The Legislature finds and declares all of the following:
(a) There is a growing need for the state to finance capital projects to renew and expand the state’s infrastructure through the use of various types of revenue obligations that are paid from the General Fund.
(b) The need for these capital expenditures could also offer a simple way for California families to save for the costs of higher education and other significant expenditures that must be planned for over an extended period of time.
(c) Families need convenient and simple methods to make secure investments for major expenses, such as funding higher education expenses.
(d) The California Savings Bond Program will benefit the state by providing sources of revenue for capital redevelopment projects and will benefit individuals and families by providing a simple and safe method of saving funds for expenses, such as higher education expenses.
(e) Families who use this program for college savings should not be penalized by the financial aid system.
(Added by Stats. 1992, Ch. 954, Sec. 1. Effective January 1, 1993.)