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HomeWater CodeDiv. 7Ch. 12.5§ 13966 Bond Fund Withdrawal Authority

§ 13966 Bond Fund Withdrawal Authority

Water Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 13966 Bond Fund Withdrawal Authority

Key Takeaways

  • •The Director of Finance can take money from the General Fund if there are unsold bonds approved for a project.
  • •The money taken must be used only for the project it was meant for.
  • •Once the bonds are sold, the money taken from the General Fund must be paid back.

Example

Imagine the state wants to build a new school but doesn't have enough money right now.

The Director of Finance can take some money from the state's main bank account (General Fund) to start building the school. Later, when the state sells special money certificates (bonds) to people, they use that money to pay back what they took from the main bank account.

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

Official Source
View on CA.gov

§ 13966 Bond Fund Withdrawal Authority

For the purpose of carrying out the provisions of this chapter, the Director of Finance may by executive order authorize the withdrawal from the General Fund of an amount or amounts not to exceed the amount of the unsold bonds which the committee has by resolution authorized to be sold for the purpose of carrying out this chapter. Any amounts withdrawn shall be deposited in the fund and shall be disbursed by the board in accordance with this chapter. Any moneys made available under this section to the board shall be returned by the board to the General Fund from moneys received from the sale of bonds sold for the purpose of carrying out this chapter. (Added by Stats. 1977, Ch. 1160. Approved in Proposition 2 at the June 6, 1978, election.)

Last verified: January 23, 2026

Key Terms

Director of FinanceGeneral Fundunsold bondscommitteeboardsale of bonds

Related Statutes

  • § 13842 Bond Fund Withdrawal Authority
  • § 13967 Bond Issuance For Arrangements
  • § 12879.13 Bond Fund Withdrawal Authority
  • § 13872 Bond Fund Withdrawal Authority
  • § 13898.2 Bond Fund Withdrawal Authority

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Water Code. Section 13966.
View Official Source