6475.

 As used in this chapter the following terms have the following meanings:

(a) “Board” means the California Natural Gas Pipeline and Electric Transmission Board.

(b) “Commission” means the California Water Commission.

(c)“Fund” means the Hydroelectric Water Storage Development Bond Fund established by Section 6476.

(d) “Water storage facilities” means all of the following facilities:

(1) ____

(2) ____

(3) ____

(4) ____

(5) ____

(e) “Pipeline facilities” means ____.

(f) “Electric transmission lines” means ____.

6476.

 There is hereby established in the State Treasury the Hydroelectric Water Storage Development Bond Fund to fund all of the following pursuant to this chapter:

(a) The acquisition, construction, completion and operation of water storage facilities.

(b) The construction and operation of natural gas pipelines.

(c) The construction and operation of electric transmission lines.

(d) Loans for private entities to construct electrical generation facilities.

6477.

 (a) The department shall plan, construct, and operate all of the following:

(1) The water storage facilities specified in subdivision (d) of Section 6475.

(2) The pipeline facilities specified in subdivision (e) of Section 6475.

(3) Notwithstanding any other provision of law, the electric transmission lines specified in subdivision (f) of Section 6476.

(b) The department is authorized to acquire and dispose of property as needed for the purposes authorized by this chapter. Article 2.5 (commencing with Section 250) of Chapter 2.5 of Division 1 is applicable to the acquisition and disposal of property pursuant to this chapter.

(c) The department, at a rate equal to the state’s interest costs plus a reasonable administrative fee, shall provide loans to private entities to construct electric generation facilities.

6478.

 (a) The commission shall approve any plans for water storage facilities before the department commences construction.

(b) The board shall approve any plans before the department commences construction of a pipeline facility or electrical transmission line, and any loans.

6479.

 A water storage facility constructed pursuant to this chapter shall provide hydroelectric power. No storage facility shall be constructed unless the commission determines that during the terms of the revenue bonds that will be issued to construct the water storage facility, the revenues derived from the distribution of water and electric power from the water storage facility will meet the yearly requirements of subdivision (d) of Section 6485.

6480.

 All electric power generated by the water storage facilities constructed pursuant to this chapter shall only be sold intrastate for use in California unless the operating reserve capacity from all generating sources of electricity within the state is 10 percent or greater. If electricity is sold interstate, any contract shall include a provision that the terms of the contract are not operable during the term of the contract when the operating reserve capacity from all generating sources of electricity within the state drops below 10 percent.

6482.

 (a) There is hereby established in state government the California Natural Gas Pipeline and Electric Transmission Board. The Board shall have five members, including the chairperson.

(b) The Governor shall appoint three members. The Senate Rules Committee shall appoint one member. The Speaker of the Assembly shall appoint one member.

(c) Three members constitute a quorum.

(d) A majority of the members of the board shall select from among the members the chairperson of the board.

(e) Members of the board shall serve four-year terms beginning on the effective date of this section. A member shall serve until his or her successor is appointed. A vacancy or vacancies shall not impair the right of the remaining members to exercise all of the powers of the board unless there are insufficient members to constitute a quorum.

(f) (1) Each member shall receive a per diem of one hundred dollars ($100) for each day actually spent in the discharge of official duties. A member shall be reimbursed for traveling and other expenses necessarily incurred in the performance of his or her official duties.

(2) Notwithstanding any other provision of law, a member may not receive per diem compensation when the member also receives compensation for his or her regular public employment.

6483.

 (a) The board may do all of the following:

(1) Adopt, amend, and rescind rules and regulations to carry out its duties under this chapter. The rules and regulations shall be adopted in accordance with the Administrative Procedure Act as defined in Section 11370 of the Government Code.

(2) Employ in accordance with state law up to five staff including an executive director.

(b) The offices of the board shall be in the department’s Sacramento office building.

(c) Meetings of the board shall be in Sacramento and shall be open to the public in accordance with the provisions of the Bagley-Keene Open Meeting Act as defined in Section 11120 of the Government Code.

(d) The board shall do all of the following:

(1) Approve plans of the department before the department commences constructions of a pipeline facility or electrical transmission line.

(2) Establish by regulation the conditions for the department to loan revenue bond funds to private entities for the construction of electrical generation facilities.

(3) Establish a subaccount in the fund to be known as the fund loan revolving subaccount for the purpose of loaning funds under subdivision (d) of Section 6476 and for receiving repayment of those funds.

(4) Approve or disapprove department resolutions for issuance of revenue bonds for purposes of subdivisions (e) and (f) of Section 6475 and subdivision (d) of Section 6476.

6485.

 (a) Revenue bonds may be issued by the department at those times and in those amounts that do not exceed ten billion dollars ($10,000,000,000) for the purposes of this chapter.

(b) Proceeds of the sale of revenue bonds issued for purposes of this chapter shall be deposited in the fund. Upon appropriation, money may be withdrawn from the fund upon requisition of the department for the purpose of carrying out this chapter. Up to two billion dollars ($2,000,000,000) shall be expended for the purposes of subdivisions (e) and (f) of Section 6475. Up to eight billion dollars ($8,000,000,000) shall be expended for the purposes of subdivision (d) of Section 6475 and subdivision (d) of Section 6476.

(c) The revenues from the sale of water and power from the water storage facilities constructed pursuant to this chapter and from the charges for use of the pipeline facilities and electric transmission lines constructed pursuant to this chapter shall be pledged first to the payment of the principal of and interest on the revenue bonds and to all funds created for the further security of those revenue bonds, including reserve fund, sinking fund, and all other payments required to be made in connection with the revenue bonds.

(d) During the time that revenue bonds are outstanding, the department shall establish, fix, and collect payments on all sales of water and power, and charges for the use of pipeline facilities and electric transmission facilities. The payments shall produce an amount which, together with income derived from investments, will yield revenues which, in the aggregate, will be sufficient with respect to the then immediately ensuing fiscal year to pay and provide for all of the following:

(1) Interest to become due and payable in that ensuing fiscal year on all revenue bonds.

(2) The principal amount of all serial revenue bonds maturing by their terms during that fiscal year.

(3) The aggregate minimum sinking fund payments, if any, required to be made for that fiscal year on account of revenue bonds then outstanding.

(4) Sums as may be required as reserve fund or funds payments due in that fiscal year.

(5) The estimated expenses of maintenance, operation, and administration of the water storage facilities as provided in the budget of the department for that fiscal year.

(e) The revenue bond principal and interest payments and any premium payable upon revenue bonds called for redemption, and all payments required for reserve funds, sinking funds and all other funds and accounts created as further security for the revenue bonds constitute a first, direct, and exclusive charge and lien on all revenues from the sale of water and power from the water storage facilities constructed pursuant to this chapter and the interest or other income derived therefrom. Those revenues, together with any interest or other income earned thereon, and the funds and the interest and income earned thereon, constitute a trust fund for the security and payment of the revenue bonds and shall not be used or pledged for any other purpose or transferred to any other fund as long as any of the revenue bonds are outstanding and unpaid.

(f) Revenue bonds authorized under any resolution of issuance approved by the commission or the board shall be sold by the Treasurer upon the request of the department at public or private sale and at the times and in the amounts as the department deems necessary to provide sufficient funds for the purposes for which the revenue bonds are then authorized. However, the revenue bonds shall not be sold at less than 95 percent of their par value and accrued interest thereon to the date of delivery. No revenue bonds authorized under any resolution of issuance may be sold at private sale unless the sale and the terms thereof have been approved in writing by the commission or board, as appropriate. Successive issues of the revenue bonds within the limits of the authorization for the issuance of revenue bonds, in the event any limitations are included in the proceedings for the issuance of the revenue bonds, shall be equally and regularly secured without preference, priority, or distinction as to security or otherwise by reason of time of issue, or sale. All purchase contracts shall be deemed to constitute a pool for all bonds of any issue or series, except as revenue bonds of various series may differ with respect to dates, numbers, interest rates, maturity, redemption provisions, sinking fund provisions, or otherwise as expressly authorized or provided in any resolution of issuance.

(g) In the event the Treasurer shall proceed with the sale of revenue bonds, all costs and expenses of publication of notice of sale shall be a charge against the department and shall be paid by the department. The department shall pay the cost of printing, lithographing, or otherwise preparing the revenue bonds, the charges of any duly authorized agent of the Treasurer appointed for the payment of principal and interest of the revenue bonds in any place other than the office of the Treasurer, any expenses incurred in connection with delivery of the revenue bonds including the fees and expenses of municipal bond attorneys whose opinion on the validity of the revenue bonds is to be provided by the department without charge to the successful purchaser of the revenue bonds. The department is authorized to employ any nationally known municipal bond attorneys and the Attorney General for the purpose of rendering legal opinions as to the validity of the revenue bonds to be furnished to the purchaser of the revenue bonds without cost. The department is also authorized to employ or appoint independent financial consultants, attorneys, certified public accountants, public accountants, engineers, or other independent consultants whose services or opinions are necessary or advisable in connection with the issuance and sale of revenue bonds. Payment for those services shall be made from the proceeds of the sale of the revenue bonds or from any other funds available to the department on a warrant duly drawn by the Controller for that purpose. Those expenses may also include the cost of delivering revenue bonds at any place other than the office of the Treasurer, including transportation and insurance costs and the costs of using uniform identification numbers as specified by the Committee on Uniform Security Identification Procedure on the bonds including filing fees, printing, and related costs.

6486.

 Whenever the department determines that revenue bonds should be issued for purposes of subdivision (d) of Section 6475, the director shall submit a resolution of issuance to the commission, which shall consider and approve or disapprove any resolution of issuance so submitted. Whenever the department determines that revenue bonds should be issued for purposes of subdivision (e) or (f) of Section 6476 or subdivision (d) of Section 6477, the director shall submit a resolution of issuance to the board which shall consider and approve or disapprove any resolution of issuance so submitted. Upon approval, by a resolution adopted by a majority of the members of the commission or board, as appropriate, the resolution of issuance shall become effective and the Treasurer shall cause the revenue bonds authorized thereunder to be prepared in accordance with the terms of the resolution of issuance.

6487.

 Revenue bonds shall be issued in the name of the department and as the obligation of the department, but neither the principal of, nor the interest on, any revenue bonds shall be or become a lien, charge or liability against the State of California, the department, or against the property or funds of any of them, except to the extent of the pledge of revenues as may be provided by the resolution of issuance pursuant to which the revenue bonds are issued. Every revenue bond shall contain a recital substantially as follows:

“Neither the faith and credit nor the taxing power of the State of California is pledged to the payment of the principal of or interest on this bond.”

6488.

 All revenue bonds shall bear the facsimile signature of the director and shall be authenticated by the trustee. The interest coupons attached to any revenue bond shall bear a facsimile of the signature of the director.

In case any official whose signature or countersignature appears on the revenue bonds or coupons ceases to be that official before the revenue bonds so signed or countersigned have been actually executed or delivered, the signature or countersignature is nevertheless valid and sufficient for all purposes as if the person had remained in office until the delivery of the revenue bonds and the revenue bonds and coupons shall be issued and shall be as binding upon the department as though the person who signed the revenue bonds or coupons had been that official on the date borne by the revenue bonds or coupons and on the date of delivery. The revenue bonds may be signed and sealed on behalf of the department by that person as if, at the actual date of execution of the revenue bonds, the person was the director as the case may be, although, on the date borne by the revenue bonds, the person was not that official.

6489.

 The validity of the authorization and issuance of any revenue bonds shall not be dependent on or affected by the validity or regularity of any proceedings relating to the expenditure of the proceeds thereof or the validity of any contracts or payments received for water and power thereon pledged to pay revenue bonds.

6490.

 Reference on the face of any revenue bonds to a resolution of issuance by its date of adoption, or the apparent date on the face thereof, shall be sufficient to incorporate all of the provisions thereof and of this chapter into the body of the revenue bonds and their appurtenant coupons. Each taker and subsequent holder of the revenue bonds or coupons, whether the coupons are attached to, or detached from, the revenue bonds, shall have recourse to all of the provisions of the resolution of issuance and of this chapter and shall be bound thereby.

6491.

 (a) A resolution of issuance may provide for all of the following:

(1) The issuance of revenue bonds in one or more series and for the aggregate principal amount of any series thereof. Any series of revenue bonds may consist of serial revenue bonds or of term revenue bonds with sinking fund requirements or partially of serial revenue bonds and partially of term revenue bonds with sinking fund requirements.

(2) Supplemental resolutions of issuance as may from time to time be required to fix and determine the terms and conditions of each series of revenue bonds.

(3) The dates to be borne by revenue bonds and by each series issued thereunder and for the dates of maturity thereof.

(4) The payment of interest on revenue bonds annually or semiannually or in part annually and in part semiannually, upon dates and at rates as may be provided for by the director. The first interest payment may be at any time on or before one year from the date of the revenue bonds.

(5) The call and redemption of revenue bonds issued thereunder, upon terms, conditions and notice, and upon the payment of premium, as may be fixed in the resolution. No revenue bond shall be subject to call or redemption prior to its fixed maturity date unless the right to exercise the call is expressly stated on the face of the revenue bond.

(6) The forms, denominations, registration, transfer, and interchange of revenue bonds issued thereunder. Revenue bonds may be issued as coupon revenue bonds or as registered revenue bonds in any denomination or denominations authorized by the resolution of issuance.

(7) The interchange of coupon revenue bonds and registered revenue bonds, and for the registration of coupon revenue bonds as to principal only or as to both principal and interest. Revenue bonds of different denominations, in either coupon or registered form, may be made exchangeable for revenue bonds of an equal aggregate principal amount, but of different denominations upon terms as may be provided in the resolution of issuance.

(8) The replacement of lost, destroyed, or mutilated revenue bonds or coupons.

(9) The issuance of temporary or interim revenue bonds, certificates, or receipts pending the preparation and delivery of definitive revenue bonds. The temporary or interim revenue bonds, certificates, or receipts may be of any denomination and with or without coupons.

(10) The payment of the principal and interest of revenue bonds at any place within or without the State of California and in specified coin or currency of the United States and may include a covenant to maintain, in each city in which any outstanding revenue bonds shall be expressed to be payable, an office or agency where revenue bonds and interest coupons thereon may be presented for payment.

(11) The means by which payments of principal and interest of revenue bonds shall be secured.

(12) A provision requiring the department to pay or cause to be paid punctually the principal of all revenue bonds issued thereunder and the interest thereon, on the dates, at the places and in the manner provided in the revenue bonds and in the coupons appertaining thereto.

(13) A provision requiring the department to preserve and protect the security of the revenue bonds and the rights of the holders thereof and to warrant and defend such rights.

(14) Provisions requiring, specifying, or limiting the kind, amount, and character of insurance to be maintained by the department on any property under the jurisdiction of the department and the use and disposition of the proceeds of any insurance thereafter collected.

(15) Provisions requiring the department to hold or cause to be held in trust the revenues, or any part of the revenues, pledged to the payment of revenue bonds and the interest thereon, and to apply or cause to be applied revenues or such part of revenues, only as provided in the resolution of issuance.

(16) A provision authorizing, or limiting the power of, the department to issue additional revenue bonds and establishing the terms and conditions upon which additional bonds may be issued.

(17) A clause providing the events of default and the terms and conditions upon which any or all of the revenue bonds then or thereafter issued may become or be declared due and payable prior to maturity, and the terms and conditions upon which declaration and its consequences may be waived.

(18) Provisions establishing the rights, powers and duties arising upon breach by the department of any of the covenants, conditions, or obligations contained therein.

(19) Provisions prescribing a procedure by which the terms and conditions of the resolution may be subsequently amended or modified with the consent of the commission and the vote or written consent of the holders of a specified principal amount or specified proportion of the revenue bonds issued and outstanding. The resolution may include provisions for meetings of revenue bond holders and for the manner in which the consent of the revenue bondholders may be given. A resolution of issuance may provide that the revenue bonds held by the department shall not be counted as outstanding revenue bonds or be entitled to vote or consent, but shall nevertheless be subject to any modification or amendment.

(20) That the revenue bonds issued thereunder and the interest thereon shall be secured by all or part of the revenues or the proceeds of sale of the revenue bonds, or both, and may establish a lien upon the revenues or proceeds as the department, with the approval of the commission, shall determine.

(21) A covenant that the department will duly pay and discharge, or cause to be paid and discharged, any taxes, assessments, or other governmental charges lawfully imposed upon any properties owned by or under the jurisdiction of the department, or upon the revenues, as well as any lawful claim for labor, materials, or supplies which, if unpaid, might become a lien or charge upon the revenues, or which might impair the security of the revenue bonds.

(22) Provisions requiring the preparation, filing, and publication of financial statements with respect to the revenues, the funds securing the revenue bonds, and the expenses, properties, and operations of the department, including provisions for examinations and reports by independent certified public accountants.

(23) A covenant that the department will at all times use its best efforts to maintain the powers, functions, duties, and obligations reposed in it pursuant to law at the time of adoption of the resolution, and that it will not at any time voluntarily do, suffer, or permit any act or thing, the effect of which would be to hinder, delay, or imperil the payment of the indebtedness evidenced by any of the revenue bonds or the performance or observance of any of the covenants contained in the resolution.

(24) Provisions requiring, permitting, restricting, or governing the deposit and investment of funds established for the security of revenue bonds issued thereunder, and requiring that the deposits be secured or specifying the type of security required for the deposits irrespective of any law authorizing or permitting deposit or investment of public funds generally.

(25) A covenant that the department or commission will make or adopt and execute, or cause to be made, adopted, and executed, any and all further resolutions, acts, deeds, conveyances, assignments, or assurances as may be reasonably required for effectuating the intention of the resolution of issuance and for better assuring and confirming unto the holders of the revenue bonds the rights and benefits provided in the resolution of issuance.

(26) Any and all covenants and agreements on the part of the department, and for other acts or matters which the department, subject to the approval of the commission, deems necessary or convenient or advisable for the better security of the revenue bonds issued thereunder or to make the revenue bonds more marketable.

(27) The creation of any other funds or accounts other than the fund which will be deemed necessary or desirable for the payment of or further security of revenue bonds. The resolution of issuance establishing the fund or accounts may provide for the manner and method of disbursement of those funds or accounts, the amounts to be deposited therewith and withdrawn therefrom, the application of any surplus moneys in any funds or accounts to the purchase or redemption of revenue bonds and for the investment of moneys in funds or accounts in particular bonds or obligations which are then made eligible for those investments by the terms of the resolution.

(b) The Treasurer shall act as trustee for the department and the holders of the revenue bonds, to receive and disburse all the revenues applicable to the payment of the principal of or interest on the revenue bonds, including any reserve fund, sinking fund, or other fund or account established for further securing the revenue bonds. The department and the commission or board may provide in any resolution of issuance for the appointment of a trustee other than the Treasurer to represent and enforce the rights of holders of the revenue bonds if, and in the manner and under conditions provided in the resolution authorizing the revenue bonds, that trustee is a bank or trust company duly qualified to do business in this state.

6492.

 (a) The department, subject to the approval of the commission or board, as appropriate, may provide for the issuance, sale, or exchange of refunding bonds for the purpose of redeeming or retiring any bonds issued under this chapter. All provisions of this chapter applicable to the issuance of revenue bonds are applicable to the funding or refunding bonds and to the issuance, sale, or exchange thereof. The department, with the approval of the commission, or board, as appropriate, may adopt a resolution or resolutions of issuance or supplemental resolutions authorizing the issuance of such refunding bonds and fixing the terms and conditions thereof.

(b) Refunding bonds may be issued in a principal amount sufficient to provide funds for the payment of all revenue bonds to be refunded thereby and in addition to the payment of all expenses incident to the calling, retiring, or paying of such outstanding revenue bonds and the issuance of the refunding bonds. The expenses include any amount necessary to be made available for the payment of interest upon such refunding bonds from the date of sale thereof to the date of payment of the revenue bonds to be refunded, or to the date upon which the revenue bonds to be refunded will be paid pursuant to the call thereof or agreement with the holders thereof, and the premium, if any, necessary to be paid in order to call or retire the outstanding revenue bonds and the interest accruing thereon to the date of the call or retirement.

(c) Refunding revenue bonds shall not constitute a debt or obligation of the State of California but shall be revenue bonds of the department of the same character and payable from the same funds as other revenue bonds authorized pursuant to this chapter. Any and all reserve or other funds applicable to the payment of the revenue bonds to be refunded may, if so directed by the department, be transferred to any reserve or other funds provided with respect to the refunding bonds.

(d) The department may from time to time or at any time sell or exchange refunding bonds for the purpose of retiring, paying, or refunding either all or part of the outstanding revenue bonds, or of one or more series thereof, as it deems advisable. The refunding bonds may be issued and delivered as outstanding revenue bonds to be refunded thereby mature or are about to mature or are subject to call or redemption, or if the retirement thereof has been assured by consent of the holders thereof. Refunding bonds may be delivered in whole or in part in exchange for outstanding revenue bonds with the consent of the holders.

6493.

 (a) The department, subject to the approval of the commission or board, as appropriate, may borrow money in anticipation of the sale of revenue bonds, and for that purpose may provide for the issuance and sale of negotiable bond anticipation notes. Except as otherwise provided in this section, the notes and the resolution providing for their issuance may contain any provision, condition, or limitation which a revenue bond or any resolution of issuance may contain.

(b) The interest on bond anticipation notes shall be payable from the same funds from which the interest on revenue bonds is payable. The principal of the notes shall be payable from the proceeds of sale of revenue bonds. The department shall not be precluded from paying the principal from any other moneys lawfully available therefor.

6494.

 Any revenue bondholder may by mandamus or other appropriate proceedings compel the performance of any of the duties imposed upon any state official or employee or imposed upon the department or its officers, agents, or employees with respect to the collection of revenues from pledged contracts entered into by the department with veterans, and the investment and disbursement of the proceeds received from the sale of revenue bonds.

6495.

 The department may, in any resolution of issuance, define the events of default, including among other things, default in the payment of the principal or interest upon or premium due upon any revenue bonds or default by the department in the observance of any of the covenants, agreements, or conditions on its part to be performed under the resolution of issuance, and may provide that upon the happening of any event of default the holders of not less than the majority in aggregate principal amount of the revenue bonds at the time outstanding will be entitled to declare the principal of all of the revenue bonds then outstanding and the interest accrued thereon to be immediately due and payable.

6496.

 Whenever a bank or trust company is acting as trustee by reason of any default, or for the protection of the interests of the revenue bondholders, the bank or trust company as the trustee shall take the action that the holders or registered owners of 25 percent in principal amount of all the revenue bonds then outstanding shall request in writing; provided, that the bank or trust company as the trustee may request reasonable security before taking any action so requested.

6497.

 No remedy conferred upon or reserved to the holders of revenue bonds is intended to be exclusive of any other remedy or remedies now or hereafter provided by law and each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this chapter or now or hereafter existing at law or in equity or by statute or otherwise.

6498.

 While any of the revenue bonds remain outstanding the powers, duties, or existence of the department and of every other official or agency of the State of California shall not be diminished or impaired in any manner that will adversely affect the interests and rights of the holders of the revenue bonds.

6499.

 (a) All revenue bonds and the income therefrom are at all times exempt from taxation in the State of California.

(b) All revenue bonds shall be legal investments for all trust funds, for the funds of all insurance companies, banks (both commercial and savings), trust companies, state school funds, and any pension funds, public or private.

(c) Any money or funds which may by law be invested in bonds of the State of California may be invested in revenue bonds authorized under this chapter.

(d) Whenever any bonds of the State of California may by law be used as security for the performance of any act or the deposit of any public money, revenue bonds authorized under this chapter may be so used.

(e) All revenue bonds, subject to the provisions for registration contained therein, are negotiable instruments.

(f) The department may include in the proceedings authorizing the issuance of revenue bonds any provisions not inconsistent with this chapter that limit, restrict, or regulate the holding, deposit, investment, and application of money consisting of the proceeds from the sale of the revenue bonds or the revenues or other income received from the sale of water or power by the department, and the provisions shall constitute a contract with the holders of the revenue bonds and shall be binding upon the department and all other officers, officials, and agencies of the State of California and upon the state so long as any of the revenue bonds are outstanding.

(g) Warrants for the payments to be made on account of the revenue bonds either as to principal, interest, premium, or otherwise shall be duly drawn by the Controller, upon the request of the Treasurer, whenever the drawing of the warrants is required in order to make the payments.

(h) Notwithstanding anything contained in this chapter, the proceeds received from the sale of revenue bonds and any revenues received by the department from the contracts for water and power entered into by the department may, upon appropriation, be used to defray any expenses incurred by the department or the Treasurer in connection with, and incidental to, the issuance and sale of revenue bonds, including expenses for preparation, inspections and examinations, surveys, and reports which may be required by the purchasers of, and any legal opinions deemed necessary or advisable by the department in connection with the issuance of revenue bonds, except that the proceedings authorizing the issuance of such revenue bonds may contain appropriate provisions governing the use and application of the proceeds from the sale of the revenue bonds or other revenues received by the department for the purposes specified in this chapter.

(i) If any article, section, subdivision, sentence, clause, or phrase of this chapter is for any reason held to be unconstitutional or invalid or unenforceable, the decision shall not affect the validity or enforceability of the remaining portions of the chapter. The Legislature hereby declares that it would have passed this chapter and each article, section, subdivision, sentence, clause, and phrase hereof irrespective of the fact that any one or more articles, sections, subdivisions, sentences, clauses, and phrases may be declared unconstitutional, invalid, or unenforceable.

(j) All money in any of the funds or accounts created or authorized to be created in any resolution of issuance under the provisions of this chapter is hereby appropriated for expenditure in carrying out the purposes herein and therein provided.

(k) For the purposes of meeting the necessary expenses of initial organization and operation until the date the department derives revenues or proceeds from bonds or notes as provided under this chapter, the department may, with the approval of the Department of Finance, borrow money as needed from the General Fund in the State Treasury. The borrowed moneys shall be repaid with interest from the first proceeds from the sale of bonds or notes as provided under this chapter.