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HomeEducation CodeDiv. 14Pt. 69Ch. 3Art. 3§ 101036 Bond Payment Appropriation

§ 101036 Bond Payment Appropriation

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

§ 101036 Bond Payment Appropriation

This law says the state must set aside money each year from the General Fund to pay the principal and interest on bonds issued under this chapter, and also to fund the activities in Section 101037.5, no matter what fiscal year it is.

Key Takeaways

  • •The state must appropriate enough money each year to cover both the bond principal and interest.
  • •Money for Section 101037.5 is also appropriated, and it isn’t limited by fiscal‑year boundaries.
  • •This rule overrides the usual limits in Section 13340 of the Government Code.

Example

A school district sells bonds to build a new school. Every year the state takes money from its main account to cover the bond’s interest and the amount that has to be paid back, and also to pay for the program described in Section 101037.5.

Because of this law, the money for the bond payments and the Section 101037.5 program is guaranteed each year, even if the state’s regular budget runs out or the fiscal year changes.

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

Official Source
View on CA.gov

§ 101036 Bond Payment Appropriation

Notwithstanding Section 13340 of the Government Code, there is hereby appropriated from the General Fund in the State Treasury, for the purposes of this chapter, an amount that will equal the total of the following: (a) The sum annually necessary to pay the principal of, and interest on, bonds issued and sold pursuant to this chapter, as the principal and interest become due and payable. (b) The sum necessary to carry out Section 101037.5, appropriated without regard to fiscal years. (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

General FundState TreasurybondsprincipalinterestSection 101037.5Proposition 1D

Related Statutes

  • § 101146 School Bond Funding Appropriation
  • § 100530 Bond Payment Appropriations
  • § 100930 General Fund Bond Appropriation
  • § 101446 Bond Payment Appropriation
  • § 101025 Bond Payment Appropriations

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Education Code. Section 101036.
View Official Source