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HomeMy WebLinkAbout1990-11-13; City Council; 10911; Library Construction & Renovation Bond ActCIT.-3F CARLSBAD - AGENDA”.-31LL b3 AB# @,4 iI TITLE: RECOMMENDATIONS FOR PROPOSITION MTG. 1 l/13/90 85 LIBRARY CONSTRUCTION BOND ACT DEPT. LIB PRE-APPLICATIONS RECOMMENDED ACTION: Adopt Resolution No. 4&-W , approving library pre-applications for California Library Construction and Renovation Bond Act funds to construct the new library in the Plaza Paseo Real Shopping Center and to renovate The Georgina Cole Library. I ITEM EXPLANATION: Regulations have been established by the California State Library for the implementation of The California Library Construction and Renovation Bond Act of 1988. The Act provides for State matching funds of 65% of eligible construction project costs. The State Librarian has established a pre-application deadline date of November 21, 1990, and an application date of February 15, 1991 for the first funding cycle, and July 19, 1991 for a second funding cycle if funds are available after the first funding cycle. A total of $75,000,000 is provided by the Act. The City of Carlsbad is eligible to apply for these funds for the new library in The Plaza Paseo Real Shopping Center, and for the renovation of The Georgina Cole Library. Estimated total cost of the new building and site is $15,528.306. Bond Act funds would provide 65% or $9,888,649 of the eligible project costs. Renovation of The Cole Library, scheduled to occur in fiscal year 1992-93, as recommended by the Master Plan and Feasibilitv Studv is in keeping with the provisions of the Bond Act as it relates to remodeling. Bond Act funds may be used only for remodeling that specifically addresses energy conservation, providing access for the disabled, and rehabilitation of existing facilities to bring them into compliance with current health and safety requirements for public facilities. Except for floor coverings, door hardware, furniture, paint, and Administration, all costs of the recommended remodeling are eligible as matching City funds or State matching funds. The Master Plan and Feasibilitv Study for the Expansion and Renovation of the Cole Librarv contains two alternatives for 1992-93. Alternative 1992A addresses needed life-safety improvements, accessibility improvements for existing public use areas and improvements to finishes and furnishings. It does not address public access to the south mezzanine (approxi- mately 3,000 square feet) which is necessary to implement the program and to provide adequate public service. Estimated cost of this alternative is $1,551,500 in 1990 dollars. Alternative 1992B addresses everything contained in Alternative 1992A plus an additional 3,000 square feet of public service space by providing public access to the south mezzanine. Improvements would include enclosing the atrium, new stairs, a new elevator and a ramped * PAGE2OFAB# /Q,q ti bridge to provide the public access to the south mezzanine. Estimated cost of this alternative is $1,744,400 in 1990 dollars. The architects recommend Alternative 1992B because it allows full use of the building and the recommended structural improvements can be well-integrated functionally into the proposed 1998 expansion. Additionally, the difference in cost between the two alternatives is approximately $200,000, a relatively modest difference given the benefits to be gained over the interim period of 1993-98. FISCAL IMPACT: Construction of New Library: If the City of Carlsbad is selected to apply for Library Construction Bond Act funds for construction of the new library building, and Carlsbad is selected to receive a grant, the 65% state matching funds will amount to approximately $9,888,649. The City’s 35% matching funds will be approximately $5,324,657. Funding for the City’s portion of this project may be provided from several sources, including Public Facilities Fee (PFF) funds already appropriated in the amount of about $4 million and Community Facilities District (CFD) funds for the balance. Remodel of Cole Library: If the City of Carlsbad is selected to apply for Library Construction Bond Act funds for renovation of the Cole Library, and if the City is a successful applicant for those funds, the 65% State matching funds will amount to approximately $710,496 under Alternative 1992A and $810,791 under Alternative 1992B. City 35% matching funds for Alternative 1992A will be approximately $841,004; for Alternative B, $933,609. The current CIP includes funding in the amount of $500,000 for the remodel of the Cole Library. The preliminary project cost estimate was based on a modest remodel and did not address many of the issues included in the architects’ report. The current cost estimates for Alternatives 1992A and 1992B are $1.5 and $1.7 million respectively. If the City is successful in receiving this grant, the City’s obligation will be limited to current appropriations plus $300,000 to $400,000. If the city is not successful in receiving grant funding for this project, the Council will be asked to include additional funding of $1 to $1.2 million in a future CIP. The project may be divided into phases rather than accomplished during 1992. Funding will depend on the availability of PFF revenue. Financial alternatives available for consideration in addressing the recommended renovation of the Cole Library are illustrated below: Renovation Without State Bond Act Funds Alternative Total Cost Available Additional in CIP Funds Needed 1992A $1.5 million $.5 million $1.0 million 1992B 1.7 million .5 million 1.2 million Renovation With State Bond Funds Alternative Total Cost Available Bond Act City Matching Additional in CIP Funds Funds Funds Needed 1992A $1.5 million $.5 million $ .7 million $ .8 million $ .3 million 1992B 1.7 million .5 million .8 million .9 million .4 million Other Possible Grant Funding: In addition to the State Bond Act Funds, there is approximately $2,000,000 in grant funds that may be applied for under The Library Services and Construction Act. These are Federal funds administered by the State Library. Application for these funds will be due at the State Library on May 28, 1991. Renovation With Librarv Services and Construction Act Funds Alternative Total Cost Available LSCA Funds City 50% Additional in CIP at 50% Match Match Funds Needed 1992A $1.5 million $.5 million $.750 million $750 million $.250 million 1992B 1.7 million .5 million .850 million .850 million .350 million A final alternative is to renovate using the $500,000 budgeted in the CIP. This would provide for substantial renovation, but would not address public access to the south mezzanine. However, that part of the renovation could be accomplished in another year if funds become available. City Council’s approval of the pre-application for Bond Act funds for renovation of the Cole Library is the first step in the grant process. It does not commit the City to apply for funds. If the City is selected to apply for funds for either proposed project, staff will return to the City Council for final approval to submit the grant application. At that time, Council will be asked to certify that matching funds are available and take whatever actions are necessary to appropriate or budget funds. EXHIBITS: 1. Resolution No. t?p@ , approving Proposition 85 Library Construction Bond Act Pre-applica- tions. 2. Copy of California Library Construction and Renovation Bond Act of 1988. h RESOLUTION NO. go-406 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, APPROVING PROPOSI- TION 85 LIBRARY CONSTRUCTION BOND ACT PREAPPLICATIONS. WHEREAS, the City Council of the City of Carlsbad, California has approved the construction of a new library building; and WHEREAS, it is in the best interests of the City of Carlsbad to apply for State matching funds provided by The Califoria Library Construction and Renovation Bond Act; and WHEREAS, the City Council of the City of Carlsbad has approved the renovation of the Cole Library; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad, California, as follows: 1. That the above recitations are true and correct. 2. That staff is directed to submit pre-applications for California Library Construction and Renovation Bond Act funds to construct the new library in the Plaza Paseo Real Shopping Center and to renovate the Georgina Cole Library, and the Mayor is authorized to sign said pre-applications. PASSED, APPROVED AND ADOPTED at a Regular Meeting of the City Council of the City of Carlsbad on the 13th day of November , 1990, by the following vote, to wit: I . . . 1 2 3 4 5 6 7 8 9 c 10 11 12 13 14 15 16 17 19 I 20 21 22 23 24 25 26 27 28 AYE!% Council Members Lewis, Larson, Mamaux, and Pettine NOES: None ABSENT: Council Member Kulchin A7TEST: dU&TI-Ld& RhhTE@RANZ, City Clerk KAREN KUNDTZ, Assistant City Clerk (SEW * .._ - e_ .- --_- -, ----_ , .,_ _- -- _ - ---- _- -- *, &lo ; . w moN$ .’ ,_ ,r,;-y - .l’ :-.. -;.y .-- ~<*&&p+-di.&mhbnrl,**- &+&‘a;i,,&’ . lbcprenta~damiDorrtpo~alld:-fmmmi;lauy8ct~~ scqled~~~k~bor,8nd8m8(pa~dbytlle~ ‘- ‘- hraasus!976calolo~z~ApB341m. ,. . . . .: . -- -. : . . kswY-MMidH14lL w . * .I . ..---. . . . . e - . a:.. ;- - jlin0mhd-d~ ~=Y.~.nc*splpa.~~da .t-Ypobbc=-~*~rwaq-a fa3odays~noticei8~wrrmsn~~~ptidc~ pn7pq.givudtatk~dtlzc~~falv~bytbcrohdthe~ utidea~ut8y’btkcpChpdtyda ‘Ibcprreatag8dia8da8ri8awbodfaUymid~’mmrrih8nyIELwifhb~ scqd~~rhJIbcEbbtcfa8ll~aod~thC~ .’ - Eamdfrrmm&loloj2qmpirrApp341m. . . .- ‘tSpt8Cll . -. . .: . . . amhnb~~dRaporriiol&wdAadl98t . t~OaaJ&kUiCi8~-1L- BdAUdl98k~ddOi~lWcb3)~ L’“‘t-sLp~mL--%1PILf Nm-‘ILIRi-~d~-su~l99mlmL - Arrid, . _a. .’ -Hem . : ~-oaImmmm8ud-~*~~ .... .- fM zWVkiaUHrnl99n EXHIBIT 2 9 ('I . . . -’ . i _ ---_-- -. ._ -.. :: i --- .- . . . - .1:, * --- l J. . MY.e.I.d- .r. . _._---. . . -. “2 .<. :,?. -- -. -____ . .’ :.I . LIBRARIBS 6 I.9955 (f)F~u,~thenied~~liprup~~whichiskgondtherbiIityof~ govaMlmttosppply,irmastrppropnrtdymcr~~prrmcnhipofsurerrrdbaJ B . . g0vanmena. ~~~~ch49rrel.~~~hop~5Lt~Na*Blba9,1~ .” : : . : pl9!I5%-~~~,~emaulmof~, AslBaiiutkischaptu.thefonowing~h8vethefolloninpm~ (a)“committa”mcurttbc~~IJnrrp-ondRaa-F-corn- Ulitteecrated~toSCUiOll1~ (b)“F~meansthe~~~-tnd-Fuadaataly sot to Seth 19955. . (C)-Bcd”Inaosthe~Libry~ 8adRawrtionBoerd.Thebard iOCl~thCSt8tCLibfXhLtheTrerrpm. thelxnctord~theAPcmblyMaoha 8ppOhltdbpthcSpalrcrd*AS9UUh~,dthC~~bgthCSCO8ttRnia I ‘I i r I ‘I II ’ .( I 9 1 1 !’ , j . 5 19955 GENERAL PROVISIONS 0 19964. Nomal public construction costs in applicant’s area 0 19965. Changes in project costs ah approval of application; Excess funding # 19966. Factors to be considered in review of applications Q 19967. Dedication of facility to public library direct service ux 0 19955. California Library Construction sod Renovation Fund The proceeds of bonds issued and sold pursuant to this chapter shall be deposited in the California Library Construction and Renovation Fund, which is her&y created. Notwith- standing Section 13340 of the Government code, the fund shall be continuously appropriated without regard to fiscal year. tied Stats 1988 ch 49 see 1. approved by voters, Prop 85 set I, dfective Novauk 9, 1988. 4 19956. AvailabWty of moneys deposited in fimd for grants All moneys deposited in the fund shall be available for grants to any city, county, city and county, or district that is empowered at the time of the project application to own and maintain a facility for the acquisition, construction, remodeling, or rehabilitation of facilities for public library services. Addtd Stan 1989 ch 49 set 1, approved by mt=s, Prop IIS yc I, c!ktive Novantm 9. 1988. 0 19957. Puqmu for Wch grant and matching funds may be used The grant funds author&d pursuant to Section 19956 and the matching funds provided pursuant to Section 19962 shall be used by the recipient for any of the following purposes: (a) Acquisition or construction of new facilities or additions to existing facilities. (b) Acquisition of land necessary for purposes of subdivision (a). (c) Remodeling of existing facilities for energy conservation purposes. (d) Remodeling of existing facilities to provide access for the disabled. (e) Rehabilitation of existing facilities to bring them into compliance with current health and safety requirements for public facilities. (0 Procurement and installation of shelving fastened to the structure, and built-in equipment required to make a facility fully operable. (g) Payment of fea charged by architects, engineers, and other design professionals whose services are required to plan and execute a project author&d pursuant to this chapter.. ~ddcd Stats 1988 ch 49 xc 1, approved by voters, Prop 85 set 1. e&tivc Novtmbtr 9, 1988. 4 19958. Pwpoees for wbicb grant and matcbiog Pllnds may not be used No grant funds author&d pursuant to Section 19956 or matching funds provided pursuant to Section 19962 shall be used by a recipient for any of the following purposes: (a) Books and other library materials. ~;ob+inistration costs of the project, including, but not limited to, the costs of all of the (1) Prep&&m of the grant application. (2) Procurement of matching funds. (3) Conductisig an election for obtaining voter approval of the project. (4) Plan checking and code compliance inspections. (c) Interest or other carrying charges for financing the project, including, but not limited to, costs of loans or lease-purchase agreements in excess of the direct costs of any of the authorizal purposes speciiied in Section 19957. (d) Any ongoing operating expenses for the facility, its personnel, supplies, or any other library operations. Added Stats 1988 ch 49 set 1. rppmved by voters, Prop 85 KC 1, ctktive Novanbcr 9. 1988. 98 LIBRARIES - 419963 8 19959. Competitlre bidding for coastn~ction contracts 1\11 construction contracts for projects funded in part through grants awarded pursuant to this chapter shall be awarded through competiiive bidding pursuant to Part 3 (commencing with Section 20100) of the Public Contract Code. A&j4 suts 1988 ch 49 set 1. approved by votm. Prop 85 ICC 1. efktivc November 9, 1988. 4 lgga. Adminlstrrtioa by State Librarian m chapter shall k administered by the State Librarian, who shall adopt rules, regulations, and policies for the implementation of this chapter. Ad&J Stats 1988 ch 49 ICC 1, approved by voters, Prop 85 see I, e&tive November 9, 1988. cram SW- sate Librarian: Ed C 44 19302 et q.. 19320 et eef+ 0 19!m. Application for grant A city, county, city and county, or district may apply to the State Librarian for a grant pursuant to this chapter, as follows: (a) Each application shall bc for a project for a purpose author&d by Section 19957. (b) The applicant shall request not less than thirty-five thousand dollars (S35,OOO) per project. cid;;LF;tion shall bc submitted for a project for which construction bids already have Added Stats 1988 ch 49 KC 1, approved by voters, Prop 85 SW 1, efectivc Novanber 9. 1988. aoms References State Lii: Ed C 00 19302 et seq., 19320 et seq. I 4 19962. M8tchillg funds (a) Each grant recipient shall provide matching funds from any available source in an amount qual to 35 percmt of the costs of the project. The remaining 65 percent of the costs of the project shall be provided through allocations from the fund. (b) Qualifying matching funds shall bc cash expcnditurcs in the categories specified in Section 19957 which are made no earlier than three years prior to the submission of the application to the State Librarian. Except as otherwise provided in subdivision (c), in-kind expenditures shall not qualify as matching funds. (c) Land donated or otherwise acquired for use as a site for the facility, including, but not ! limited to, land purchased more than three years prior to the submission of the application to the State Librarian, may be credited towards the 35 percent matching funds rquirement at its I appraised value as of the date of the application. (d) Cash expenditures not to exceed 10 percent for furnishings required to make the facility fully operable may bc credited towards the 35 percent matching funds requirement. The recipient shall certify to the board that these furnishings have an atimated useful life of not less than 10 years. (C) Architect fees for plans and drawings for library renovation and new construction, including plans and drawings purchased more than three years prior to the submission of the application to the State Librarian, may be credited towards the 35 percent matching funds requirement. Added Stats l9SS ch 49 XC 1. qproved by voters, Prop 85 set 1, eilective November 9, 1988. 4 19963. Use .of funds for works of ut An amount not to exceed 1 percent of the cost of construction of the project may be used for aPPropriate works of art to enhance the facility. Added SWS 1988 cb 49 ICC 1, approved by votem Prop 85 eec 1. e6ective November 9. 1988. 99 / I i . . / l . . . . . !v- GENERAL PROVISIONS 0 19!364. Normal public constructioe costs in appllcant*s area (a) The estimated costs of a project for which an application is submitted shall be consistent with normal public construction costs in the applicant’s area. (b) An applicant wishing to construct a project with costs which exceed normal public construction costs in the applicant’s area may apply for a grant in an amount not to CXCCCXI 65 percent of the normal costs if the applicant certifies that it is capable of financing the remainder of the project costs from other sources Added Stats 198f ch 49 scc 1, approved by voten, prop 85 set 1, eiktive Nowmkr 9, 1988. p 19965. Changes in project costs after approval of applicatioq Excess funding Once an application has been approved by the board and included in the State Librarian’s request to the committee, the amount of funding to be provided to the applicant shall not be increased. Any actual changes in project costs shall be the full responsibility of the applicant. In the event that the amount of funding which is provided is greater than the cost of the project, the applicant shall return that portion of the handing which exceeds the cost of the project to the State Librarian. Added Stats 19M ch 49 scc 1.8pproved by votm. tip 8J see 1. effective November 9, 1988. 6 19966. Factors to be considered In review of applicatio~~~ In reviewing applications, the board shall consider all of the following factors: (a) Nuds of urban and rural ~tc8s. (b) Projected population growth. (c) Changing concepts of public library service. (d) Distance of the proposed project from other existing and proposed facilities. (e) Age and condition of the facility. Added Stats 1988 ch 49 xc I, rpprovcd by virtm. ptop 85 set 1, elktive November 9, 1988. 8 19967. Dedication of facility to public library direct se&e use (a) A facility, or the part thereof, acquired, constructed, remodeled, or rehabilitated with grants received pursuant to this chapter shall be dedicated to public library direct service use for a period of not less than 20 years following completion of the project, or the useful life of the building, whichever is longer. (b) If the facility, or part thereof, acquired, constructed, remodeled, or rehabilitated with grants received pursuant to this chapter ceases to be used for public library direct service prior to the expiration of the period specified in subdivision (a), the board shall bc entitled to recover from the grant recipient or the recipient’s successor in the maintmance of the facility, an amount which kars the same ratio to the value of the facility, or the appropriate part thereof, at the time it ceased to be used from public library direct service as the amount of the grant bore to the cost of the facility or appropriate part thereof. For purposes of this subdivision, the value of the facility, or the appropriate part thereof, shall be determined by the mutual agrecmcnt of the parties, or through an action brought for that purpose in the. superior court. (c) The board may release the grant recipient or the recipient’s successor in the maintenance of the facility from its obligation under subdivision (a), and waive the requirements of subdivision (b), if the board determines that so doing would not diminish the quality of public library service in the community served by the facility. (d) Notwithstanding subdivision (f) of Section 16724 of the Government Code, moneys recovered pursuant to subdivision (b) shall be deposited in the fund, and shall be available for the purpose of awarding grants for other projects. Added Stats 1988 ch 49 scc 1. rppmd by vo(m Prop 8S xc I, dkcive November 9, 1988. 100 LIBRARIES 0 19972 ARTICLE 3 Fiscal Provisions PitIc 1. Genml Ed uution code provirion~--Diviri~n I, General Education Code Provisions-Part I I, Libraria- apter ] 1, ~ihnir Library Consnuction end Renovation Bond Act of 198~Article 3, Fii Provisions; Added Stats 1986 ch 49 ret 1. approved by votexs, Prop 85 set I, dktivc Novemkr 9, 1988.1 0 19970. $19971. 0 19972. .g 19973. 0 19979. Q 19980. # 19981. issuance and ule of bonds; Bonds as ob’igations of state Adoption of General Obligation Bond Law California Library Construction and Renovation Finance Committee; “Board” Determination of issuance of bonds; Successive issues Collection of revenue to Pay principal and interest Appropriation kom Gencral Fund Withdrawals ~~XII General Fund Lorn from Pooled Money Investment Account Refunding of bonds Availability of money deposited in fund for transfer to General Fund Proceeds of bonds as not proceeds of taxes subject lo constitutional limitation costs of l dminiswring chapter 4 19970. Iasuaece and ade of bonds; Bonds as obligations of state Bonds in the total amount of seventy-five million dollars (S75,ooO,ooO) (exclusive of refunding bonds), or so much thereof as is ncassary, may be issued and sold to provide a fund to be used for carrying out the purposes expressed in this chapter and to be used to reimburse the General Obligation Bond Expense Revolving Fund pursuant to Section 16724.5 of the Government Code. The bonds shall, when sold, be and constitute a valid and binding obligation of the State of California, and the full faith and credit of the State of California is hereby pledged for the punctual payment of both principal of, and interest on, the bonds as the principal and interest become due and payable. Added Stats 1988 ch 49 set I. approved by voters, Prop 85 set I, dkctive Novcahr 9, 1988. 6 19971. Adoption of General Obligation Bond Law The bonds authorized by this chapter shall be prepared, executed, issued, sold, paid, and redeemed as provided in the State General Obligation Bond Law (Chapter 4 (commencing with Section 16720) of P~vt 3 of Division 4 of Title 2 of the Government Code), and all of the provisions of that law apply to the bonds and to this chapter and are hereby incorporated in this chapter as though set forth in full in this chapter. Added Stats 1988 ch 49 ICC 1, appmval by voters, Prop 85 net I, dktive November 9, 1988. 8 19972. Wornin Ltbruy Construction and Renovation Fiice Committee; “Board” (a) Solely for the purpose of authorixing the issuance and sale, pursuant to the State General Obligation Bond Law, of the bonds authorized by this chapter, the California Library Construction and Renovation Finance Committee is hereby created. For purposes of this chapter, the California Library Construction and Renovation Finance Committee is the “committee” as that term is used in the State General Obligation Bond Law. The committee consists of the Treasurer, the State Librarian, the Director of Finance, or their designated representatives. The Treasurer shall serve as chairperson of the committee. A majority of the committee may act for the committa. (b) For purposes of the State General Obligation Bond Law, the California Library Construc- tion and Renovation Board is designated the “board.” Added Stats 1988 ch 49 set I, approval by voters, Prop 85 set 1, dktive November 9, 1988. Cram Refereacea: State Librarian: Ed C 00 19302 et seq.. 19320 et seq. Celifomie Library conrtnrtion and Renovation Board: Ed C 0 199S2(c). Treasurer: Gov C 09 12300 d uq. 101 . 6 19972 GENERAL PROVISIONS ’ Director 04 Fiinurcc: Gov C 44 t 3001 et seq. Sutc GeneA Gbliption Bond Lw: Gov C 00 16720 et seq. 5 19973. Determination of issuaoce of bonds; Successive Issues The committee shall determine whether or not it is necessary or desirable to issue bonds author&d pursuant to this chapter in order to carry out the actions specified in Article 2 (commencing with Section 1995% and, if SO, the amount of bonds to be issued and sold. Successive issuea of bonds may be authorizcd and sold to carry out those actions progres- sively, and it is not necessary that all of the bonds author&d to be issued be sold at any one time. A&led Stats 1988 ch 49 SCE 1. approved by voter% P10p 85 8ec 1, eiktive Novemkr 9, 1988. 0 19974. CdIectIon of revcoue to pay priocipil and interest There shalI be collected each year and in the same manner and at the same time as other state revenue is collected, in addition to the ordinary revenues of the state, a sum in an amount required to pay the principal of, and interest on, the bonds each year, and it is the duty of all officers charged by law with any duty in regard to the collection of the revenue to do and perform each and every act which is necessary to collect that additional sum. Added Stats 1988 cb 49 xc 1, rpprovai by vote% Prop 85 WC I, e&rive November 9, 1988. 4 19975. Appropriation fkom General Fund Notwithstanding Section 13340 of the Government Code, there is hereby appropriated from the General Fund in the State Treasury, for the purposes of this chapter, an amount that will equal the total of the following: (a) The sum annually necessary to pay the principal of, and interest on, bonds issued and sold pursuant to this chapter, as the principal and interest become due and payable. (b) The sum which is nqessary to carry out the provisions of Section 19976, appropriated without regard to fiscal years. Added Stats 1988 ch 49 WC I. approved by voters, Prop 85 see 1. effective November 9, 1988. 8 19976. Withdrawals from General Fund For the purposea of carrying out this chapter, the Director of Fiance may author& the withdrawal from the General Fund of an amount or amounts not to exceed the amount of the unsold bonds which have been authorixed to be sold for the purpose of carrying out this chapter. Any amounts withdrawn shall be deposited in the fund. Any money made available under this section shall be returned to the General Fund, with interest at the rate earned by the money in the Pooled Money Investment Account during the time the money was withdrawn from the General Fund pursuant to this section from money received from the sale of bonds for the purpose of carrying out this chapter. Added Stats 1988 ch 49 set I, approved by voter% Prop 85 sa: 1. elective NOV~XII~~ 9, 1988. Cvom Ref- DkctorofPi~1~~GovC~Ql3OOlasq. 5 19977. Loan from Pooled Money Investmeat Account 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 purposes of carrying out this chapter. The amount of the request shaIl not exceed the amount of tfie unsold bonds which the committee has by resolution authorixed,to be sold for the purpose of carrying out this chapter. The board shalI execute any documents required by the Pooled Money Investment Board to obtain and repay the loan. Any amounts loaned shall be deposited in the fund to be allocated by the board in accordance with this chapter. Added Srata 1988 ch 49 scc 1. rpprovai by vote. Prop 85 see I, elktive Novathr 9, 1988. 102 LIBRARIES 0 19981 pooled Money Investment Road: Gov C Q 16480.1. Q 1g!178. Refunding of bonds by bonds issued and sold pursuant to this chapter may be refunded by the issuance of refunding bonds in accordance with Article 6 (commencing with Section 16780) of Chapter 4 of part 3 of Division 2 of Title 2 of the Government Code. Approval by the electors of the state for the issuance of bonds shall include the approval of the issuance of any bonds issued to refund‘any bonds originally issued or any previously issued refunding bonds. - ~&led Stats 19a8 ch 49 see 1, approved by voter& Prop 85 WC 1. efktive November 9, 1988. Q 19979. Availability of money deposited in fund for transfer to General Fund AU money deposited in the fund which is dcrivocl from premium and accrued interest on bonds sold shall be reserved in the fund and shall be available for transfer to the General Fund as a credit to expenditures for bond interest. Added Suts 1988 ch 49 ICC 1.8pprovcd by voters, Prop 85 ICC 1, dktive November 9, 1988. 0 19980. Jhceeds of hoods as not proceeds of taxes subject to constitutional limitation The Legislature hereby 6nds and declares that, inasmuch as the procee ds from the sale of bonds authorized by this chapter are not “proceeds of taxes” as that term is used in Article XIII B of the California Constitution, the disbursement of these proceeds is not subject to the limitations imposed by that article. Added Stats 1988 ch 49 set L8pprovcd by voters, Prop 85 set 1. dective November 9, 1988. 0 19981. C&s of 8dministering chapter An amount not to exceed 1 percent of the fund may be used by the State Librarian for costs of administering this chapter. Added Stats 1988 ch 49 see 1, approved by voters, Prop 85 wc 1, dktive November 9, 1988. Goas References: State Librarian: Ed C ##19302 et seq.. 19320 et seq. 103