Compare Versions


Bill PDF |Add To My Favorites |Track Bill | print page

AB-973 University of California, San Francisco, San Joaquin Valley Regional Campus Medical Education Endowment Fund.(2023-2024)



Current Version: 03/23/23 - Amended Assembly

Compare Versions information image


AB973:v98#DOCUMENT

Amended  IN  Assembly  March 23, 2023

CALIFORNIA LEGISLATURE— 2023–2024 REGULAR SESSION

Assembly Bill
No. 973

Introduced by Assembly Member Soria

February 14, 2023

An act to amend Section 92162 of the Education Code, relating to the University of California.


LEGISLATIVE COUNSEL'S DIGEST


AB 973, as amended, Soria. University of California, San Francisco, San Joaquin Valley Regional Campus Medical Education Endowment Fund.
Existing law creates the University of California, San Francisco, San Joaquin Valley Regional Campus Medical Education Endowment Fund for the purpose of supporting the annual operating costs for the development, operation, and maintenance of a branch campus of the University of California, San Francisco, School of Medicine in the San Joaquin Valley. Existing law requires funds received by the University of California or the Controller for that purpose to be deposited into the fund. Existing law requires moneys in the fund to initially be invested to create a sufficient balance to generate ongoing earnings to cover the estimated annual operating costs associated with the development, operation, and maintenance of the branch campus. Existing law requires the balance of the fund to be deemed sufficient when a balance of $500,000,000 is achieved and maintained in the fund.

This bill would make nonsubstantive changes to the latter provision.

This bill would increase the balance that is required to be achieved and maintained in the fund to be deemed sufficient by $250,000,000.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NOYES   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 Section 92162 of the Education Code is amended to read:

92162.
 (a) The University of California, San Francisco, San Joaquin Valley Regional Campus Medical Education Endowment Fund is hereby established in the State Treasury. Funds received by the University of California or the Controller for the purposes set forth in subdivision (b) shall be deposited into the endowment fund. For purposes of this article, “endowment fund” means the University of California, San Francisco, San Joaquin Valley Regional Campus Medical Education Endowment Fund.
(b) Moneys in the endowment fund shall be allocated to the University of California, upon appropriation by the Legislature, to support the annual operating costs for the development, operation, and maintenance of a branch campus of the University of California, San Francisco, School of Medicine in the San Joaquin Valley, and to generate funding through investment earnings for the support of medical education in the San Joaquin Valley.
(c) (1) Moneys in the endowment fund shall initially be invested with the goal of achieving capital appreciation to create a balance sufficient to generate ongoing earnings to cover the estimated annual operating costs associated with the development, operation, and maintenance of a branch campus of the University of California, San Francisco, School of Medicine in the San Joaquin Valley. The balance of the endowment fund shall not be deemed sufficient until a balance of five hundred million dollars ($500,000,000) seven hundred fifty million dollars ($750,000,000) is achieved and maintained in the endowment fund.
(2) Upon the determination of the Controller, in consultation with the University of California, that the endowment fund balance has attained the goal established in paragraph (1), moneys in the endowment fund shall be invested to generate earnings to fund annual operating costs associated with the development, operation, and maintenance of a branch campus of the University of California, San Francisco, School of Medicine in the San Joaquin Valley. Moneys shall be invested in a manner that best meets the goals of the endowment fund.
(d) The endowment fund may receive donations and contributions from public and private entities, partnerships between public and private entities, fees, cash advances, and transfers from the General Fund as may be specified by law.
(e) Earnings generated by the endowment fund shall be retained by the endowment fund.
(f) Moneys deposited in the endowment fund are exempt from the requirements of Sections 11270 to 11275, inclusive, of the Government Code.