§ 101060 Bond Proceeds Tax Exemption

Education Code·California

AI SummaryVerified

This law says that money from selling bonds (like borrowing money for big projects) isn't counted as tax money, so it doesn't have to follow the usual spending rules for taxes.

Key Takeaways

•Money from selling bonds isn't the same as tax money.
•This money can be spent more freely on big projects like schools or roads.
•It doesn't have to follow the strict spending rules that tax money does.

Example

Imagine the state wants to build new schools and borrows money by selling bonds.

The money from selling those bonds can be spent on the schools without worrying about the normal limits on how tax money is spent.

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

Official Source

View on CA.gov

§ 101060 Bond Proceeds Tax Exemption

The Legislature hereby finds and declares that, inasmuch as the proceeds from the sale of bonds authorized by this chapter are not “proceeds of taxes” as that term is used in Article XIII B of the California Constitution, the disbursement of these proceeds is not subject to the limitations imposed by that article. (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

proceeds of taxes Article XIII B California Constitution Proposition 1D

References

Official text at leginfo.legislature.ca.gov
California Legislature. Education Code. Section 101060.

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References