California § 13455 - The committee may create a debt or debts, liability or liabilities, of the State

§ 13455. The committee may create a debt or debts, liability or liabilities, of the State

(a) The committee may create a debt or debts, liability or liabilities, of the State of California in the aggregate amount of one hundred fifty million dollars ($150,000,000), in the manner provided in this chapter. The debt or debts, liability or liabilities, shall be created for the purpose of providing the fund to be used for the object and work specified in this section and in Sections 13458 and 13459. (b) The department may enter into contracts and may adopt rules and regulations necessary to carry out the purposes of Section 13458. (c) The department may expend not more than 2 1 2 percent of the total amount of the bonds authorized to be issued under this chapter for the administration of Section 13458. (d) The board may enter into contracts and may adopt rules and regulations necessary to carry out the purposes of Section 13459. (e) The board may expend not more than 2 1 2 percent of the total amount of the bonds authorized to be issued under this chapter for the administration of Section 13459. (f) The department or the board may expend funds necessary to reimburse the General Obligation Bond Expense Revolving Fund pursuant to Section 16724.5 of the Government Code.