Section 16320 Of Chapter 1. General From California Government Code >> Division 4. >> Title 2. >> Part 2. >> Chapter 1.
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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.