9112.5.
(a) It (1) is the intent of the Legislature that available cash sources, including, but not limited to, an allocation of the moneys deposited into the State Project Infrastructure Fund prior to 2018 and moneys appropriated in the Budget Acts of 2018, 2021, and 2022, be used to fund The State Public Works Board may issue lease-revenue bonds, notes, or bond anticipation notes in an amount not exceeding seven hundred fifty-five million five hundred ninety-one thousand dollars ($755,591,000) pursuant to Chapter 5 (commencing with Section 15830) of Part 10b of Division 3 to finance the acquisition, design, and construction of, and deconstruction and infrastructure work related to or necessary for, the projects authorized by Section 9112.(b) (2) The amount described in paragraph (1) Notwithstanding any other law, the following amounts from the General Fund are hereby appropriated in the following fiscal years for purposes specified in paragraph (2) and shall be transferred to the shall be available in addition to any other funds that may be available for the projects authorized by Section 9112, including, but not limited to, transfers from the State Project Infrastructure Fund: Fund, as contemplated in subparagraph (C) of paragraph (2) of subdivision (a) of Section 14692.
(A) (b) Three hundred million dollars ($300,000,000) in the 2024–25 fiscal year. The State Public Works Board, together with the Department of General Services or the Joint Rules Committee, as applicable, may obtain interim financing for the costs of the projects authorized by Section 9112 from any appropriate source, provided that the Joint Rules Committee or its designated representative agrees in advance to any interim financing obtained pursuant to this subdivision.
(B) Two hundred fifty million dollars ($250,000,000) in the 2025–26 fiscal year.
(C) One hundred fifty million dollars ($150,000,000) in the 2026–27 fiscal year.
(2) (c) The transfers required by paragraph (1) shall be used to fund the acquisition, design, construction, and equipping of Notwithstanding Section 13340, funds derived from the financing methods authorized by this section are hereby continuously appropriated to the State Public Works Board on behalf of the Department of General Services or the Joint Rules Committee, as applicable, for the acquisition, design, and construction of the projects authorized by Section 9112.
(3) (d) Subject to paragraph (4), the amounts identified in subparagraphs (B) and (C) of paragraph (1) shall be transferred by the Controller to the State Project Infrastructure Fund upon direction by the Director of Finance in the fiscal years identified in those subparagraphs. The Director of Finance shall direct the Controller to transfer those funds upon request by the The Department of General Services and the Joint Rules Committee in the fiscal years identified in subparagraphs (B) and (C) of paragraph (1). are authorized and directed to execute and deliver any and all leases, contracts, agreements, or other documents necessary or advisable to consummate the issuance of the bonds by the State Public Works Board or otherwise effectuate the financing for the projects authorized by Section 9112.
(4) If needed to provide timely payments for the acquisition, design, construction, and equipping of projects authorized by Section 9112, the Director of Finance, upon receipt of an amended transfer schedule provided by the Joint Rules Committee, shall augment the funds listed in paragraph (1) in any fiscal year with a corresponding reduction in the subsequent fiscal year or years. Any augmentation pursuant to this paragraph shall not result in the cumulative amount required to be transferred during the 2024–25 fiscal year through the 2026–27 fiscal year by paragraph (1) exceeding seven hundred million dollars ($700,000,000). An amended transfer schedule provided by the Joint Rules Committee may also delay a portion of funds for each fiscal year to a subsequent fiscal year.
(5) (e) The Joint Rules Committee shall confer with the Department of Finance and the In the event that the bonds authorized by this section are not sold, the Department of General Services or their designated representatives before submitting an amended transfer schedule pursuant to paragraph (4). the Joint Rules Committee, as applicable and as agreed to pursuant to subdivision (b), shall commit a sufficient portion of its budget to repay any interim financing.
(f) It is the intent of the Legislature that available cash sources, including, but not limited to, an allocation of the moneys deposited into the State Project Infrastructure Fund prior to 2018 and moneys appropriated in the Budget Act of 2018, be used to the maximum extent available to fund the projects authorized by Section 9112 before utilizing the lease-revenue bond authority provided by this section.