(a) For purposes of this section, “revolving fund” means the General Obligation Bond Expense Revolving Fund created pursuant to this section.
(b) There is in the State Treasury the General Obligation Bond Expense Revolving Fund, which shall consist of all moneys appropriated by the Legislature into that fund or payable into that fund in accordance with this section.
(c) All moneys in the revolving fund are hereby appropriated and shall be available without regard to fiscal years for all of the following:
(1) The payment of the expenses incurred by the Treasurer in having the bonds prepared and in advertising their sale or their prior redemption, and of the other costs described in subdivision (e) of Section 16727.
(2) For expenses incurred by the committee pursuant to Section 16758.
(3) For payment for legal services pursuant to Section 16760.
(d) Whenever bonds are sold, out of the first moneys realized from their sale, there shall be redeposited in the revolving fund the sums that have been expended for the purposes specified in subdivision (c), which may be used for the same purposes and repaid in the same manner whenever additional sales are made.
(Amended by Stats. 2010, Ch. 328, Sec. 86. (SB 1330) Effective January 1, 2011.)