The board may finance prison facilities using lease-purchase financing arrangements by the issuance of bonds pursuant to Chapter 5 (commencing with Section 15830). The construction and acquisition of prison facilities or the financing of prison facilities constitutes the construction of public buildings for the purposes of Chapter 5 (commencing with Section 15830). In addition to the cost of construction, the board may authorize any additional amounts necessary to pay the costs of financing, including, but not limited to, interest during construction of the project and a reasonably required reserve fund.
The total amount of bonds issued pursuant to this section shall not exceed six hundred fifty million dollars ($650,000,000).
(Amended by Stats. 1986, Ch. 532, Sec. 2. Effective August 20, 1986.)