Section 67480 Of Title 7.75. California State University, Channel Islands Site Authority Act From California Government Code >> Title 7.75.
67480
. (a) (1) The California State University, Channel Islands
Site Authority Fund is hereby created in the State Treasury, to be
administered by the authority. Notwithstanding Section 13340, all
moneys in the fund are continuously appropriated to the authority
without regard to fiscal years for the purposes of this title.
(2) All capital plans for the university portion of the site that
are proposed to be funded through moneys in the fund shall be
included in the annual five-year Capital Outlay Program report of the
California State University that is submitted to the Legislature and
the Governor each year.
(b) The authority 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 pursuant to this title.
(c) As necessary or convenient to accomplish any purpose of this
title, the authority may divide the fund into separate accounts.
(d) All moneys accruing to the authority pursuant to this title
from any source shall be deposited in the fund.
(e) (1) Subject to any priorities created by the pledge of
particular moneys in the fund to secure any issuance of bonds of the
authority, and to reasonable administrative costs incurred by the
authority in implementing this title, all moneys in the fund,
regardless of the source, shall be held in trust for the security and
payment of bonds of the authority, and shall not be used or pledged
for any other purpose while any bonds are outstanding and unpaid.
Nothing in this subdivision shall be construed to limit the power of
the authority to make loans with bond proceeds in accordance with the
terms of the resolution authorizing the issuance of those bonds.
(2) Pursuant to any agreements with the holders of particular
bonds pledging any particular assets, revenues, or moneys, the
authority may create separate accounts in the fund to manage the
assets, revenues, or moneys in the manner prescribed by the
agreements.
(f) From time to time, the authority may direct the treasurer of
the authority to do any of the following:
(1) Invest moneys in the fund that are not required for its
current needs, including, but not limited to, proceeds from the sale
of any bonds in eligible securities specified in Section 16430 or
53601 and designated by the authority, in the resolution authorizing
the issuance of the bonds payable or secured by the moneys.
(2) Deposit moneys in the fund in interest-bearing accounts in
state or national banks or other financial institutions having
principal offices in the state.
(3) (A) Transfer moneys in the fund to the Surplus Money
Investment Fund for investment pursuant to Article 4 (commencing with
Section 16470) of Chapter 3 of Part 4 of Division 4 of Title 2 or
Article 1 (commencing with Section 56300) of Chapter 4 of Part 1 of
Division 2 of Title 5.
(B) Notwithstanding Section 16305.7, all interest or other
earnings resulting from an investment or deposit pursuant to this
subdivision shall be deposited in the fund.
(g) Except as otherwise provided in paragraph (3) of subdivision
(f), no moneys in the fund shall be subject to transfer to any other
fund pursuant to any provision of Part 2 (commencing with Section
16300) of Division 4 of Title 2.