California Government Code

§ 23344

GOV § 23344 Effective Aug 16, 2004Div. 1 · Title 3 · Ch. 3 · Art. 3

Statute text

(a)The commission may borrow those moneys as may be necessary to meet its expenses until the costs of the commission have been determined pursuant to Section 23343.

(b)As an alternative to the procedure authorized by subdivision (a), the Controller, upon appropriation by the Legislature from the General Fund, shall loan those moneys as the commission shall determine necessary to meet its expenses until the costs have been determined pursuant to Section 23343. The loan shall be at an interest rate equal to that of the Pooled Money Investment Fund at the time the loan is made.

(c)Loans made pursuant to this section may not exceed a total of four hundred thousand dollars ($400,000) for each commission, and shall be repaid within one year of the date on which the issue of county formation was voted on by the people.

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Legislative history

Amended by Stats. 2004, Ch. 227, Sec. 53. Effective August 16, 2004.