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HomeGovernment CodeDiv. 2Pt. 1Ch. 1.5Art. 5.5§ 9118 Legislative Project Lease Financing

§ 9118 Legislative Project Lease Financing

Government Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 9118 Legislative Project Lease Financing

Key Takeaways

  • •The person renting (lessee) can rent the project from the owner (lessor), and the owner can rent it to them.
  • •The owner can buy the property needed for the project using money from bonds.
  • •The person renting must follow all the rules in this law through someone chosen by the Senate and Assembly.
  • •Both the owner and the person renting can get temporary money from the Pooled Money Investment Account to help with financing.

Example

Imagine you want to build a new school, but you don't have all the money right away.

The school district (lessor) can buy the land and buildings using money from bonds. Then, the school (lessee) can rent the school from the district. The school must follow all the rules through someone chosen by the Senate and Assembly. Both the district and the school can also get temporary money from a special account to help pay for everything while they wait for the bond money.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 9118 Legislative Project Lease Financing

(a) The lessee may lease the project from the lessor, and the lessor may lease the project to the lessee. The lessor may acquire all real property for the project with the proceeds of the bonds. (b) The lessee shall take all actions required under this article by and through any person designated by a resolution adopted by the Senate Committee on Rules and the Assembly Committee on Rules. The designated person may contract for, and on behalf of, the Legislature, as lessee, and the Legislature shall be bound by the contracts and actions of the designated person. (c) In connection with the financing authorized by this article, the lessor and the lessee may seek and obtain interim financing from the Pooled Money Investment Account pursuant to Section 16312. (Repealed and added by Stats. 1989, Ch. 1366, Sec. 2. Effective October 2, 1989.)

Last verified: January 22, 2026

Key Terms

resolutioncontractleaselegislaturepropertypooled money investmentassembly rules committeessenate committee

Related Statutes

  • § 9121 Project Authority And Control
  • § 9123 Legislative Office Space Control
  • § 9124 Legislative Facility Maintenance Authority
  • § 6953 Public Land Preservation Funding
  • § 7001 Scenic Land Conservation Funding

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Government Code. Section 9118.
View Official Source