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HomeEducation CodeDiv. 14Pt. 68.1Ch. 3Art. 5§ 100735 Interim Financing For Bonds

§ 100735 Interim Financing For Bonds

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

§ 100735 Interim Financing For Bonds

This law lets the board borrow money from a special investment account to fund its projects, but only up to the amount of bonds that haven’t been sold yet.

Key Takeaways

  • •The board may request a loan from the Pooled Money Investment Account or other approved short‑term financing.
  • •The loan can’t be larger than the amount of unsold bonds the board has approved for sale.
  • •The board must sign any paperwork needed to get and pay back the loan.
  • •All loan money must be put into the fund that the board controls for its projects.

Example

The board wants to start building a new park, but the money from selling bonds won’t arrive for a few months.

The board can ask the Pooled Money Investment Board for a short‑term loan from the investment account, as long as the loan isn’t bigger than the bonds they still need to sell. They sign the loan papers, get the cash, use it for the park, and later repay the loan when the bond money comes in.

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

Official Source
View on CA.gov

§ 100735 Interim Financing For Bonds

The board, as defined in subdivision (b) of Section 100710, 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 100710, 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. 2002, Ch. 33, Sec. 30. Approved in Proposition 47 at the November 5, 2002, election.)

Last verified: January 10, 2026

Key Terms

boardPooled Money Investment BoardPooled Money Investment Accountinterim financingunsold bondscommitteeresolution

Related Statutes

  • § 100935 Interim Financing Authority
  • § 100535 Bond Financing Loan Requests
  • § 101036.5 Interim Financing For Bonds
  • § 100636 Interim Financing For Bonds
  • § 101146.5 Interim Financing Loan Authority

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Education Code. Section 100735.
View Official Source