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HomeWater CodeDiv. 7Ch. 17Art. 3§ 14071 Bond Fund Withdrawal Authority

§ 14071 Bond Fund Withdrawal Authority

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

§ 14071 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.
  • •The money taken must be paid back with interest when the bonds are sold.
  • •This is like borrowing money from a savings account and paying it back later with a little extra.

Example

Imagine the state needs $100 million to build new schools, but they only sold $70 million in bonds. They are short by $30 million.

The state can take $30 million from the General Fund to cover the missing amount. Later, when they sell the remaining bonds, they must pay back the $30 million plus any interest it would have earned.

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

Official Source
View on CA.gov

§ 14071 Bond Fund Withdrawal Authority

For the purposes of carrying out this chapter, 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 by the committee to be sold for the purpose of carrying out this chapter. Any amounts withdrawn shall be deposited in the fund. Any money made available under this section shall be returned to the General Fund plus the 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 chapter. (Added by Stats. 1988, Ch. 47, Sec. 2. Approved in Proposition 83 at the November 8, 1988, election.)

Last verified: January 23, 2026

Key Terms

Director of FinanceGeneral Fundunsold bondsPooled Money Investment Account

Related Statutes

  • § 12879.13 Bond Fund Withdrawal Authority
  • § 14036 Bond Fund Withdrawal Authority
  • § 13898.2 Bond Fund Withdrawal Authority
  • § 14070 Bond Payment Appropriation
  • § 14071.5 Bond Loan Authorization Process

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Water Code. Section 14071.
View Official Source