California Education Code

§ 92493

EDC § 92493 Effective Jun 27, 2017Div. 9 · Title 3 · Part 57 · Ch. 5 · Art. 3

Statute text

(a)(1) The University of California may pledge, along with its other revenues, its annual General Fund support appropriation less the amount of that appropriation that is required to fund general obligation bond payments and the State Public Works Board rental payments, to secure the payment of any of the university’s general revenue bonds or commercial paper associated with the general revenue bond program and to secure payment for any availability payments, lease payments, installment payments, and other similar or related payments.

(2)To the extent the university pledges any part of its support appropriation as a source of revenue securing any obligation, it shall provide that this commitment of revenue is subject to annual appropriation by the Legislature.

(3)The university may fund debt service for capital expenditures defined in subdivision (b), and make availability payments, lease payments, installment payments, and other similar or related payments for capital expenditures defined in subdivision (b), from its General Fund support appropriation pursuant to Sections 92495 and 92495.5.

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Legislative history

Amended by Stats. 2017, Ch. 23, Sec. 17. (SB 85) Effective June 27, 2017.