Section 63052 Of Chapter 3. California Infrastructure And Economic Development Bank Fund From California Government Code >> Division 1. >> Title 6.7. >> Chapter 3.
63052
. (a) The bank may pledge any or all of the moneys in the fund
as security for payment of the principal of, and interest on, any
particular issuance of bonds issued pursuant to this chapter. The
bank may use any or all of the moneys in the fund, including the
grant account, to retain or purchase for retention or sale,
subordinated bonds issued by the bank, by a special purpose trust, or
by a sponsor pursuant to this chapter. For these purposes, or as
necessary or convenient to the accomplishment of any other purpose of
the bank, the bank may divide the fund into separate accounts or
subaccounts. All moneys accruing to the bank pursuant to this
division from any sources shall be deposited in the fund.
(b) Subject to priorities that may be created by the pledge of
particular moneys in the infrastructure bank fund to secure any
issuance of revenue bonds of the bank, a special purpose trust, or a
sponsor, and subject further to reasonable costs that may be incurred
by the bank in administering the program authorized by this
division, all moneys in the infrastructure bank fund derived from any
source, shall be held in trust for the security and payment of
revenue bonds of the bank, a special purpose trust, or a sponsor and
shall not be used or pledged for any other purpose so long as the
revenue bonds are outstanding and unpaid.
(c) Pursuant to any agreements with the holders of revenue bonds
pledging any particular assets, revenues, or moneys, the bank may
create separate accounts or subaccounts in the infrastructure bank
fund to manage these assets, revenues, or moneys in the manner set
forth in the agreements.
(d) The bank may, from time to time, direct the Treasurer to
invest moneys in the infrastructure bank fund that are not required
for its current needs, including proceeds from the sale of any bonds,
in any eligible securities specified in Section 16430 as the bank
shall designate. The bank may direct the Treasurer to deposit moneys
in interest-bearing accounts in any bank in this state or in any
savings and loan association in this state. The bank may
alternatively require the transfer of moneys in the infrastructure
bank fund to the Surplus Money Investment Fund for investment
pursuant to Article 4 (commencing with Section 16470) of Chapter 3 of
Part 2 of Division 4 of Title 2. Notwithstanding Section 16305.7,
all interest or other increment resulting from the investment or
deposit of moneys from the infrastructure bank fund shall be
deposited in the infrastructure bank fund. Moneys in the
infrastructure bank fund shall not be subject to transfer to any
other funds pursuant to any provision of Part 2 (commencing with
Section 16300) of Division 4 of Title 2, except to the Surplus Money
Investment Fund.
(e) Subject to any agreement with holders of particular bonds, in
furtherance of Section 51373 of the Health and Safety Code, and to
the extent permitted by law, the bank may also invest moneys of the
infrastructure bank fund, including, but not limited to, proceeds of
any of its bonds or refunding bonds, in obligations of financial
institutions as are permitted by board resolution. The bank may
alternatively require the transfer of moneys in the infrastructure
bank fund to the Surplus Money Investment Fund for investment
pursuant to Article 4 (commencing with Section 16470) of Chapter 3 of
Part 2 of Division 4 of Title 2.
(f) Subject to any agreement with the holders of particular bonds,
all interest or other increment resulting from the investment or
deposit shall be deposited in the infrastructure bank fund,
notwithstanding Section 16305.7. Moneys in the infrastructure bank
fund shall not be subject to transfer to any other fund pursuant to
Part 2 (commencing with Section 16300) of Division 4 of Title 2,
excepting the Surplus Money Investment Fund.
(g) The infrastructure bank fund shall be organized as a public
enterprise fund.
(h) The bank shall cause all moneys in the infrastructure bank
fund that are in excess of current requirements to be invested and
reinvested, from time to time.