California Penal Code CHAPTER 15 - New Prison Construction Bond Act of 1988

• Section 7400.
  This chapter shall be known and may be cited as the New Prison Construction Bond Act of 1988.(Added by Stats. 1988, Ch. 43, Sec. 2....
• Section 7401.
  The State General Obligation Bond Law is adopted for the purpose of the issuance, sale and repayment of, and otherwise providing with respect to, the...
• Section 7402.
  There is in the State Treasury the 1988 Prison Construction Fund, which fund is hereby created. The proceeds of the sale of bonds authorized by...
• Section 7403.
  The 1988 Prison Construction Committee is hereby created. The committee shall consist of the Controller, the Treasurer, and the Director of Finance. That committee shall...
• Section 7404.
  The committee is hereby authorized and empowered to create a debt or debts, liability or liabilities, of the State of California, in the aggregate principal...
• Section 7405.
  The committee may determine whether or not it is necessary or desirable to issue any bonds authorized under this chapter, and if so, the amount...
• Section 7406.
  (a) Except as provided in subdivision (b), the moneys in the fund shall be used for the acquisition, construction, renovation, remodeling, and deferred maintenance of state...
• Section 7407.
  (a) All bonds herein authorized, which shall have been duly sold and delivered as herein provided, shall constitute valid and legally binding general obligations of the...
• Section 7408.
  Notwithstanding Section 13340 of the Government Code, there is hereby appropriated from the General Fund in the State Treasury for the purpose of this chapter...
• Section 7409.
  For the purpose of carrying out this chapter, the Director of Finance may by executive order authorize the withdrawal from the General Fund of an...
• Section 7409.5.
  Notwithstanding any other provision of this bond act, or of the State General Obligation Bond Law (Chapter 4 (commencing with Section 16720) of Part 3...
• Section 7410.
  The board may request the Pooled Money Investment Board to make a loan from the Pooled Money Investment Account, in accordance with Section 16312 of...
• Section 7411.
  Any bonds issued and sold pursuant to this chapter may be refunded by the issuance of refunding bonds in accordance with Article 6 (commencing with...
• Section 7412.
  All proceeds from the sale of bonds, except those derived from premiums and accrued interest, shall be available for the purpose provided in Section 7406...
• Section 7413.
  Money in the fund may only be expended pursuant to appropriations by the Legislature.(Added by Stats. 1988, Ch. 43, Sec. 2. Approved in Proposition 80...
• Section 7414.
  The Legislature hereby finds and declares that, inasmuch as the proceeds from the sale of bonds authorized by this chapter are not “proceeds of taxes”...

Last modified: October 22, 2018