California News:
Division 6, Part 4, Chapter 3 of the California Harbors and Navigation Code deals with small craft harbors.
Section 3950 states that, whenever the commission determines by resolution that it is necessary or desirable to obtain funds through the sale of bonds as provided for in this part to provide loans to cities, cities and counties, counties, and districts having power to acquire, construct, and operate small craft harbors, for the planning, acquisition, construction, improvement, maintenance, or operation of small craft harbors and facilities in connection therewith, and connecting waterways, then the commission is required to certify to the committee. The funds secured cannot exceed, in the aggregate, $10,000,000.
Section 3951 authorizes the commission to expend from the Small Craft Harbor Bond Fund in the manner authorized by law any and all funds derived from the sale of bonds.
Section 3952 specifies that all money received by the commission in repayment of the principal and interest of any loan made from funds secured under this part is to be paid into the State Treasury to the credit of the Small Craft Harbor Improvement Fund.
Section 3953 requires the commission to make payments from the Small Craft Harbor Improvement Fund to the Harbor Bond Sinking Fund.
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Author: Chris Micheli
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