SACRAMENTO – Legislation signed by California Gov. Arnold Schwarzenegger to help the State of California balance its budget involves a $29 million loan to be transferred from its Harbors and Watercraft Revolving Fund to the General Fund, according to a press release posted on http://gov.ca.gov/.
A provision in the Senate Bill, SBX3 2, states that: “The repayment shall be made so as to ensure that the programs supported by the Harbors and Watercraft Revolving Fund are not adversely affected by the loan, but no later than June 30, 2013.”
The Harbors and Watercraft Revolving Fund is generated by boat registration revenues, as well as a percentage of the tax on gasoline purchases, and is used to provide loans and grants for the construction of small craft harbors and boat launching facilities, according to the California Department of Boating and Waterways Web site, www.dbw.ca.gov.
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