CHAPTER 8. The California Pension Restructuring Bond Act of 2004

Chapter 8 added by Stats. 2004, Ch. 215, Sec. 4.

§§ 16940–16960 · 20 sections

1. 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…
2. 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.
3. 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…