California Penal Code CHAPTER 16 - New Prison Construction Bond Act of 1990

• Section 7420.
  This chapter shall be known and may be cited as the New Prison Construction Bond Act of 1990.(Added by Stats. 1990, Ch. 5, Sec. 1....
• Section 7421.
  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 7422.
  There is in the State Treasury the 1990 Prison Construction Fund, which fund is hereby created. The proceeds of the sale of bonds authorized by...
• Section 7423.
  The 1990 Prison Construction Committee is hereby created. The committee shall consist of the Controller, the Treasurer, and the Director of Finance, or their designated...
• Section 7424.
  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 7425.
  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 7426.
  The moneys in the fund shall be used for the acquisition, construction, renovation, remodeling, and deferred maintenance of state youth and adult correctional facilities.(Added by...
• Section 7426.5.
  Moneys deposited in the fund may also be used for the refinancing of interim debt incurred for any of the purposes specified in Section 7426.(Added...
• Section 7427.
  (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 7428.
  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 7429.
  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 7430.
  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 7431.
  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 7432.
  All proceeds from the sale of bonds, except those derived from premiums and accrued interest, shall be available for the purpose provided in Section 7426...
• Section 7433.
  Money in the fund may only be expended pursuant to appropriations by the Legislature. (Amended by Stats. 2001, Ch. 745, Sec. 158.5. Effective October 12,...
• Section 7434.
  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