California Government Code 99060 – (a) The proceeds of bonds issued and sold pursuant to this title …
(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 Treasury.
(b) Moneys in the fund shall be invested in the Surplus Money Investment Fund, and any income from that investment shall be credited to the fund.
Terms Used In California Government Code 99060
- Committee: means the Economic Recovery Financing Committee created pursuant to Section 99055. See California Government Code 99051
- Fund: means the Economic Recovery Fund created pursuant to Section 99060. See California Government Code 99051
- State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18
(c) Except for amounts necessary to pay costs of issuance, administrative costs, and any other costs payable in connection with the bonds, and to retire or refund bonds issued and sold pursuant to this title or bonds issued and sold under Title 17 (commencing with Section 99000), the remaining balance of the fund, as determined by the committee, shall be transferred to the General Fund to fund the purposes set forth in this title.
(Added by Stats. 2003, 5th Ex. Sess., Ch. 2, Sec. 3. Approved in Proposition 57 at the March 2, 2004, election.)