University of California: school of medicine: San Joaquin Valley Regional Medical Education Endowment Fund.

The California Constitution provides that the University of California constitutes a public trust administered by the Regents of the University of California, a corporation in the form of a board, with full powers of organization and government, subject to legislative control only for specified purposes. This bill would create the University of California San Francisco San Joaquin Valley Regional Medical Education Endowment Fund for the purpose of supporting the annual operating costs for the development, operation, and maintenance of a branch campus of the University of California, San Francisco, School of Medicine in the San Joaquin Valley, as specified. The bill also provides that moneys in the fund shall not be expended on the development, operation, or maintenance of the branch campus until the Controller determines a sufficient balance of $500 million is achieved and maintained in the fund. Upon appropriation by the Legislature, earnings on the investment of the principal of the fund would be used to cover the annual costs for the development, operation, and maintenance of a branch campus supporting 50 students per class in the San Joaquin Valley over the 10 years following the accrual of the funds, as well as the estimated costs of obtaining approval and accreditation from the Liaison Committee on Medical Education, among other expenses. The bill would require the University of California to seek approval and accreditation from the Liaison Committee on Medical Education for an expanded branch campus, upon the above determination by the Controller of sufficient funds in the endowment fund.