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HomeEducation CodeDiv. 14Pt. 68Ch. 3Art. 2§ 100535 Bond Financing Loan Requests

§ 100535 Bond Financing Loan Requests

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

§ 100535 Bond Financing Loan Requests

This rule lets the board borrow money from a special investment fund, but only up to the amount of bonds they’re allowed to sell for the project.

Key Takeaways

  • •The board can request a loan from the Pooled Money Investment Board.
  • •The loan can’t be bigger than the amount of unsold bonds the board has approved for the project.
  • •The board must sign any paperwork needed to get and pay back the loan, and the loan money goes into the project fund.

Example

The board wants to start building a new park and needs cash now, but the bonds that will pay for it haven’t been sold yet.

The board can ask the investment board for a loan that’s no bigger than the total value of the unsold bonds they plan to issue for the park. They sign the loan papers, get the money, and put it into the park fund to use later.

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

Official Source
View on CA.gov

§ 100535 Bond Financing Loan Requests

The board, as defined in subdivision (b) of Section 100510, may request the Pooled Money Investment Board to make a loan from the Pooled Money Investment Account or any other approved form of interim financing, 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, by resolution, has authorized to be sold for the purpose of carrying out this chapter. The board, as defined in subdivision (b) of Section 100510, shall execute any 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. 1998, Ch. 407, Sec. 16. Approved in Proposition 1A at the November 3, 1998, election.)

Last verified: January 10, 2026

Key Terms

boardPooled Money Investment BoardPooled Money Investment Accountinterim financingunsold bondscommitteeresolution

Related Statutes

  • § 100735 Interim Financing For Bonds
  • § 100935 Interim Financing Authority
  • § 101036.5 Interim Financing For Bonds
  • § 100636 Interim Financing For Bonds
  • § 100436 Interim Financing For Bonds

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Education Code. Section 100535.
View Official Source