(a) Notwithstanding § 13340 of the Government Code or any other provision of law, moneys in the fund are appropriated without regard to fiscal years to the institute for the following purposes:

(1) Making grants or loans to fund research and construct facilities for research, all as described in and pursuant to Section 125290.70.5.

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

(2) Paying general administrative costs of the institute (not to exceed 3.5 percent in accordance with subparagraph (A) of paragraph (2) of subdivision (a) of Section 125290.70.5).

(3) Paying the annual administration costs of any interim debt or bonds after December 31 of the fifth full calendar year after this section takes effect.

(4) Paying the costs of issuing interim debt, paying the annual administration costs of the interim debt until and including December 31 of the fifth full calendar year after this section takes effect, and paying interest on interim debt, if such interim debt is incurred or issued on or prior to December 31 of the fifth full calendar year after this section takes effect.

(5) Paying the costs of issuing bonds, paying the annual administration costs of the bonds until and including December 31 of the fifth full calendar year after this section takes effect, and paying interest on bonds that accrues on or prior to December 31 of the fifth full calendar year after this section takes effect, except that such limitation does not apply to premium and accrued interest as provided in Section 125291.150.

(b) Moneys in the fund or other proceeds of the sale of bonds authorized by this article may be used to pay principal of, redemption price, including accrued interest, or premium on any interim debt issued prior to the initial issuance of bonds authorized by this article. Moneys deposited in the fund from the proceeds of interim debt may be used to pay general administrative costs of the institute without regard to the 3.5 percent limit set forth in paragraph (2) of subdivision (a), so long as such 3.5 percent limit is satisfied for each issue of bonds.

(c) Repayment of principal and interest on any loans made by the institute pursuant to this article shall be deposited in the fund and used for the purposes of Section 125290.70.5, including the institute’s administrative costs, or for paying continuing costs of the annual administration of outstanding bonds.

(Added November 3, 2020, by initiative Proposition 14, Sec. 24. Effective on December 16, 2020.)