Chapter 3. Small Craft Harbors of California Harbors And Navigation Code >> Division 6. >> Part 4. >> Chapter 3.
Whenever the commission determines by resolution that it is
necessary or desirable to obtain funds through the sale of bonds as
provided for in this part to provide loans to cities, cities and
counties, counties, and districts having power to acquire, construct,
and operate small craft harbors, for the planning, acquisition,
construction, improvement, maintenance, or operation of small craft
harbors and facilities in connection therewith, and connecting
waterways, in accordance with the provisions of the Division 1
(commencing with Section 30) of this code, the commission shall so
certify to the committee. Funds so secured shall not exceed, in the
aggregate, ten million dollars ($10,000,000).
The commission may expend from the Small Craft Harbor Bond
Fund in the manner authorized by law any and all funds therein
derived from the sale of bonds as provided in this part for the
purposes specified in Section 3950.
All money received by the commission in repayment of the
principal and interest of any loan made from funds secured under this
part shall be paid into the State Treasury to the credit of the
Small Craft Harbor Improvement Fund.
The commission shall make payments from the Small Craft
Harbor Improvement Fund to the Harbor Bond Sinking Fund as required
under Section 3918.