PART 3. STATE BONDS
Part 3 added by Stats. 1945, Ch. 120.
§§ 16650–16965.1 · 118 sections
CHAPTER 1. General §§ 16650–16654 · 5 sections
- § 16650 As used in this part, “fiscal agent” means any state fiscal agent selected and acting pursuant to Chapter 2 (commencing with Section 16670).
- § 16651 Whenever the statute of limitations has run against any outstanding bond or coupon issued by the State, the Treasurer may, at such time as he may determine,…
- § 16652 Whenever it appears to the Treasurer, upon competent proof, that any bonds, coupons, or other evidences of state indebtedness, except warrants, have been lost…
- § 16653 The expense incurred by the State Treasurer and his agents in the payment of bonds and bond coupons upon maturity or when called for prior redemption is a part…
- § 16654 The Controller shall establish and maintain accounts and perform accounting transactions as determined by the Treasurer to be necessary to comply with all…
CHAPTER 2. State Fiscal Agent §§ 16670–16679 · 8 sections
- § 16670 Upon the recommendation of the Treasurer, the Governor may designate well-known and responsible banking firms or associations, or incorporated banking…
- § 16672 With the approval of the Governor, the Treasurer may fix the amount of and require bonds from any fiscal agent to the State, conditioned on the faithful…
- § 16673 Subject to the approval of the Governor, the Treasurer may do all things necessary or proper to effectuate the purposes of this chapter, including, among…
- § 16674 All bonds and coupons issued by the State, which by their terms are payable at the Office of the Treasurer, without further designation of a place of payment,…
- § 16676 At such time as the Treasurer may fix with the approval of the Governor in accordance with Section 16673; (a) the Controller shall draw his warrant for the…
- § 16677 Any fiscal agent shall promptly notify the remitting officer of the receipt of the remittances and shall promptly cancel paid bonds and coupons and return them…
- § 16678 Any fiscal agent may redeem state bonds and coupons when duly presented to it by the holder, with or without a certificate making them payable at a fiscal…
- § 16679 Express charges and postage are a proper charge against the State.
CHAPTER 3. Duplicate Bonds §§ 16700–16707 · 8 sections
- § 16700 As used in this chapter, “instrument” means bonds, coupons, and other evidences of State indebtedness, except warrants.
- § 16701 Whenever it appears to the Treasurer upon competent proof that any instrument has been lost or destroyed and the required security is deposited, he may issue…
- § 16702 If the Treasurer refuses to issue or cause to be issued new instruments to replace those lost or destroyed, the owner may apply to the Superior Court of the…
- § 16703 A copy of the petition for the order to show cause shall be served upon the Treasurer not less than 10 days prior to the time set for the hearing.
- § 16704 If the court finds that the petitioner is the lawful owner of the instruments described in the petition, that they have been lost or destroyed and can not…
- § 16705 Before the Treasurer may issue a new instrument or pay the indebtedness represented by a lost or destroyed instrument, the owner shall give security in (a)…
- § 16706 The owner shall pay all costs and expenses in connection with the issuance of any new instrument.
- § 16707 Every new instrument and every coupon of any instrument so issued shall state upon its face the number and denomination of the instrument for which it is…
CHAPTER 4. State General Obligation Bonds §§ 16720–16787 · 51 sections
ARTICLE 1. General §§ 16720–16727 · 12 sections
- § 16720 This chapter shall be known and may be cited as the State General Obligation Bond Law.
- § 16721 The purpose of this chapter is to provide a procedure which may be adopted by other acts for use with whatever modifications are necessary in authorizing the…
- § 16722 As used in this chapter, the following terms shall have the following meaning unless the context otherwise requires: (a) “Board” means the state board,…
- § 16723 Any bond act may adopt the provisions of this chapter by reference to its short title, and such reference shall serve to incorporate the provisions of this…
- § 16724 The bond act shall contain all of the following provisions: (a) A statement of the total amount of bonds authorized to be issued and the purpose for which the…
- § 16724.4 Any state bond measure approved by the voters on or after January 1, 2004, shall be subject to an annual reporting process, as follows: (a) The head of the…
- § 16724.5 (a) For purposes of this section, “revolving fund” means the General Obligation Bond Expense Revolving Fund created pursuant to this section. (b) There is in…
- § 16724.6 There is hereby transferred from any bond fund created for the proceeds of sales of state general obligation bonds, the amounts necessary to reimburse the…
- § 16724.7 Costs incurred by the state in connection with state general obligation bonds bearing variable interest rates that are different from costs determined by the…
- § 16725 The Controller, the State Treasurer and the committee shall keep full and particular account and record of all their proceedings under the bond act and this…
- § 16726 Upon request of the board stating that the purposes for which the bonds were issued and sold has been effected, the committee shall certify this fact to the…
- § 16727 Proceeds from the sale of any bonds issued pursuant to this chapter shall be used only for the following purposes: (a) The costs of construction or acquisition…
ARTICLE 2. Issuance of Bonds §§ 16730–16737 · 9 sections
- § 16730 Upon request of the board, supported as required in the bond act, the committee shall determine the necessity or desirability of obtaining interim financing…
- § 16731 Whenever the committee determines that the sale of all or any part of the bonds authorized to be issued is necessary or desirable, it shall adopt a resolution…
- § 16731.5 (a) Notwithstanding any other provision of this chapter, the committee may provide for the issuance of all or part of the bonds authorized to be issued as zero…
- § 16731.6 (a) Notwithstanding any other provision of this chapter, and as an alternative to the procedures set forth in Section 16731, the committee may provide for the…
- § 16732 In determining the dates of maturity of the bonds, and the amount thereof to mature at each date of maturity, the committee shall be guided, so far as it may…
- § 16733 The rate of interest to be borne by the bonds need not be uniform for all bonds of the same issue, and shall be the rate or rates specified in the bid or…
- § 16734 Both principal of and interest on the bonds shall be payable in lawful money of the United States, at the Office of the State Treasurer, or at the office of…
- § 16735 Each bond shall contain a reference to the bond act, and if subject to call, tender, or redemption prior to maturity, a recital to that effect.
- § 16737 (a) When the committee deems it in the best interests of the state, it may authorize the Treasurer, upon those terms and conditions that may be fixed by the…
ARTICLE 3. Preparation and Execution of Bonds §§ 16740–16743 · 4 sections
- § 16740 After the adoption by the committee of any resolution in conformity with Section 16731, 16731.5, or 16731.6, the Treasurer shall arrange for the preparation of…
- § 16741 All bonds shall bear the facsimile signature of the Governor, the facsimile signature of the Controller, and the facsimile signature of the Treasurer, and each…
- § 16742 Whenever the committee may determine by resolution that for any reason any bonds which have been prepared and executed under the foregoing provisions should…
- § 16743 If the right to do so has been reserved in the resolution adopted in conformity with Section 16731, 16731.5, or 16731.6, temporary or interim bonds, notes,…
ARTICLE 4. Sale of Bonds §§ 16752–16760 · 12 sections
- § 16752 The Treasurer may from time to time, by electronic means or by public announcement at the place and at or before the time fixed for a competitive sale of…
- § 16752.1 The Treasurer may cancel or postpone a competitive sale of bonds to an indefinite date by public announcement, including by electronic means, made prior to or…
- § 16753 (a) Each bid at a competitive sale shall be submitted to the Treasurer in the form and by the means specified by the Treasurer by public announcement. (b) Each…
- § 16754 (a) The bonds specified in the resolution shall be sold by the Treasurer, at the time fixed by the Treasurer, and upon the notice that the Treasurer may deem…
- § 16754.3 (a) The bonds specified in the resolution shall be sold by the Treasurer, at the time fixed by the Treasurer, and upon the notice that the Treasurer may deem…
- § 16754.5 Notwithstanding any provision in this article to the contrary, bonds to provide farm and home aid for veterans in accordance with the Veterans’ Farm and Home…
- § 16755 (a) The deposit of each unsuccessful bidder shall be returned to the bidder promptly upon the rejection of the bidder’s bid or the acceptance of another bid.…
- § 16756 Upon payment in full, the bonds shall be delivered to the purchaser in definitive form, unless the right to deliver temporary securities has been reserved or…
- § 16757 (a) The proceeds of each sale of bonds, and the amount that may have been paid as accrued interest on the bonds, shall be forthwith paid over by the Treasurer…
- § 16758 All actual and necessary expenses of the committee and of the members thereof incurred in the performance of their duties shall be paid out of the fund. Such…
- § 16759 The Treasurer shall submit to the Chairperson of the Joint Legislative Budget Committee, after each sale of bonds authorized to be sold under this chapter, an…
- § 16760 Whenever the committee deems that it will increase the salability or the price of the bonds to obtain, prior to or after sale, a legal opinion, other than that…
ARTICLE 5. Payment, Cancellation, and Redemption of Bonds §§ 16770–16774 · 5 sections
- § 16770 The State Treasurer, directly or through state fiscal agents, or other duly authorized agents, shall, on the respective dates of maturity of all bonds, or on…
- § 16771 Upon the payment of any such bond or coupon, the State Treasurer, or the state fiscal agent, or other duly authorized agent, shall cancel the same in a manner…
- § 16772 The State Treasurer, or state fiscal agents, or other duly authorized agents, may destroy or cremate any or all bonds and any or all coupons pertaining thereto…
- § 16773 (a) Whenever any payment of principal of any bonds shall become due, either upon the maturity of any of the bonds or upon the redemption thereof prior to…
- § 16774 (a) If the committee determines that any bonds then outstanding, including bonds that by their terms are subject to redemption prior to maturity, should be…
ARTICLE 6. Refunding Bonds §§ 16780–16787 · 9 sections
- § 16780 (a) The committee may provide for the issuance and sale or exchange of refunding bonds for the purpose of redeeming, retiring, or purchasing for retirement,…
- § 16781 (a) Except as otherwise provided in this article or in subdivision (b), all of the provisions of this chapter are applicable to the issuance and sale of…
- § 16781.5 Notwithstanding any other provision of this article, the renewal and reissuance from time to time of commercial paper notes within the amount and time of a…
- § 16782 (a) Refunding bonds may be issued in a principal amount sufficient to provide funds, either directly or by the purchase of nonredeemable securities, the…
- § 16783 Refunding bonds may be issued before the first date upon which the bonds being refunded are subject to call or redemption. The final maturity date of any…
- § 16784 The Refunding Escrow Fund is hereby created as a special fund in the State Treasury and is continuously appropriated for the purposes of this section. The…
- § 16785 Refunding bonds shall be valid and binding obligations of the State of California, and the full faith and credit of the State of California shall be pledged…
- § 16786 This article applies only to the refunding of bonds authorized at a statewide election held after the effective date of this article pursuant to a bond act…
- § 16787 In any report of outstanding general obligation bonds or bonded debt of the state, the Controller shall include both refunding bonds and bonds which have been…
CHAPTER 5. State Indebtedness §§ 16800–16817 · 15 sections
- § 16800 In 1962 the electorate repealed Sections 2, 3, 4, 41/2, 5, 6, 8, 81/2, 15, 16, 16.5, 17, 18, 19, 19.5, 20, and 21 of Article XVI of the Constitution and…
- § 16804 The issuance and sale of bonds of the State of California in the sum of two hundred million dollars ($200,000,000) and the use and disposition of the proceeds…
- § 16805 The issuance and sale of one thousand bonds of the State of California in the denomination of one thousand dollars each, and the use and disposition of the…
- § 16806 The issuance and sale of bonds of the State of California, not exceeding in the aggregate the sum of one hundred million dollars ($100,000,000), and the use…
- § 16807 The issuance and sale of 10,000 bonds of the State of California in the denomination of one thousand dollars ($1,000) each, and the use and disposition of the…
- § 16808 The issuance and sale of bonds of the State of California in the sum of sixty million dollars ($60,000,000) and the use and disposition of the proceeds of the…
- § 16809 Bonds of the State of California shall be prepared, issued, and sold in the amount of two hundred fifty million dollars ($250,000,000), in such denominations,…
- § 16810 The issuance and sale of bonds of the State of California, not exceeding in the aggregate the sum of one hundred fifty million dollars ($150,000,000), and the…
- § 16811 Bonds of the State of California shall be prepared, issued, and sold in the amount of one hundred eighty-five million dollars ($185,000,000), in such…
- § 16812 Bonds of the State of California shall be prepared, issued, and sold in the amount of one hundred million dollars ($100,000,000), in such denominations, to be…
- § 16813 Bonds of the State of California shall be prepared, issued, and sold in the amount of one hundred million dollars ($100,000,000), in such denominations, to be…
- § 16814 Bonds of the State of California shall be prepared, issued, and sold in the amount of two hundred twenty million dollars ($220,000,000), in such denominations,…
- § 16815 The issuance and sale of bonds of the State of California in the sum of two hundred million dollars ($200,000,000) and the use and disposition of the proceeds…
- § 16816 Bonds of the State of California shall be prepared, issued, and sold in the amount of three hundred million dollars ($300,000,000), in such denominations, to…
- § 16817 The issuance and sale of bonds of the State of California, not exceeding in the aggregate the sum of four hundred million dollars ($400,000,000), and the use…
CHAPTER 6. Minority and Women Business Participation Goals for Professional Bond Services §§ 16850–16857 · 9 sections
- § 16850 (a) Notwithstanding any other provision of law, each awarding department shall have annual statewide participation goals of not less than 15 percent for…
- § 16851 As used in this chapter, the following definitions apply: (a) “Awarding department” means any agency, department, constitutional officer, governmental entity,…
- § 16852 Notwithstanding Section 16850, if a contract for professional bond services of an underwriter is to be obtained by competitive bid, the awarding department…
- § 16852.5 (a) Any awarding department taking bids in connection with the award of any contract shall provide, in the general conditions under which bids will be…
- § 16853 (a) The awarding department shall establish a method of monitoring adherence to the goals specified in Section 16850, including requiring a followup report…
- § 16854 In implementing this chapter, the awarding department shall utilize existing resources such as the Office of Small and Minority Business.
- § 16855 Beginning July 1, 1989, and on January 1, 1990, and on January 1 of each year thereafter, each awarding department shall report to the Governor and the…
- § 16856 (a) Notwithstanding anything in this chapter to the contrary, the validity or enforceability of any bonds to which this chapter applies shall not be affected…
- § 16857 (a) It shall be unlawful for a person to: (1) Knowingly and with intent to defraud, fraudulently obtain, retain, attempt to obtain or retain, or aid another in…
CHAPTER 8. The California Pension Restructuring Bond Act of 2004 §§ 16940–16960 · 20 sections
ARTICLE 1. General Provisions §§ 16940–16943 · 4 sections
- § 16940 This chapter shall be known and may be cited as the California Pension Restructuring Bond Act of 2004.
- § 16941 It is the intent of the Legislature, in enacting this chapter, to provide for an efficient, equitable, and economical means of satisfying certain pension…
- § 16942 The Legislature hereby finds and declares that the state’s obligation to pay its pension obligations to the Public Employees’ Retirement System in the amounts…
- § 16943 Unless the context otherwise requires, the following definitions shall govern the construction of this chapter: (a) “Ancillary obligation” means the obligation…
ARTICLE 2. Issuance of Bonds to Finance the Program §§ 16945–16954 · 10 sections
- § 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 of the Director of…
- § 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 from the…
- § 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…
- § 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…
- § 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,…
- § 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…
- § 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…
- § 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 and any…
- § 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 to fund or refund…
- § 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 16929.
ARTICLE 3. Miscellaneous Provisions §§ 16955–16960 · 6 sections
- § 16955 This chapter, being necessary for the health, welfare, and safety of the state and its residents, shall be liberally construed to effect its purposes.
- § 16956 This chapter shall be deemed to provide a complete and alternative authorization to take the actions necessary to implement this chapter, and shall be regarded…
- § 16957 Section 10295 of the Public Contract Code and Article 4 (commencing with Section 10335) of Chapter 2 of Part 2 of Division 2 of the Public Contract Code do not…
- § 16958 Bonds issued pursuant to this chapter are a legal investment for any state special fund or trust fund, notwithstanding any provision of law limiting the…
- § 16959 The committee may bring an action to determine the validity of any bonds to be issued, or any ancillary obligations and other contracts to be entered into,…
- § 16960 Notwithstanding Section 13340, there is hereby continuously appropriated, without regard to fiscal year, from the General Fund for the purposes of this…
CHAPTER 9. Transportation Debt Service Fund §§ 16965–16965.1 · 2 sections
- § 16965 (a) (1) The Transportation Debt Service Fund is hereby created in the State Treasury. Moneys in the fund shall be dedicated to all of the following purposes:…
- § 16965.1 (a) (1) The loan repayment dates relative to State Highway Account loans to the General Fund that are specified in the provisional language of the following…