Section 5965.12 - Loans from the Pooled Money Investment Account(a) The board may request the Pooled Money Investment Board to make a loan from the Pooled Money Investment Account, in accordance with Section 16312 of the Government Code, for the purpose of carrying out this chapter.(b) The amount of the request shall not exceed the amount of the unsold bonds that the committee has, by resolution, authorized to be sold for the purpose of carrying out this chapter, excluding refunding bonds authorized pursuant to Section 5965.14, less any amount loaned pursuant to this section and not yet repaid and withdrawn from the General Fund pursuant to Section 5965.11 and not yet returned to the General Fund.(c) The board shall execute documents required by the Pooled Money Investment Board to obtain and repay the loan.(d) Any amounts loaned shall be deposited in the fund to be allocated by the board in accordance with this chapter.Ca. Welf. and Inst. Code § 5965.12
Added by Stats 2023 ch 789 (AB 531),s 4, eff. 3/6/2024.