LawWiki
HomeCodesSearchGlossaryAPIAbout
LawWiki

Plain English summaries of California law with zero-hallucination AI. Every summary is verified against official source text.

Product

  • Search
  • Codes
  • About

Legal

  • Privacy Policy
  • Terms of Service
  • Disclaimer

© 2026 LawWiki. All rights reserved.

HomeEducation CodeDiv. 14Pt. 69Ch. 2Art. 2§ 101024 Bond Principal And Interest Collection

§ 101024 Bond Principal And Interest Collection

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

§ 101024 Bond Principal And Interest Collection

This law requires the state to collect extra money every year to pay back the principal and interest on bonds, using the same collection process as other state revenues, and all revenue officials must help gather that money.

Key Takeaways

  • •An extra annual sum is required to repay bond principal and interest.
  • •The sum is collected using the same process as other state revenue.
  • •All revenue-collecting officials must perform whatever is needed to gather this money.

Example

The state sold bonds to build a new hospital. Each year the state must gather enough tax money to cover the hospital bond's principal and interest payments.

The state treasurer orders agencies to add an additional collection target to their regular revenue schedules so that the bond debt is repaid on time.

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

Official Source
View on CA.gov

§ 101024 Bond Principal And Interest Collection

There shall be collected each year and in the same manner and at the same time as other state revenue is collected, in addition to the ordinary revenues of the state, a sum in an amount required to pay the principal of, and interest on, the bonds each year. It is the duty of all officers charged by law with any duty in regard to the collection of the revenue to do and perform each and every act that is necessary to collect that additional sum. (Added by Stats. 2006, Ch. 35, Sec. 16. Approved in Proposition 1D at the November 7, 2006, election.)

Last verified: January 10, 2026

Key Terms

principalinterestbondsadditional sumrevenue collection

Related Statutes

  • § 100434 Bond Payment Revenue Collection
  • § 100634 Bond Principal And Interest Collection
  • § 101134 Bond Repayment Revenue Collection
  • § 100834 Bond Payment Revenue Collection
  • § 100525 Bond Principal And Interest Collection

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Education Code. Section 101024.
View Official Source