30300-30312

STREETS AND HIGHWAYS CODE
SECTION 30300-30312




30300.  The proceeds from the sale of all bonds authorized pursuant
to this chapter shall be paid to the State Treasurer for the credit
of the commission and forthwith deposited as demand deposits in such
depositary or depositaries as are authorized by law to receive
deposits of state funds, to the credit of a fund to be designated as
the acquisition and construction fund of the particular toll bridge
or other highway crossing, transportation facilities, or additional
transportation facilities for which the bonds were issued and sold.
The fund shall, at all times, be kept segregated and set apart from
all other funds.


30301.  The proceeds from the sale of the bonds shall be paid out or
disbursed solely for the acquisition or construction of the
particular toll bridge or other highway crossing, transportation
facilities, or additional transportation facilities, the acquisition
of the necessary lands and easements therefor, and the payment of
interest on the bonds during the period of actual construction and
for a period of six months thereafter, only as the need therefor
arises. The commission may agree with the purchaser of the bonds upon
any conditions or limitations restricting the disbursement of such
funds which are deemed advisable for the purpose of assuring the
proper application of the funds.



30302.  All money in the particular acquisition and construction
fund not required to meet current acquisition or construction costs
of the toll bridge or other highway crossing, transportation
facilities, or additional transportation facilities for which the
bonds were issued and sold, and all funds constituting surplus
revenues which are not immediately needed for the particular object
or purpose to which they are required to be applied or to which they
are pledged, shall be invested in bonds and obligations eligible for
investment of surplus state money.
   The commission may provide, in the proceedings authorizing the
issuance of the bonds, that the investment of such money shall be
made only in particular bonds and obligations within the
classifications eligible for such investment, and such provisions
shall be binding upon the commission and all officials having
anything to do with the investment.



30303.  Any surplus which exists in the particular acquisition and
construction fund shall be applied to the retirement, by purchase or
call, of bonds issued for the acquisition or construction of the
particular toll bridge or other highway crossing, transportation
facilities, or additional transportation facilities. If the bonds
cannot be purchased at a price satisfactory to the commission and are
not by their terms callable prior to maturity, the surplus shall be
paid into the fund applicable to the payment of principal and
interest of the bonds and shall be used for that purpose.
   The proceedings authorizing the issuance of bonds may provide
limitations and conditions upon the time and manner of applying the
surplus to the purchase and call of outstanding bonds and the terms
upon which they shall be purchased or called, and such limitations
and conditions shall be followed and observed in the application and
use of the surplus.
   All bonds retired by purchase or call shall be immediately
canceled.


30304.  All tolls or other revenues received from the operation of
any toll bridge or other highway crossing, transportation facilities,
or additional transportation facilities acquired or constructed with
the proceeds of bonds issued and sold pursuant to this chapter shall
be paid over by the department at least monthly to the State
Treasurer who shall deposit them forthwith in such depositary or
depositaries as are authorized by law to receive deposits of state
funds, to the credit of a special fund to be designated as the toll
revenue fund of the particular toll bridge or other highway crossing,
transportation facilities, or additional transportation facilities
producing the tolls or revenue, which fund shall at all times be kept
segregated and set apart from all other funds.



30305.  From the money deposited in each separate acquisition and
construction fund, the State Treasurer shall transfer to the place or
places of payment named in the bonds such sums as are required to
pay the interest as it becomes due on all bonds sold and outstanding
for the construction of the particular toll bridge or other highway
crossing, transportation facilities, or additional transportation
facilities during the period of actual construction and during the
period of six months immediately thereafter. The treasurer shall
thereafter transfer from each separate toll revenue fund to the place
or places of payment named in the bonds such sums as are required to
pay the interest on the bonds and to redeem the principal thereof as
such interest payments and bond redemptions fall due for all bonds
issued and sold for the construction or acquisition of the particular
toll bridge or other highway crossing, transportation facilities, or
additional transportation facilities producing the tolls or revenues
deposited in the toll revenue fund. All funds transferred for the
payment of principal or interest on bonds issued for any particular
toll bridge or other highway crossing, transportation facilities, or
additional transportation facilities shall be segregated and applied
solely for the payment of such principal and interest.



30306.  The money remaining in each separate toll revenue fund,
after providing the amount required for interest and redemption of
bonds, shall be held and applied as provided in the proceedings
authorizing the issuance of the bonds. If the proceedings authorizing
the issuance of the bonds do not require surplus revenues to be held
or applied in any particular manner, they shall be allocated and
used for other purposes incidental to the acquisition, construction,
operation, and maintenance of the particular toll bridge or other
highway crossing, transportation facilities, or additional
transportation facilities as the commission determines.




30307.  Warrants for payments to be made on account of the bonds
shall be duly drawn by the State Controller upon request of the State
Treasurer whenever the drawing of the warrants is required in order
to make such payments.


30308.  Money required to meet the costs of acquisition or
construction and all expenses and costs incidental to the acquisition
or construction of any particular toll bridge or other highway
crossing, transportation facilities, or additional transportation
facilities, or to meet the costs of operating, maintaining, and
repairing them, shall be paid from the proper fund therefor upon
demand of the department and after audit thereof as provided by law
upon warrants drawn by the Controller.



30309.  All interest received or earned on money deposited in each
and every fund provided for in this article shall be credited to and
become a part of the particular fund upon which the interest accrues.



30310.  Notwithstanding any other provision in this chapter, the
proceeds received from the sale of bonds and the tolls or other
revenues received from the operation of any particular toll bridge or
other highway crossings, transportation facilities, or additional
transportation facilities may be used to defray any expenses incurred
by the commission in connection with and incidental to the issuance
and sale of bonds for the acquisition or construction of the
particular toll bridge or other highway crossings, transportation
facilities, or additional transportation facilities, including
expenses for the preparation of surveys and estimates and the making
of inspections and examinations as may be required by the purchasers
of the bonds, except that the proceedings authorizing the issuance of
the bonds may contain appropriate provisions governing the use and
application of the bond proceeds and toll or other revenues for the
purposes specified in this section.



30311.  Insofar as any issue of bonds pursuant to this chapter for
the acquisition or construction of any particular toll bridge or
other highway crossing includes the acquisition or construction of
any transportation facilities or additional transportation facilities
to or of any such toll bridge or other highway crossing pursuant to
this chapter, the provisions of this article with respect to the
receipt and disposition of the proceeds from the sale of bonds, the
acquisition and construction funds referred to, the receipt and
disposition of tolls, the toll revenue funds, and the other
provisions with respect to the receipt and disbursement of money or
funds are equally applicable to the money or funds relating to such
transportation facilities or additional transportation facilities as
with respect to such toll bridge or other highway crossing.



30312.  If the bonds authorized pursuant to this chapter for the
acquisition or construction of the transportation facilities or
additional transportation facilities do not include the toll bridge
or other highway crossing to which such transportation facilities or
additional transportation facilities relate, the provisions of this
article with respect to the receipt and disposition of the proceeds
from the sale of bonds, the acquisition and construction funds
referred to, the receipt and disposition of tolls, the toll revenue
funds, and the other provisions with respect to the receipt and
disbursement of money and funds are applicable to the money or funds
relating to such transportation facilities or additional
transportation facilities.