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. 72Ch. 2Art. 2§ 101420 School Bond Funding Authorization

§ 101420 School Bond Funding Authorization

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

§ 101420 School Bond Funding Authorization

This law lets the state sell up to $8.5 billion in new bonds (but not any refunding bonds) to fund school‑building projects and to pay back a special revolving fund.

Key Takeaways

  • •The state can sell up to $8.5 billion in new bonds for school‑building purposes.
  • •Any refunding bonds issued under § 101430 are taken out of that $8.5 billion limit.
  • •The State Treasurer sells the bonds whenever money is needed for the approved school projects.

Example

A school district needs $200 million to build a new high school.

The state can issue part of the $8.5 billion of authorized bonds to raise that $200 million, and the money will go toward the school’s construction and to reimburse the General Obligation Bond Expense Revolving Fund.

How to Calculate

Authorized New Bond Amount = $8,500,000,000 – (Amount of refunding bonds issued under § 101430)

  1. Start with the total authorized amount, $8,500,000,000.
  2. Find out how much has been issued as refunding bonds under § 101430.
  3. Subtract the refunding‑bond amount from $8,500,000,000.
  4. The result is the amount of new bonds that can still be issued.

The state has already issued $500 million of refunding bonds.

Result: $8,000,000,000 of new bonds can still be issued.

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

Official Source
View on CA.gov

§ 101420 School Bond Funding Authorization

(a) Of the total amount of bonds authorized to be issued and sold pursuant to Chapter 1 (commencing with Section 101400), bonds in the amount of eight billion five hundred million dollars ($8,500,000,000), not including the amount of any refunding bonds issued in accordance with Section 101430, may be issued and sold to provide a fund to be used for carrying out the purposes expressed in this chapter and to reimburse the General Obligation Bond Expense Revolving Fund pursuant to Section 16724.5 of the Government Code. (b) Pursuant to this section, the Treasurer shall sell the bonds authorized by the State School Building Finance Committee established pursuant to Section 15909 at any times necessary to service expenditures required by the apportionments. (Added by Stats. 2024, Ch. 81, Sec. 28. (AB 247) Approved in Proposition 2 at the November 5, 2024, election. Effective November 6, 2024.)

Last verified: January 10, 2026

Key Terms

bondseight billion five hundred million dollars ($8,500,000,000)General Obligation Bond Expense Revolving FundState School Building Finance Committeeapportionments

Related Statutes

  • § 100432 School Bond Issuance Authority
  • § 100632 School Bond Issuance Authority
  • § 100832 School Bond Issuance Authority
  • § 101023 School Bond Issuance Authority
  • § 101130 School Bond Funding Authorization

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Education Code. Section 101420.
View Official Source