Section 14936 Of Chapter 9. Golden State Financial Marketplace Program (gs $mart Program) From California Government Code >> Division 3. >> Title 2. >> Part 5.5. >> Chapter 9.
14936
. (a) The department shall develop a financing process that
requires, but shall not be limited to, all of the following:
(1) Confirmation that the term of financing shall be limited to
the average expected economic life of the asset or assets.
(2) Certification that the asset or assets to be financed are
eligible under Section 14934.
(3) A submission of an opinion of counsel from an independent law
firm of recognized standing in the field of law relating to the
exemption from federal income taxation on state or local bonds
confirming that the assets subject to the financing qualify for tax
exempt financing consistent with the Internal Revenue Code.
(4) The preparation and submission of payment schedules to the
Controller for use by the Controller in transferring funds
appropriated in the annual Budget Act to the state agency for
payments due under the financing program.
(5) Prior approval by the Department of Finance and prior approval
of the terms and conditions of the financing by the Treasurer for
each financing over $10,000,000.
(b) The Controller may direct the transfer of funds according to
the schedule or schedules submitted by the department pursuant to the
GS $Mart Program.
(c) The department, in consultation with the Department of
Finance, shall be responsible for the continued development and
administration of, at a minimum, financing applications,
instructions, and application approval pursuant to the GS $Mart
Program.