Code Section Group

Financial Code - FIN

DIVISION 15.5. STATE ASSISTANCE FUND FOR ENTERPRISE, BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATION [32000 - 32823]

  ( Heading of Division 15.5 amended by Stats. 1989, Ch. 1040, Sec. 1. )

CHAPTER 3. Corporate Finances [32400 - 32423]

  ( Chapter 3 added by Stats. 1980, Ch. 819, Sec. 1. )

ARTICLE 1. Corporate Accounts [32400 - 32404]
  ( Article 1 added by Stats. 1980, Ch. 819, Sec. 1. )

32400.
  

The financial accounts and records of the corporation shall be kept by the finance officer according to policies and rules which the board shall adopt.

(Added by Stats. 1980, Ch. 819, Sec. 1.)

32401.
  

The corporation shall adopt as its fiscal year the period from July 1st to and including the following June 30th.

(Added by Stats. 1980, Ch. 819, Sec. 1.)

32402.
  

In addition to other accounts the board may establish, the financial accounts of the corporation shall include:

(a) A general operating account.

(b) A general reserve account.

(c) An enterprise loan fund.

(d) A government guaranteed securities trust fund.

(Amended by Stats. 1989, Ch. 1040, Sec. 15.)

32403.
  

Except as otherwise provided for in this division, all funds received by the corporation shall be deposited in the general operating account of the corporation.

(Added by Stats. 1980, Ch. 819, Sec. 1.)

32404.
  

Beginning with the fiscal year which begins July 1, 1982, and each fiscal year thereafter, the board shall not adopt any budget for the corporation in which the projected total operating expenditures exceed the expected balance of the general operating account.

(Added by Stats. 1980, Ch. 819, Sec. 1.)

FINFinancial Code - FIN1.