TITLE 18. THE ECONOMIC RECOVERY BOND ACT [99050. - 99077.]

Title 18 added by Stats. 2003, 5th Ex. Sess., Ch. 2, Sec. 3.

§§ 99050–99077 · 17 sections

1. CHAPTER 1. General Provisions §§ 99050–99051 · 2 sections

   • § 99050 (a) This title shall be known and may be cited as the Economic Recovery Bond Act. (b) The Legislature finds and declares that it is essential to the public…
   • § 99051 As used in this title, the following terms have the following meanings: (a) (1) “Accumulated state budget deficit” has the same meaning as in Section 1.3 of…
2. CHAPTER 2. Economic Recovery Financing Committee § 99055 · 1 section

   • § 99055 (a) Solely for the purpose of authorizing the issuance and sale pursuant to the State General Obligation Bond Law of the bonds authorized by this title and the…
3. CHAPTER 3. Economic Recovery Fund §§ 99060–99064 · 3 sections

   • § 99060 (a) The proceeds of bonds issued and sold pursuant to this title shall be deposited in the Economic Recovery Fund, which is hereby established in the State…
   • § 99062 Out of the first money realized from the sale of bonds as provided in this chapter, there shall be redeposited in the General Obligation Bond Expense Revolving…
   • § 99064 The proceeds of the bonds issued and sold pursuant to this chapter shall be available for the purpose of providing an efficient, equitable, and economical…
4. CHAPTER 4. Bond Provisions §§ 99065–99077 · 11 sections

   • § 99065 (a) Subject to subdivision (b), bonds in the total amount of fifteen billion dollars ($15,000,000,000), not including the amount of any refunding bonds issued…
   • § 99066 The bonds authorized by this title shall be prepared, executed, issued, sold, paid, and redeemed as provided in the State General Obligation Bond Law (Chapter…
   • § 99067 For purposes of this title, the Department of Finance is designated the “board” as that term is used in the State General Obligation Bond Law.
   • § 99069 Notwithstanding any other provision of this title, or of the State General Obligation Bond Law, if the Treasurer sells bonds pursuant to this title that…
   • § 99070 (a) (1) The committee shall determine whether or not it is necessary or desirable to issue bonds authorized pursuant to this title in order to carry out the…
   • § 99071 The principal of and interest on the bonds and the payment of any ancillary obligations shall be payable from and secured by a pledge of all state sales and…
   • § 99072 (a) Notwithstanding Section 13340, there is hereby continuously appropriated from the Fiscal Recovery Fund established pursuant to Section 99008 an amount that…
   • § 99074 All money deposited in the Economic Recovery Fund that is derived from accrued interest on bonds sold shall be reserved in that fund and shall be available for…
   • § 99075 The bonds may be refunded in accordance with Article 6 (commencing with Section 16780) of Chapter 4 of Part 3 of Division 4 of Title 2, which is a part of the…
   • § 99076 The Legislature hereby finds and declares that, inasmuch as the proceeds from the sale of bonds authorized by this title are not “proceeds of taxes” as that…
   • § 99077 The state hereby pledges and agrees with the holders of any bonds issued pursuant to this title that it will not reduce the rate of imposition of either of the…