(

a) Notwithstanding any other law, revenues received by the Trustees of the California State University from extension programs, special session, or self-supporting instructional programs, including, but not limited to, fees and charges required by the trustees, may be transmitted to either of the following:

(1) The Treasurer and, if transmitted, shall be deposited by that officer in the State Treasury to the credit of the State University Continuing Education Revenue Fund, which is hereby created, and which is hereby designated as successor to the State College Extension Program Revenue Fund.

(2) The chief fiscal officer of one or more campuses of the California State University, and, if transmitted, shall be deposited by the chief fiscal officer in accordance with

Section 89721. (

b) All revenues in the State University Continuing Education Revenue Fund are hereby appropriated, without regard to fiscal years, to the trustees for the support and development of instructional programs of the California State University. However, proposed expenditures or obligations to be incurred during any fiscal year from the State University Continuing Education Revenue Fund, other than expenditures or obligations authorized by subdivision (d), shall be contained in the budget submitted for that fiscal year by the Governor pursuant to

Section of

Article IV of the Constitution, and shall be subject to

Article 2 (commencing with

Section 13320) of

Chapter of Part of Division of Title of the Government Code. (

c) Moneys in the State University Continuing Education Revenue Fund may be invested by the Treasurer, upon approval of the trustees, in those eligible securities listed in

Section of the Government Code. All interest or other earnings received pursuant to the investments shall be deposited to the credit of the State University Continuing Education Revenue Fund. (

d) All revenues received by the trustees under this

section may be pledged for the acquisition, construction, and improvement of facilities for extension programs, special session, and other self-supporting instructional programs pursuant to the State University Revenue Bond Act of 1947 (Article 2 (commencing with

Section 90010) of

Chapter 8), and may also be pledged to supplement other revenue funded projects relating to debt obligations issued by the trustees pursuant to the State University Revenue Bond Act of 1947. (

e) On or before March of each year, the California State University shall submit a report on the implementation of this

section to the Department of Finance and, in compliance with

Section of the Government Code, the appropriate fiscal and policy committees of the Legislature. The report shall include, but is not limited to, all of the following:

(1) The total amount of revenue generated from extension programs, special session, or self-supporting instructional programs in the prior three fiscal years, by campus.

(2) Of the amounts identified in paragraph (1), the amount transmitted to the Treasurer pursuant to paragraph (1) of subdivision (

a) and the amount transmitted to the chief fiscal officer of each campus pursuant to paragraph (2) of subdivision (a).

(3) The total amount of expenditures from revenue generated from extension programs, special session, or self-supporting instructional programs in the prior three fiscal years and the purposes for which those funds were expended.