(a) From the proceeds of bonds issued and sold pursuant to Article 3 (commencing with Section 101442), the sum of one billion five hundred million dollars ($1,500,000,000) shall be deposited in the 2024 California Community College Capital Outlay Bond Fund for purposes of this chapter. When appropriated, these funds shall be available for expenditure for purposes of this chapter.
(b) The purposes of this chapter include assisting in meeting the capital outlay financing needs of the California Community Colleges.
(c) Proceeds from the sale of bonds issued and sold for purposes of this chapter may be used to fund construction on existing campuses, including the construction of buildings and the acquisition of related fixtures; construction of intersegmental facilities; the renovation and reconstruction of facilities; site acquisition; the equipping of new, renovated, or reconstructed facilities, which equipment shall have an average useful life of 10 years; and to provide funds for the payment of preconstruction costs, including, but not limited to, preliminary plans and working drawings for facilities of the California Community Colleges.
(d) For purposes of this section, “intersegmental” means may be used by more than one segment of public higher education.
(Added by Stats. 2024, Ch. 81, Sec. 28. (AB 247) Approved in Proposition 2 at the November 5, 2024, election. Effective November 6, 2024.)