Section 15849.26.

(a) (1) Subject to the limitation provided in paragraph (2), the board may issue bonds, notes, or certificates in accordance with this chapter and this part to finance up to the amount of one billion three hundred sixty-two million dollars ($1,362,000,000) of the cost of the FISCal system.

(2) Of the amount specified in paragraph (1), the board shall not issue more than thirty-eight million dollars ($38,000,000) in bonds, notes, or certificates in accordance with this chapter and this part until the Joint Legislative Budget Committee has provided official notice of its approval of the report required by subdivision (b) of Section 15849.21.

(b) Before exercising the authority provided in subdivision (a), at least 20 days prior to obtaining interim financing or issuing bonds, notes, or certificates in accordance with this chapter, whichever comes first, the board shall notify the chairpersons of the fiscal committees in each house of the Legislature and the chairperson and the vice chairperson of the Joint Legislative Budget Committee regarding the general parameters of the current status of the FISCal system, and the general parameters of the proposed interim financing or issuance, as applicable, including the size and terms of the issue, the anticipated debt service requirements, and any other significant factors affecting the interim financing or issuance. Upon compliance with this subdivision, the board may obtain the interim financing or issue the bonds, notes, or certificates.

(c) The monetary limitations set forth in subdivision (a) shall not limit the amount of any bonds, notes, or certificates issued by the board to refinance the cost of the FISCal system.

(d) It is the intent of the Legislature that, to the extent possible, the cost of the FISCal system be paid for by appropriations made by the Legislature from the General Fund and from special fund moneys and by federal funding rather than by the issuance of bonds, notes, or certificates authorized by this chapter.

(e) Nothing in this chapter shall be construed as a mechanism to fund a yearend state budget deficit as that term is used in Section 1.3 of Article XVI of the California Constitution. None of the proceeds of the bonds, notes, or certificates issued pursuant to this chapter and this part may be used to fund a yearend state budget deficit as defined in Section 1.3 of Article XVI of the California Constitution.

(Repealed and added by Stats. 2010, Ch. 727, Sec. 4. Effective October 19, 2010.)