TITLE 17. CALIFORNIA FISCAL RECOVERY FINANCING ACT [99000. - 99047.]

Title 17 added by Stats. 2003, 1st Ex. Sess., Ch. 13, Sec. 2.

§§ 99000–99047 · 23 sections

1. CHAPTER 1. General Provisions §§ 99000–99003 · 4 sections

   • § 99000 This title shall be known and may be cited as the California Fiscal Recovery Financing Act.
   • § 99001 It is the intent of the Legislature in enacting this title to provide for an efficient, equitable, and economical means of funding the accumulated budget…
   • § 99002 The Legislature finds and declares as follows: (a) The bonds authorized to be issued by the authority under this title, and any ancillary obligations entered…
   • § 99003 Unless the context requires otherwise, the following definitions shall govern the construction of this title: (a) “Accumulated budget deficit” means the…
2. CHAPTER 2. California Fiscal Recovery Financing Authority §§ 99004–99007 · 4 sections

   • § 99004 (a) The California Fiscal Recovery Financing Authority is hereby created in state government solely for the purpose of the issuance and sale of the bonds and…
   • § 99005 The authority may do all of the following: (a) Sue and be sued. (b) Issue taxable or tax-exempt bonds for the purpose of funding the accumulated budget deficit…
   • § 99006 (a) The Director of Finance shall, as chairperson of the authority, take all actions necessary to have included in the annual Governor’s Budget for each fiscal…
   • § 99007 Section 10295 of, and Article 4 (commencing with Section 10335) of Chapter 2 of Part 2 of Division 2 of, the Public Contract Code do not apply to agreements…
3. CHAPTER 3. Fiscal Recovery Fund §§ 99008–99010 · 3 sections

   • § 99008 (a) The Fiscal Recovery Fund is hereby created as a special fund in the State Treasury. (b) Moneys in the Fiscal Recovery Fund shall be invested in the Surplus…
   • § 99009 Moneys held in the Fiscal Recovery Fund may not be borrowed by, or available for transfer to, the General Fund pursuant to Section 16310 or any similar…
   • § 99010 The Fiscal Recovery Fund may not be terminated until the Director of Finance provides the notification described in subdivision (b) of Section 99006.…
4. CHAPTER 4. Bond Provisions §§ 99011–99016 · 6 sections

   • § 99011 (a) The authority, at any time or from time to time, upon the request of the Director of Finance, may issue bonds for the purposes set forth in subdivision (b)…
   • § 99012 (a) The indenture may provide any or all of the following for the bonds: (1) The form of the bonds, which may be issued as serial bonds, term bonds, or…
   • § 99013 The proceeds of the bonds, exclusive of amounts required to be held by the authority for reserves, capitalized interest, or costs of issuance and ancillary…
   • § 99014 (a) At the discretion of the authority, any bonds issued pursuant to this title may be secured by an indenture by and between the authority and a trustee. The…
   • § 99015 (a) The authority may provide for the issuance of bonds any portion of which is to be used for the purpose of refunding outstanding bonds, including the…
   • § 99016 The exercise of the powers granted by this title shall be in all respects for the benefit of the people of the state. Any and all bonds issued by the…
5. CHAPTER 5. Miscellaneous Provisions §§ 99017–99047 · 6 sections

   • § 99017 This title, being necessary for the health, welfare, and safety of the people of the state, shall be liberally construed to effect its purposes.
   • § 99018 This title shall be deemed to provide a complete, additional, and alternative method for doing the things authorized in its provisions, and shall be regarded…
   • § 99019 Bonds issued pursuant to this title are a legal investment for any state special fund or trust fund, notwithstanding any provision of state or local law…
   • § 99020 (a) The authority may bring an action to determine the validity of any bonds to be issued, or ancillary obligations and other contracts to be entered into,…
   • § 99040 The Director of Finance shall immediately notify the Joint Legislative Budget Committee, the Executive Officer of the Franchise Tax Board, the Executive…
   • § 99047 The Director of Finance shall immediately notify the Joint Legislative Budget Committee, the Executive Director of the State Board of Equalization, and the…