California § 1063.72 - The Workers

Full text of California Public Contract Code - PCC § 1063.72 — The Workers, with citation guidance and answers to common questions.

§ 1063.72. The Workers

(a) The Workers’ Compensation Bond Fund is hereby created. (1) Proceeds from the sale of bonds with respect to the workers’ compensation category described in subparagraph (A) of paragraph (2) of subdivision (a) of Section 1063.5 shall be deposited in a separate account in the Workers’ Compensation Bond Fund. Only CIGA, and, with respect to payment of the bonds, the trustee for the bonds, shall have the ability to authorize disbursements from the separate account within the Workers’ Compensation Bond Fund. (2) Special bond assessments levied pursuant to Section 1063.74 with respect to the workers’ compensation category shall be deposited in a separate account in the Workers’ Compensation Bond Fund and shall not be commingled with any other moneys. Only the trustee for the bonds shall have the ability to authorize disbursements from this separate account within the Workers’ Compensation Bond Fund, and CIGA shall have no right or authority to authorize disbursements from this separate account. (3) The Workers’ Compensation Bond Fund shall be maintained with the trustee for the bonds. Following payment or provision for payment of the bonds, amounts in the Workers’ Compensation Bond Fund shall be transferred to the fund that is designated in the indenture for the bonds. (4) All money in the Workers’ Compensation Bond Fund and all special bond assessments levied pursuant to Section 1063.74 with respect to the workers’ compensation category shall be used by CIGA for the exclusive purpose of carrying out the purposes of this part. Notwithstanding any other law, the Workers’ Compensation Bond Fund is not a state fund and shall not be subject to the rules or procedures of any fund in the State Treasury, and application of the fund shall not be subject to the supervision or budgetary approval of any officer or division of state government. (5) CIGA and the trustee for the bonds may, as necessary or convenient to the accomplishment of any other purpose under this article, divide the Workers’ Compensation Bond Fund into separate accounts. (b) The Homeowners’ and Automobile Bond Fund is hereby created. (1) Proceeds from the sale of bonds with respect to the homeowners’ and automobile category described in subparagraph (B) of paragraph (2) of subdivision (a) of Section 1063.5 shall be deposited in a separate account in the Homeowners’ and Automobile Bond Fund. Only CIGA, and, with respect to payment of the bonds, the trustee for the bonds, shall have the ability to authorize disbursements from the separate account within the Homeowners’ and Automobile Bond Fund. (2) Special bond assessments levied pursuant to Section 1063.74 with respect to the homeowners’ and automobile category shall be deposited in a separate account in the Homeowners’ and Automobile Bond Fund and shall not be commingled with any other moneys. Only the trustee for the bonds shall have the ability to authorize disbursements from this separate account within the Homeowners’ and Automobile Bond Fund, and CIGA shall have no right or authority to authorize disbursements from this separate account. (3) The Homeowners’ and Automobile Bond Fund shall be maintained with the trustee for the bonds. Following payment or provision for payment of the bonds, amounts in the Homeowners’ and Automobile Bond Fund shall be transferred to the fund that is designated in the indenture for the bonds. (4) All money in the Homeowners’ and Automobile Bond Fund and all special bond assessments levied pursuant to Section 1063.74 with respect to the homeowners’ and automobile category shall be used by CIGA for the exclusive purpose of carrying out the purposes of this part. Notwithstanding any other law, the Homeowners’ and Automobile Bond Fund is not a state fund and shall not be subject to the rules or procedures of any fund in the State Treasury, and application of the fund shall not be subject to the supervision or budgetary approval of any officer or division of state government. (5) CIGA and the trustee for the bonds may, as necessary or convenient to the accomplishment of any other purpose under this article, divide the Homeowners’ and Automobile Bond Fund into separate accounts. (c) The Other Bond Fund is hereby created. (1) Proceeds from the sale of bonds with respect to the other category described in subparagraph (C) of paragraph (2) of subdivision (a) of Section 1063.5 shall be deposited in a separate account in the Other Bond Fund. Only CIGA, and, with respect to payment of the bonds, the trustee for the bonds, shall have the ability to authorize disbursements from the separate account within the Other Bond Fund. (2) Special bond assessments levied pursuant to Section 1063.74 with respect to the other category shall be deposited in a separate account in the Other Bond Fund and shall not be commingled with any other moneys. Only the trustee for the bonds shall have the ability to authorize disbursements from this separate account within the Other Bond Fund, and CIGA shall have no right or authority to authorize disbursements from this separate account. (3) The Other Bond Fund shall be maintained with the trustee for the bonds. Following payment or provision for payment of the bonds, amounts in the Other Bond Fund shall be transferred to the fund that is designated in the indenture for the bonds. (4) All money in the Other Bond Fund and all special bond assessments levied pursuant to Section 1063.74 with respect to the other category shall be used by CIGA for the exclusive purpose of carrying out the purposes of this part. Notwithstanding any other law, the Other Bond Fund is not a state fund and shall not be subject to the rules or procedures of any fund in the State Treasury, and application of the fund shall not be subject to the supervision or budgetary approval of any officer or division of state government. (5) CIGA and the trustee for the bonds may, as necessary or convenient to the accomplishment of any other purpose under this article, divide the Other Bond Fund into separate accounts.

Related California Legal Topics

Frequently Asked Questions About California § 1063.72

What does Public Contract Code - PCC § 1063.72 cover?

Section 1063.72 ("The Workers") is part of the Public Contract Code - PCC, the codified statutory law of California. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite California § 1063.72?

A common citation format is "Public Contract Code - PCC § 1063.72" (California). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of California law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the California official source linked on this page or consult a licensed California attorney.

How does California § 1063.72 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in California can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

Not legal advice. Verify against the official source and consult a licensed attorney in California.