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California Code, Government Code - GOV § 9125.5

Current as of January 01, 2025 | Updated by Findlaw Staff

(a)(1) The State Public Works Board may issue lease-revenue bonds, notes, or bond anticipation notes in an amount not exceeding four hundred twenty-two million five hundred eighty-seven thousand dollars ($422,587,000) pursuant to Chapter 5 (commencing with Section 15830) of Part 10b of Division 3 to finance the acquisition, design, and construction of the projects authorized by Section 9125.

(2) The amount described in paragraph (1) shall be available in addition to any other funds that may be available for the projects authorized by Section 9125, including, but not limited to, transfers from the State Project Infrastructure Fund, as contemplated in subparagraph (D) of paragraph (2) of subdivision (a) of Section 14692.

(b) The State Public Works Board, together with the Department of General Services, may obtain interim financing for the costs of the projects authorized by Section 9125 from any appropriate source.

(c) Notwithstanding Section 13340, funds derived from the financing methods authorized by this section are hereby continuously appropriated to the State Public Works Board on behalf of the Department of General Services, for the acquisition, design, and construction of the projects authorized by Section 9125.

(d) The Department of General Services is authorized and directed to execute and deliver any and all leases, contracts, agreements, or other documents necessary or advisable to consummate the issuance of the bonds by the State Public Works Board or otherwise effectuate the financing for the projects authorized by Section 9125.

(e) In the event that the bonds authorized by this section are not sold, the Department of General Services shall commit a sufficient portion of its support budget, as determined by the Department of Finance, to repay any interim financing.

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Cite this article: FindLaw.com - California Code, Government Code - GOV § 9125.5 - last updated January 01, 2025 | https://codes.findlaw.com/ca/government-code/gov-sect-9125-5/

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