CHAPTER 12.48. Seismic Retrofit Bond Act of 1996

Chapter 12.48 added by Stats. 1995, Ch. 310, Sec. 1.

§§ 8879–8879.16 · 16 sections

1. ARTICLE 1. General Provisions §§ 8879–8879.2 · 3 sections

   • § 8879 (a) This chapter shall be known as the Seismic Retrofit Bond Act of 1996. (b) This chapter shall only become operative upon adoption by the voters at the March…
   • § 8879.1 (a) The Legislature finds and declares that the completion of seismic safety retrofit work is essential to the welfare and economy of the state. (b) It is the…
   • § 8879.2 As used in this chapter, the following terms have the following meanings: (a) “Board” means any department receiving an allocation from the Department of…
2. ARTICLE 2. Seismic Retrofit Bond Fund and Program § 8879.3 · 1 section

   • § 8879.3 The Seismic Retrofit Bond Fund of 1996 is hereby created in the State Treasury. The proceeds of bonds issued and sold pursuant to this chapter for the purposes…
3. ARTICLE 3. Fiscal Provisions §§ 8879.5–8879.16 · 12 sections

   • § 8879.5 Bonds in the total amount of two billion dollars ($2,000,000,000), exclusive of refunding bonds, or so much thereof as is necessary, are hereby authorized to…
   • § 8879.6 The bonds authorized by this chapter shall be prepared, executed, issued, sold, paid, and redeemed as provided in the State General Obligation Bond Law…
   • § 8879.7 (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 chapter,…
   • § 8879.8 Upon request of the board stating that funds are needed for earthquake relief purposes, the committee shall determine whether or not it is necessary or…
   • § 8879.9 There shall be collected annually, in the same manner and at the same time as other state revenue is collected, a sum of money in addition to the ordinary…
   • § 8879.10 Notwithstanding Section 13340, there is hereby appropriated from the General Fund in the State Treasury, for the purposes of this chapter, an amount that will…
   • § 8879.11 The board may request the Pooled Money Investment Board to make a loan from the Pooled Money Investment Account, in accordance with Section 16312, for purposes…
   • § 8879.12 For the purpose of carrying out this chapter, the Director of Finance may, by executive order, authorize the withdrawal from the General Fund of any amount or…
   • § 8879.13 The bonds may be refunded in accordance with Article 6 (commencing with Section 16780) of the State General Obligation Bond Law. Approval by the electors of…
   • § 8879.14 Notwithstanding anything in the State General Obligation Bond Law, the maximum maturity of any bonds authorized by this chapter shall not exceed 30 years from…
   • § 8879.15 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” as that…
   • § 8879.16 Notwithstanding any provision of the State General Obligation Bond Law with regard to the proceeds from the sale of bonds authorized by this chapter that are…