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HomeFish and Game CodeDiv. 3Ch. 7Art. 3§ 2644 Bond Fund Withdrawal Authority

§ 2644 Bond Fund Withdrawal Authority

Fish and Game Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 2644 Bond Fund Withdrawal Authority

This law lets the state finance director move money from the General Fund to cover costs of a program, and then put the money back with interest when bond sales bring in cash.

Key Takeaways

  • •Money can be taken from the General Fund before bonds are sold.
  • •The borrowed amount must be paid back with interest.
  • •Interest is based on what the money would have earned in the Pooled Money Investment Fund.

Example

A state agency needs $5 million to build a new park, but the money isn’t available right away.

The director can take $5 million from the General Fund now, use it for the park, and later pay it back with interest when the bond money from selling those bonds is received.

How to Calculate

Interest = Principal × Interest Rate

  1. Determine the amount withdrawn from the General Fund (Principal).
  2. Find the interest rate that would have been earned by that amount in the Pooled Money Investment Fund.
  3. Multiply the Principal by the interest rate to get the interest owed.
  4. Add the interest to the Principal to get the total amount that must be returned to the General Fund.

Withdraw $2 million to fund a road project.

Result: Interest = 2000000 × 0.04 = 80000; Total repayment = 2000000 + 80000 = 2080000

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 2644 Bond Fund Withdrawal Authority

For the purposes of carrying out the provisions of this article, the Director of Finance may, pursuant to appropriate authority in each annual Budget Act, authorize the withdrawal from the General Fund of an amount or amounts not to exceed the amount of the unsold bonds which have been authorized to be sold for the purpose of carrying out this chapter. Any amounts withdrawn shall be deposited in the fund. Any moneys made available under this section shall be returned to the General Fund from moneys received from the sale of bonds for the purpose of carrying out the provisions of this chapter. The withdrawals from the General Fund shall be returned to the General Fund with interest at the rate which would otherwise have been earned by those sums in the Pooled Money Investment Fund. (Added by Stats. 1984, Ch. 6, Sec. 1. Approved in Proposition 19 at the June 5, 1984, election. Operative July 1, 1984, by Stats. 1984, Ch. 6, Sec. 3.)

Last verified: January 10, 2026

Key Terms

Director of FinanceGeneral Fundunsold bondsPooled Money Investment Fund

Related Statutes

  • § 2642 Bond Payment Appropriations
  • § 2647 Wildlife Bond Committee Creation
  • § 2648 Bond Interest Transfer Rules
  • § 2640 State Bond Issuance Authority
  • § 2641 Bond Payment Revenue Collection

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Fish and Game Code. Section 2644.
View Official Source