Gov. Code, § 15820.205

(a) The board may issue up to eight hundred four million seven hundred twenty-five thousand dollars ($804,725,000) in revenue bonds, notes, or bond anticipation notes, pursuant to Chapter 5 (commencing with Section 15830), to finance the design and construction, including, without limitation, renovation and equipping, of the approved student housing projects described in Section 15820.201, a reasonable construction reserve, and any additional amount authorized under Section 15849.6 to pay for the cost of financing.

(b) Proceeds from the revenue bonds, notes, or bond anticipation notes may be used to reimburse a participating college for costs incurred before the enactment of this chapter including the costs of design and construction, including, without limitation, renovation and equipping, of the approved student housing projects. Those costs may include the repayment of loans obtained pursuant to Section 15820.203 that have been applied to repay allocations to the General Fund pursuant to subparagraph (A) of paragraph (2) of subdivision (n) of Section 17201 of the Education Code, as amended by Chapter 195 of the Statutes of 2023.

(c) Notwithstanding Section 13340, funds derived pursuant to this section and Section 15820.204 are continuously appropriated for purposes of this chapter.

(d) (1) The board may augment the amount identified in subdivision (a) pursuant to Sections 13332.11 and 13332.19. Augmentations shall only be considered if the chancellor’s office has certified to the board both of the following:

(A) That the participating college has pursued and exhausted all funding sources available to the participating college that can lawfully be expended for the student housing project.

(B) That all cost containment measures, including, but not limited to, value engineering and scope reduction, not including bed count reduction, have been exhausted.

(2) Notwithstanding paragraph (3) of subdivision (e) of Section 15820.202, the board may issue bonds to pay for costs of a student housing project in excess of the dollar amount identified in paragraphs (3) and (4) of subdivision (m) of Section 17201 of the Education Code, as amended by Chapters 54 and 572 of the Statutes of 2022, and subparagraph (B) of paragraph (2) of subdivision (n) of Section 17201 of the Education Code, as amended by Chapter 195 of the Statutes of 2023, for each respective participating college if both of the following occurs:

(A) The board determines that financing of those excess costs is necessary.

(B) The financing of those costs does not cause the total amount financed under this subdivision to exceed the amount identified in subdivision (a) as that amount may be augmented pursuant to this subdivision.