Beginning with the fiscal year which begins July 1, 1982, and each fiscal year thereafter, the board shall not adopt any budget for the corporation in which the projected total operating expenditures exceed the expected balance of the general operating account.
Cal. Fin. Code § 32404
Corporate Accounts
Known as the State Assistance Fund for Enterprise Act
The act spans §§ 32000 to 32823 (65 sections).
Added by Stats. 1980, Ch. 819, Sec. 1.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.