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HomeEducation CodeDiv. 14Pt. 69Ch. 2Art. 2§ 101026 Interim Financing For Bonds

§ 101026 Interim Financing For Bonds

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

§ 101026 Interim Financing For Bonds

This law lets the State Allocation Board ask for a loan from the Pooled Money Investment Board, but only up to the amount of unsold bonds they have approved, to fund projects covered by this chapter.

Key Takeaways

  • •The board can only borrow up to the amount of unsold bonds they have approved.
  • •The loan must come from the Pooled Money Investment Account or other approved short‑term financing.
  • •All borrowed money has to be put into the fund that the board manages for this chapter.

Example

The board wants to start a new park but doesn't have cash yet. They ask the Pooled Money Investment Board for a loan that is no bigger than the value of the park bonds they plan to sell later.

The loan gives the money now, and when the bonds are sold, the cash from those sales is used to pay back the loan.

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

Official Source
View on CA.gov

§ 101026 Interim Financing For Bonds

The State Allocation Board 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 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. 2006, Ch. 35, Sec. 16. Approved in Proposition 1D at the November 7, 2006, election.)

Last verified: January 10, 2026

Key Terms

State Allocation BoardPooled Money Investment BoardPooled Money Investment Accountinterim financingSection 16312 of the Government Codeunsold bondscommittee resolution

Related Statutes

  • § 100836 Interim Financing For Bonds
  • § 100436 Interim Financing For Bonds
  • § 100636 Interim Financing For Bonds
  • § 101136 Interim Financing For Bonds
  • § 101426 School Building Loan Requests

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Education Code. Section 101026.
View Official Source