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HomeEducation CodeDiv. 14Pt. 70Ch. 2Art. 2§ 101136 Interim Financing For Bonds

§ 101136 Interim Financing For Bonds

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

§ 101136 Interim Financing For Bonds

This law lets the State Allocation Board borrow money from the Pooled Money Investment Board, but only up to the amount of bonds they still need to sell, and the borrowed money must go into the fund they control.

Key Takeaways

  • •The State Allocation Board may request a loan from the Pooled Money Investment Board.
  • •The loan amount cannot be more than the unsold bonds the board has approved to sell.
  • •The board must sign any required documents, repay the loan, and the loan money goes into the fund they manage.

Example

A city wants to start building a new park but hasn't sold the bonds yet to pay for it.

The State Allocation Board can ask the Pooled Money Investment Board for a loan that is no bigger than the unsold bonds they plan to issue for the park. The loan money is put into the park fund, and the board signs the needed papers and later pays the loan back when the bonds are sold.

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

Official Source
View on CA.gov

§ 101136 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 (exclusive of refunding bonds) that the committee, by resolution, has authorized to be sold for the purpose of carrying out this chapter. The State Allocation 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 State Allocation Board in accordance with this chapter. (Added November 8, 2016, by initiative Proposition 51, Sec. 3.)

Last verified: January 10, 2026

Key Terms

State Allocation BoardPooled Money Investment BoardPooled Money Investment Accountinterim financingunsold bondsSection 16312 of the Government Code

Related Statutes

  • § 100436 Interim Financing For Bonds
  • § 100636 Interim Financing For Bonds
  • § 100836 Interim Financing For Bonds
  • § 101026 Interim Financing For Bonds
  • § 101426 School Building Loan Requests

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Education Code. Section 101136.
View Official Source