California Government Code ARTICLE 2 - Issuance of Bonds to Finance the Program

• Section 16945.
  The committee is authorized and empowered, for and in the name and on behalf of the state, to do all of the following:(a) Upon the request...
• Section 16946.
  Every issue of bonds, and any ancillary obligation entered into with respect to those bonds, shall be a debt and liability of the state payable...
• Section 16947.
  (a) The cumulative amount of outstanding bonds issued pursuant to this chapter may not exceed the lesser of (1) the sum of two billion dollars ($2,000,000,000);...
• Section 16948.
  (a) The resolution, certificate, or other instrument of the committee authorizing the issuance of the bonds may provide, or the committee may delegate to the Treasurer,...
• Section 16949.
  The proceeds of the bonds shall be applied to the funding or refunding of pension obligations, or refunding of bonds previously issued under this chapter,...
• Section 16950.
  When proceeds of bonds issued pursuant to this chapter are used to pay the state’s pension obligations to the retirement system for members whose compensation...
• Section 16951.
  When proceeds of bonds issued pursuant to this chapter are used to pay the state’s pension obligations to the retirement system for members whose compensation...
• Section 16952.
  In the discretion of the committee, any bonds issued under this chapter may be secured by a trust agreement, indenture, or resolution between the state...
• Section 16953.
  The committee may provide for the issuance of bonds any portion of which is to be used for the purpose of refunding outstanding bonds issued...
• Section 16954.
  The net proceeds of bonds issued and sold pursuant to this chapter shall be deposited in the Pension Obligation Bond Fund established pursuant to Section...

Last modified: October 22, 2018