92496.1. (a) Notwithstanding Section 92496, for the 2020–21 and 2021–22 fiscal years, if the University of California is able to reduce annual debt service costs by refunding, defeasing, or retiring general obligation bonds or State Public Works Board lease revenue bonds, as described in Section 92493, the university may use the savings from refunding, restructuring, defeasing, or retiring general obligation bonds or State Public Works Board lease revenue bonds, as described in Section 92493, to mitigate the impacts to programs and services that predominantly support underrepresented student access to, and success at, the university, and to provide for continued employment of employees without resorting to involuntary layoffs, furloughs, or reductions-in-time in the 2020–21 and 2021–22 fiscal years.
(b) This section does not authorize the university to use the savings from refunding, restructuring, defeasing, or retiring general obligation bonds or State Public Works Board lease revenue bonds, as described in Section 92493, for any purpose other than the purposes specified in this section or Section 92496.
(c) The university is encouraged to collaborate with donors to identify resources to provide support for programs and services that predominantly support underrepresented student access to, and success at, the university, and provide for continued employment of employees without resorting to involuntary layoffs, furloughs, or reductions-in-time in the 2020–21 and 2021–22 fiscal years.
(d) This section shall become inoperative on July 1, 2023, and, as of January 1, 2024, is repealed.
(Added by Stats. 2020, Ch. 110, Sec. 32. (SB 820) Effective September 18, 2020. Inoperative July 1, 2023. Repealed as of January 1, 2024, by its own provisions.)