everything about preparing, issuing, selling, and redeeming bonds will mirror the general rules set by that law. Additionally, it specifies that the State Water Resources Control Board is the designated authority, or 'board,' in charge of these bonds.

This law section creates a committee called the Safe, Clean, Reliable Water Supply Finance Committee to oversee the issuance and sale of bonds for water supply projects. These bonds are issued under the State General Obligation Bond Law. The committee is made up of the Treasurer, the Controller, and the Director of Finance, or their chosen representatives. Decisions can be made by a majority of the committee.

This law section explains that a committee is responsible for deciding if bonds need to be issued to support projects under this division. If bonds are needed, the committee also determines how much should be issued and sold. Bonds don't have to be issued all at once; they can be sold over time as necessary to fund ongoing actions.

This law section requires the collection of additional funds each year, alongside other state revenues, specifically to cover the payments on bonds, including both the principal and interest. It's the responsibility of all relevant state officers to ensure these additional sums are collected properly.

This law section states that, regardless of another law, money is set aside from California's main account to cover two things: paying the amounts owed on bonds issued under this division when they're due and the funds needed to implement Section 78697, without being limited to a specific year.

The Director of Finance can allow money to be taken from the General Fund, up to the amount of unsold bonds that have been approved for sale, to support activities under this division. This borrowed money must be placed into a specific fund. Once bonds are sold, the borrowed amount, plus interest it would have made in a state investment account, must be returned to the General Fund.

This law states that any money gained from the extra cost (premium) and interest collected from selling bonds should be kept in a specific fund. This money can then be moved to the General Fund to help pay for the interest on those bonds.

This law allows the State Water Resources Control Board to ask for a loan from the Pooled Money Investment Board to support their projects. They can only borrow up to the amount set aside for bonds they haven’t sold yet. The Board must sign any necessary paperwork to get and pay back the loan. The borrowed money goes into a special fund for project allocation.

This law section explains that any bonds issued can be refunded by following specific guidelines detailed in the Government Code. If the voters approved the original bonds, they are also approving any bonds that might be issued later to refund the original ones or previous refunding bonds.

This section allows the California State Treasurer to handle bond proceeds separately for investments if the bonds are tax-exempt under federal law. Specifically, if bonds include an opinion stating they are tax-exempt, the Treasurer can maintain separate accounts for their investment. The Treasurer is also allowed to use these funds to pay any necessary federal rebates or penalties to keep the tax-exempt status of the bonds, ensuring they comply with federal requirements and potentially gain additional benefits for state funds.

This section explains that the money raised from selling bonds under this specific division isn't considered as "proceeds of taxes" according to the California Constitution. As a result, spending this bond money doesn't have to follow the usual restrictions that apply to tax money.