CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION Senate Bill No. 1199Introduced by Senator RothFebruary 17, 2022 An act to amend Section 66103 of the Education Code, relating to public postsecondary education. LEGISLATIVE COUNSEL'S DIGESTSB 1199, as introduced, Roth. Capital Outlay Fund for Public Higher Education: securities: investment, reinvestment, sale, or exchange.Existing law establishes the segments of public postsecondary education in the state, including the University of California, administered by the Regents of the University of California, the California State University, administered by the Trustees of the California State University, and the California Community Colleges, administered by the Board of Governors of the California Community Colleges. Existing law creates a fund in the State Treasury, the Capital Outlay Fund for Public Higher Education, and requires all money in the fund to be available, when appropriated by the Legislature, for expenditure for capital outlay purposes relating to public higher education, as specified. Existing law requires the Director of Finance to cause specified moneys in the fund to be invested and reinvested from time to time in securities and permits these securities to be sold or exchanged if in the directors opinion the sale or exchange is in the best interests of the state, as specified.This bill would make nonsubstantive changes to that latter provision.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 66103 of the Education Code is amended to read:66103. The Director of Finance shall cause all moneys in the fund which that are in excess of current requirements to be invested and reinvested from time to time in securities described in Section 16430 of the Government Code, and such these securities may be sold or exchanged if in his the directors opinion such the sale or exchange is in the best interests of the state in effectuating the purposes of this chapter. All income derived from such this investment, reinvestment, sale, or exchange shall be credited to the fund.
CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION Senate Bill No. 1199Introduced by Senator RothFebruary 17, 2022 An act to amend Section 66103 of the Education Code, relating to public postsecondary education. LEGISLATIVE COUNSEL'S DIGESTSB 1199, as introduced, Roth. Capital Outlay Fund for Public Higher Education: securities: investment, reinvestment, sale, or exchange.Existing law establishes the segments of public postsecondary education in the state, including the University of California, administered by the Regents of the University of California, the California State University, administered by the Trustees of the California State University, and the California Community Colleges, administered by the Board of Governors of the California Community Colleges. Existing law creates a fund in the State Treasury, the Capital Outlay Fund for Public Higher Education, and requires all money in the fund to be available, when appropriated by the Legislature, for expenditure for capital outlay purposes relating to public higher education, as specified. Existing law requires the Director of Finance to cause specified moneys in the fund to be invested and reinvested from time to time in securities and permits these securities to be sold or exchanged if in the directors opinion the sale or exchange is in the best interests of the state, as specified.This bill would make nonsubstantive changes to that latter provision.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO
CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION
Senate Bill
No. 1199
Introduced by Senator RothFebruary 17, 2022
Introduced by Senator Roth
February 17, 2022
An act to amend Section 66103 of the Education Code, relating to public postsecondary education.
LEGISLATIVE COUNSEL'S DIGEST
## LEGISLATIVE COUNSEL'S DIGEST
SB 1199, as introduced, Roth. Capital Outlay Fund for Public Higher Education: securities: investment, reinvestment, sale, or exchange.
Existing law establishes the segments of public postsecondary education in the state, including the University of California, administered by the Regents of the University of California, the California State University, administered by the Trustees of the California State University, and the California Community Colleges, administered by the Board of Governors of the California Community Colleges. Existing law creates a fund in the State Treasury, the Capital Outlay Fund for Public Higher Education, and requires all money in the fund to be available, when appropriated by the Legislature, for expenditure for capital outlay purposes relating to public higher education, as specified. Existing law requires the Director of Finance to cause specified moneys in the fund to be invested and reinvested from time to time in securities and permits these securities to be sold or exchanged if in the directors opinion the sale or exchange is in the best interests of the state, as specified.This bill would make nonsubstantive changes to that latter provision.
Existing law establishes the segments of public postsecondary education in the state, including the University of California, administered by the Regents of the University of California, the California State University, administered by the Trustees of the California State University, and the California Community Colleges, administered by the Board of Governors of the California Community Colleges. Existing law creates a fund in the State Treasury, the Capital Outlay Fund for Public Higher Education, and requires all money in the fund to be available, when appropriated by the Legislature, for expenditure for capital outlay purposes relating to public higher education, as specified. Existing law requires the Director of Finance to cause specified moneys in the fund to be invested and reinvested from time to time in securities and permits these securities to be sold or exchanged if in the directors opinion the sale or exchange is in the best interests of the state, as specified.
This bill would make nonsubstantive changes to that latter provision.
## Digest Key
## Bill Text
The people of the State of California do enact as follows:SECTION 1. Section 66103 of the Education Code is amended to read:66103. The Director of Finance shall cause all moneys in the fund which that are in excess of current requirements to be invested and reinvested from time to time in securities described in Section 16430 of the Government Code, and such these securities may be sold or exchanged if in his the directors opinion such the sale or exchange is in the best interests of the state in effectuating the purposes of this chapter. All income derived from such this investment, reinvestment, sale, or exchange shall be credited to the fund.
The people of the State of California do enact as follows:
## The people of the State of California do enact as follows:
SECTION 1. Section 66103 of the Education Code is amended to read:66103. The Director of Finance shall cause all moneys in the fund which that are in excess of current requirements to be invested and reinvested from time to time in securities described in Section 16430 of the Government Code, and such these securities may be sold or exchanged if in his the directors opinion such the sale or exchange is in the best interests of the state in effectuating the purposes of this chapter. All income derived from such this investment, reinvestment, sale, or exchange shall be credited to the fund.
SECTION 1. Section 66103 of the Education Code is amended to read:
### SECTION 1.
66103. The Director of Finance shall cause all moneys in the fund which that are in excess of current requirements to be invested and reinvested from time to time in securities described in Section 16430 of the Government Code, and such these securities may be sold or exchanged if in his the directors opinion such the sale or exchange is in the best interests of the state in effectuating the purposes of this chapter. All income derived from such this investment, reinvestment, sale, or exchange shall be credited to the fund.
66103. The Director of Finance shall cause all moneys in the fund which that are in excess of current requirements to be invested and reinvested from time to time in securities described in Section 16430 of the Government Code, and such these securities may be sold or exchanged if in his the directors opinion such the sale or exchange is in the best interests of the state in effectuating the purposes of this chapter. All income derived from such this investment, reinvestment, sale, or exchange shall be credited to the fund.
66103. The Director of Finance shall cause all moneys in the fund which that are in excess of current requirements to be invested and reinvested from time to time in securities described in Section 16430 of the Government Code, and such these securities may be sold or exchanged if in his the directors opinion such the sale or exchange is in the best interests of the state in effectuating the purposes of this chapter. All income derived from such this investment, reinvestment, sale, or exchange shall be credited to the fund.
66103. The Director of Finance shall cause all moneys in the fund which that are in excess of current requirements to be invested and reinvested from time to time in securities described in Section 16430 of the Government Code, and such these securities may be sold or exchanged if in his the directors opinion such the sale or exchange is in the best interests of the state in effectuating the purposes of this chapter. All income derived from such this investment, reinvestment, sale, or exchange shall be credited to the fund.