Section 17311 Of Part 5. State Of California Notes From California Government Code >> Division 4. >> Title 2. >> Part 5.
17311
. (a) There is hereby appropriated from the General Fund
without regard to fiscal years two hundred fifty thousand dollars
($250,000), which shall be set aside in a special account entitled
State Notes Expense Account, and shall be used to pay expenses
incurred by the Treasurer, Controller, or the Department of Finance
in providing for the preparation, sale, issuance, advertising, legal
services, or any other act which, in the discretion of the Treasurer
or the Department of Finance, is necessary to carry out the purposes
of this part. This account shall operate as a revolving fund and
whenever notes are sold, out of the first money realized from their
sale, any remaining expenses shall be paid and then there shall be
redeposited in the account any amounts that have been expended for
the above purposes, which amounts may be used for the same purposes
and repaid in the same manner whenever additional sales are made.
Without limiting Section 17300, a demand drawn under Section 17300
may include the expenses described in this subdivision. In the
alternative, all or a portion of the expenses described in this
subdivision may be paid by causing the notes to bear interest at a
rate that results in payment by the purchaser of the notes of a
premium sufficient to pay these expenses.
(b) Any premium received upon the sale of an issuance of notes
shall be applied to expenses described in subdivision (a) or shall be
credited to the General Fund and applied to the payment of interest
on notes.