California CodesCalifornia Constitution - CONSArticle III — State of CaliforniaSection 9
The proceeds from the sale of surplus state property occurring on or after the effective date of this section, and any proceeds from the previous sale of surplus state property that have not been expended or encumbered as of that date, shall be used to pay the principal and interest on bonds issued pursuant to the Economic Recovery Bond Act authorized at the March 2, 2004, statewide primary election.
Once the principal and interest on those bonds are fully paid, the proceeds from the sale of surplus state property shall be deposited into the Special Fund for Economic Uncertainties, or any successor fund. For purposes of this section, surplus state property does not include property purchased with revenues described in Article XIX or any other special fund moneys.
Notes
Requires proceeds from surplus state-property sales, including unspent prior proceeds, to pay principal and interest on specified 2004 Economic Recovery bonds. After full payment, directs proceeds to the Special Fund for Economic Uncertainties or its successor, while exempting property bought with transportation revenues or other special-fund money.
Use as reference
Lexinter.net | Cal. Const. art. III, § 9 | https://laws.lexinter.net/constitution/california/article-iii/section-9