§ 15819.27. — 15819.27. (Amended by Stats. 1993, Ch. 712, Sec. 2.)

California § 15819.27.

• Jurisdiction: California
• Code GOV: Government Code - GOV
• Div.: 3.
• Title 2.: DIVISION 3. EXECUTIVE DEPARTMENT
• Part 10b.: PART 10b. STATE BUILDING CONSTRUCTION
• Ch. 3.1.: CHAPTER 3.1. Lease-Purchase Financing of Prison Construction

Text

(a)
The necessary funding for the construction of the prison facility authorized by Section 3 of Chapter 981 of the Statutes of 1990 may be obtained through lease-purchase financing arrangements. Sections 15819.1 to 15819.13, inclusive, and Section 15819.15 shall apply for this purpose, provided that the following also applies:
(1)
“Prison facility,” as used in Section 15819.1 includes the California State Prison-Madera County.
(2)
Notwithstanding the limitation imposed by Section 15819.3 regarding the amount of bonds to be issued for construction, acquisition, and financing of prison facilities, the State Public Works Board may issue additional bonds in order to pay the costs of acquiring and constructing or refinancing the prison facility authorized by Section 3 of Chapter 981 of the Statutes of 1990.
(b)
Notwithstanding Section 13340, funds derived from the lease-purchase financing methods for the prison facility authorized by Section 3 of Chapter 981 of the Statutes of 1990 deposited in the State Treasury, are hereby continuously appropriated to the State Public Works Board on behalf of the Department of Corrections for the purpose of acquiring and constructing or refinancing the prison facility so financed.
Funds so appropriated shall be available as necessary
for the purposes of site acquisition, site studies, master planning, architectural programming, schematics, preliminary plans, working drawings, construction, long lead and equipment items, and mitigation costs of school districts if the mitigation item is an allowable cost for any program under the jurisdiction of the State Allocation Board.
The sum of one hundred fifty-two million dollars ($152,000,000) shall be available for capital outlay for the prison facility authorized by Section 3 of Chapter 981 of the Statutes of 1990 from funds derived from lease-purchase financing methods.
(c)
The State Public Works Board may authorize the augmentation of the cost of construction of the project set forth in this section pursuant to the board’s authority under Section 13332.11. In addition, the State Public Works Board may authorize any additional amounts necessary to establish a reasonable construction
reserve and to pay the costs of financing, including the payment of interest during acquisition or construction of the project, the cost of financing a debt service reserve fund, and the cost of issuance of permanent financing for the project. This additional amount may include interest payable on any interim loan for the facility from the General Fund or the Pooled Money Investment Account pursuant to Section 16312.

Legislative History

Amended by Stats. 1993, Ch. 712, Sec. 2. Effective October 4, 1993.