Bill Text: CA SB1199 | 2021-2022 | Regular Session | Amended
Bill Title: University of California, Riverside, School of Medicine: teaching hospital.
Spectrum: Bipartisan Bill
Status: (Engrossed - Dead) 2022-06-02 - Referred to Com. on HIGHER ED. [SB1199 Detail]
Download: California-2021-SB1199-Amended.html
Amended
IN
Senate
March 15, 2022 |
Introduced by Senator Roth |
February 17, 2022 |
LEGISLATIVE COUNSEL'S DIGEST
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
director’s 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:Bill Text
The people of the State of California do enact as follows:
SECTION 1.
(a) As used in this section, the following definitions apply:SEC. 2.
Article 1.7 (commencing with Section 92608) is added to Chapter 6 of Part 57 of Division 9 of Title 3 of the Education Code, to read:Article 1.7 UCR School of Medicine Teaching Hospital
92608.
(a) The Regents of the University of California may expend money, upon appropriation by the Legislature for this purpose, to secure an acute care teaching hospital in the County of Riverside through acquisition, construction, rehabilitation, lease, management, or operating agreement to serve as an academic medical center for the purpose of training UCR School of Medicine medical students, medical residents, and medical fellows.The Director of Finance shall cause all moneys in the fund 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 these securities may be sold or exchanged if in the director’s opinion the sale or exchange is in the best interests of the state in effectuating the purposes of this chapter. All income derived from this investment, reinvestment, sale, or exchange shall be credited to the fund.