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HomeHealth and Safety CodeDiv. 31Pt. 10Ch. 3§ 53207 Bond Fund Withdrawal Authority

§ 53207 Bond Fund Withdrawal Authority

Health and Safety Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 53207 Bond Fund Withdrawal Authority

Key Takeaways

  • •The state can take money from the General Fund if they haven't sold enough bonds yet.
  • •They can only take as much money as the unsold bonds are worth.
  • •They have to pay the money back with interest when they finally sell the bonds.

Example

Imagine the state needs $100 million to build new schools, but they only sold $70 million in bonds. They can take the missing $30 million from the General Fund to start building.

The state borrows the $30 million from the General Fund to cover the missing money. Later, when they sell more bonds, they pay back the $30 million plus interest.

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

Official Source
View on CA.gov

§ 53207 Bond Fund Withdrawal Authority

For the purposes of carrying out this part, the Director of Finance may authorize the withdrawal from the General Fund of an amount or amounts not to exceed the amount of the unsold bonds which have been authorized to be sold for the purpose of carrying out this part. Any amounts withdrawn shall be deposited in the fund. Any money made available under this section shall be returned to the General Fund, plus interest that the amounts would have earned in the Pooled Money Investment Account, from money received from the sale of bonds for the purpose of carrying out this part. (Added by Stats. 1988, Ch. 48, Sec. 2. Approved in Proposition 107 at the June 5, 1990, election.)

Last verified: January 24, 2026

Key Terms

directorgeneral fundpooled money investmentpropositionelection

Related Statutes

  • § 52532 First-Time Home Buyer Funding
  • § 53176 Bond Fund Withdrawal Authority
  • § 53553 Bond Fund Withdrawal Authority
  • § 54024 General Fund Bond Withdrawals
  • § 54022 Bond Loan Authorization Process

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Health and Safety Code. Section 53207.
View Official Source