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HomeEducation CodeDiv. 14Pt. 66Ch. 1Art. 4§ 100155 Bond Loan Authorization Process

§ 100155 Bond Loan Authorization Process

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

§ 100155 Bond Loan Authorization Process

This law lets a board borrow money from a special investment fund, but only up to the amount of bonds they have approved to sell, and the borrowed money must be put into a fund for the chapter’s projects.

Key Takeaways

  • •The board may request a loan from the Pooled Money Investment Board.
  • •The loan amount can’t exceed the value of unsold bonds the board has authorized.
  • •The board must sign required documents, deposit the loan into the designated fund, and repay the loan.

Example

A city park board wants to build a new playground and needs cash now.

The board asks the Pooled Money Investment Board for a loan. The loan can’t be bigger than the unsold bonds the park board has already approved to sell. The board signs the needed papers, gets the loan, puts the money into the park fund, and later pays the loan back.

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

Official Source
View on CA.gov

§ 100155 Bond Loan Authorization Process

The board may request the Pooled Money Investment Board to make a loan from the Pooled Money Investment Account, in accordance with Section 16312 of the Government Code, for the purpose of carrying out this chapter. The amount of the request shall not exceed the amount of the unsold bonds that the committee has, by resolution, authorized to be sold for the purpose of carrying out this chapter. The board shall execute those documents required by the Pooled Money Investment Board to obtain and repay the loan. Any amounts loaned shall be deposited in the fund to be allocated by the board in accordance with this chapter. (Added by Stats. 1996, Ch. 1, Sec. 1. Approved in Proposition 203 at the March 26, 1996, election.)

Last verified: January 10, 2026

Key Terms

Pooled Money Investment Boardloanunsold bondscommitteefund

Related Statutes

  • § 101055 Interim Financing For Bonds
  • § 19977 Bond Loan Authorization Process
  • § 20007 Pooled Money Investment Board Loan
  • § 100535 Bond Financing Loan Requests
  • § 100636 Interim Financing For Bonds

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Education Code. Section 100155.
View Official Source