This text of California § 16320. (16320. (Amended by Stats. 2011, Ch. 11, Sec. 11.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
(a)Unless otherwise prohibited by law, moneys in the State Treasury may be loaned from one state fund or account to any other state fund or account to address the 2001–02, 2002–03, and 2003–04 fiscal year budgetary shortfalls, subject to all of the following conditions:
(1)The loan is authorized in the 2002 Budget Act, legislation enacted in a 2003–04 Extraordinary Session, or the 2003 Budget Act.
(2)The terms and conditions of the loan, including an interest rate, are set forth in the loan authorization.
(3)The loan is considered part of the balance
of the fund or account that received the funds for the purpose of accounting and budgeting, including any determination made pursuant to Section 13307.
(4)The loan is not deducted from the balance of the fund or account from which t
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(a)
Unless otherwise prohibited by law, moneys in the State Treasury may be loaned from one state fund or account to any other state fund or account to address the 2001–02, 2002–03, and 2003–04 fiscal year budgetary shortfalls, subject to all of the following conditions:
(1)
The loan is authorized in the 2002 Budget Act, legislation enacted in a 2003–04 Extraordinary Session, or the 2003 Budget Act.
(2)
The terms and conditions of the loan, including an interest rate, are set forth in the loan authorization.
(3)
The loan is considered part of the balance
of the fund or account that received the funds for the purpose of accounting and budgeting, including any determination made pursuant to Section 13307.
(4)
The loan is not deducted from the balance of the fund or account from which the loan is made for purposes of calculating a fee or assessment.
(5)
A fee or assessment is not increased as a result of a loan.
(6)
Moneys loaned under this section are not considered a transfer of resources for purposes of determining the legality of the use of those moneys by the fund or account from which the loan is made or the fund or account that received the loan.
(b)
(1)
Unless law authorizing any budgetary loan states otherwise, the Director of Finance shall order the repayment of all or a
portion of any budgetary loan, including, but not limited to, those loans described in subdivision (a), if he or she determines that either of the following circumstances exists:
(A)
The fund or account from which the loan was made has a need for the moneys.
(B)
There is no longer a need for the moneys in the fund or account that received the loan.
(2)
The Director of Finance shall notify, in writing, the Chairperson of the Joint Legislative Budget Committee within 30 days of ordering the repayment of any of these loans.
(c)
On August 1 of each year, the Director of Finance shall report in writing to the Chairperson of the Joint Legislative Budget Committee the balances of any outstanding budgetary loans as of the preceding June 30.
(d)
On February 1 of each year, the Director of Finance shall report in writing to the Chairperson of the Joint Legislative Budget Committee the balances of any outstanding budgetary loans as of the preceding December 31.
(e)
The August 1 and February 1 reports described in subdivisions (c) and (d), respectively, shall include a summary of the General Fund budgetary obligations for future payment of deferred or suspended expenditures or transfers to any special fund or account and the dates that the obligations are due.