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HomeEducation CodeDiv. 14Pt. 66Ch. 1Art. 4§ 100125 State Infrastructure Bond Authorization

§ 100125 State Infrastructure Bond Authorization

Education Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 100125 State Infrastructure Bond Authorization

This law lets California sell up to $2,987,035,000 in bonds (not counting any refunding bonds) to fund higher‑education building projects and to pay back a special revolving fund.

Key Takeaways

  • •California can sell up to $2.987 billion in bonds for higher‑education facilities, but refunding bonds don’t count toward that limit.
  • •The bonds are a legal promise of the state, backed by California’s full faith and credit, so they must be paid back with interest.
  • •The State Treasurer is in charge of selling the bonds whenever money is needed for the approved projects.

Example

The state wants to build a new science lab at a university and needs $500 million. It issues $500 million of the authorized bonds, uses the cash to pay contractors, and later repays the bond holders with interest.

The bond issue is allowed because it is part of the $2.987 billion limit and the money goes to a higher‑education facility, just as the statute requires.

How to Calculate

AuthorizedBondAmount = $2,987,035,000 – RefundBondAmount

  1. Start with the total amount the law allows – $2,987,035,000.
  2. Find out how much of that total is already taken up by any refunding bonds (bonds issued to replace older ones).
  3. Subtract the refunding‑bond amount from the total. The result is the amount of new bonds that can still be issued.

Suppose the state has already issued $200 million in refunding bonds.

Result: AuthorizedBondAmount = $2,987,035,000 – $200,000,000 = $2,787,035,000

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 100125 State Infrastructure Bond Authorization

(a) Bonds in the total amount of two billion nine hundred eighty-seven million thirty-five thousand dollars ($2,987,035,000), not including the amount of any refunding bonds issued in accordance with Section 100175, or so much thereof as is necessary, may be issued and sold to provide a fund to be used for carrying out the purposes expressed in this chapter and to reimburse the General Obligation Bond Expense Revolving Fund pursuant to Section 16724.5 of the Government Code. The bonds, when sold, shall be and constitute a valid and binding obligation of the State of California, and the full faith and credit of the State of California is hereby pledged for the punctual payment of both principal of, and interest on, the bonds as the principal and interest become due and payable. (b) Pursuant to this section, the Treasurer shall sell the bonds authorized by the Higher Education Facilities Finance Committee created pursuant to Section 67353 at any different times necessary to service expenditures required by the apportionments. (Amended by Stats. 2012, Ch. 39, Sec. 5. (SB 1018) Effective June 27, 2012. Note: This section was added by Stats. 1996, Ch. 1, and approved in Prop. 203 on March 26, 1996.)

Last verified: January 10, 2026

Key Terms

bondstwo billion nine hundred eighty-seven

Related Statutes

  • § 100145 Bond Repayment Revenue Collection
  • § 100150 Bond Payment Appropriation
  • § 100175 Bond Refunding Approval
  • § 15182 Bond Validity After Officer Changes
  • § 100010 School Building Bond Funds

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Education Code. Section 100125.
View Official Source