Lease-Purchase Financing of Prison Construction
Cal. GOV § 15819.27
California Statutes
(
a) The necessary funding for the construction of the prison facility authorized by
Section of
Chapter of the Statutes of may be obtained through lease-purchase financing arrangements. Sections 15819.1 to 15819.13, inclusive, and
Section 15819.15 shall apply for this purpose, provided that the following also applies: (1) “Prison facility,” as used in
Section 15819.1 includes the California State Prison-Madera County.
(2) Notwithstanding the limitation imposed by
Section 15819.3 regarding the amount of bonds to be issued for construction, acquisition, and financing of prison facilities, the State Public Works Board may issue additional bonds in order to pay the costs of acquiring and constructing or refinancing the prison facility authorized by
Section of
Chapter of the Statutes of 1990. (
b) Notwithstanding
Section 13340, funds derived from the lease-purchase financing methods for the prison facility authorized by
Section of
Chapter of the Statutes of deposited in the State Treasury, are hereby continuously appropriated to the State Public Works Board on behalf of the Department of Corrections for the purpose of acquiring and constructing or refinancing the prison facility so financed.
Funds so appropriated shall be available as necessary for the purposes of site acquisition, site studies, master planning, architectural programming, schematics, preliminary plans, working drawings, construction, long lead and equipment items, and mitigation costs of school districts if the mitigation item is an allowable cost for any program under the jurisdiction of the State Allocation Board. The sum of one hundred fifty-two million dollars ($152,000,000) shall be available for capital outlay for the prison facility authorized by
Section of
Chapter of the Statutes of from funds derived from lease-purchase financing methods. (
c) The State Public Works Board may authorize the augmentation of the cost of construction of the project set forth in this
section pursuant to the board’s authority under
Section 13332.11. In addition, the State Public Works Board may authorize any additional amounts necessary to establish a reasonable construction reserve and to pay the costs of financing, including the payment of interest during acquisition or construction of the project, the cost of financing a debt service reserve fund, and the cost of issuance of permanent financing for the project. This additional amount may include interest payable on any interim loan for the facility from the General Fund or the Pooled Money Investment Account pursuant to