California Government Code

§ 63063

GOV § 63063 Effective Jan 1, 1996Div. 1 · Title 6.7 · Ch. 4

Statute text

(a)There is a guarantee reserve account in the guarantee trust fund to secure commitments under contracts to guarantee all or part of the bonds of the bank, a special purpose trust, or of a sponsor, any contracts or obligations of the bank, a special purpose trust, or of a sponsor, and all or part of the accounts or subaccounts within the infrastructure bank fund. The bank shall take all reasonable steps to ensure that the guarantee reserve account is continuously maintained at not less than the reserve account requirement established pursuant to subdivision (a) of Section 63064. The bank shall pay all of the following into the guarantee reserve account:

(1)Moneys appropriated and made available by the Legislature for deposit in the account.

(2)Any proceeds of bonds, including general obligation bonds, to the extent provided in the resolution, trust agreement, resolutions or trust agreements authorizing the issue thereof.

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Legislative history

Amended by Stats. 1995, Ch. 863, Sec. 22. Effective January 1, 1996.