(a) (1) The State Public Works Board may issue lease-revenue bonds, notes, or bond anticipation notes in an amount not exceeding seven hundred fifty-five million five hundred ninety-one thousand dollars ($755,591,000) pursuant to Chapter 5 (commencing with Section 15830) of Part 10b of Division 3 to finance the acquisition, design, and construction of the projects authorized by Section 9112.
(2) The amount described in paragraph (1) shall be available in addition to any other funds that may be available for the projects authorized by Section 9112, including, but not limited to, transfers from the State Project Infrastructure Fund, as contemplated in subparagraph (C) of paragraph (2) of subdivision (a) of Section 14692.
(b) The State Public Works Board, together with the Department of General Services or the Joint Rules Committee, as applicable, may obtain interim financing for the costs of the projects authorized by Section 9112 from any appropriate source, provided that the Joint Rules Committee or its designated representative agrees in advance to any interim financing obtained pursuant to this subdivision.
(c) Notwithstanding Section 13340, funds derived from the financing methods authorized by this section are hereby continuously appropriated to the State Public Works Board on behalf of the Department of General Services or the Joint Rules Committee, as applicable, for the acquisition, design, and construction of the projects authorized by Section 9112.
(d) The Department of General Services and the Joint Rules Committee are authorized and directed to execute and deliver any and all leases, contracts, agreements, or other documents necessary or advisable to consummate the issuance of the bonds by the State Public Works Board or otherwise effectuate the financing for the projects authorized by Section 9112.
(e) In the event that the bonds authorized by this section are not sold, the Department of General Services or the Joint Rules Committee, as applicable and as agreed to pursuant to subdivision (b), shall commit a sufficient portion of its budget to repay any interim financing.
(f) It is the intent of the Legislature that available cash sources, including, but not limited to, an allocation of the moneys deposited into the State Project Infrastructure Fund prior to 2018 and moneys appropriated in the Budget Act of 2018, be used to the maximum extent available to fund the projects authorized by Section 9112 before utilizing the lease-revenue bond authority provided by this section.
(Added by Stats. 2018, Ch. 40, Sec. 2. (AB 1826) Effective June 27, 2018.)