California Code, Revenue and Taxation Code - RTC § 1649

As soon as the valuation statements are prepared, the auditor shall transmit one to the controller and one to the board.

Any unexpended balance of the proceeds of such securities remaining after the completion of the acquisition or improvement of properties pertaining to the project or otherwise the completion of the purpose or purposes for which such securities were issued must be credited immediately to the Special Capital Construction Fund for Higher Education, or any other fund or account of the University or the Board for the construction therefor of capital improvements, or the fund or account created for the payment of the interest on or the principal of the securities, or both principal and interest, and must be used therefor, subject to the provisions as to the times and methods for their payment as stated in the securities and the proceedings authorizing or otherwise appertaining to their issuance, or so paid into a reserve therefor, or any combination thereof, as the Board may determine.