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HomeEducation CodeDiv. 14Pt. 72Ch. 2Art. 2§ 101426 School Building Loan Requests

§ 101426 School Building Loan Requests

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

§ 101426 School Building Loan Requests

This law lets the State Allocation Board borrow money from the Pooled Money Investment Board to pay for school building projects, but only up to the amount of bonds that have been approved but not yet sold.

Key Takeaways

  • •The loan can only be as big as the approved but unsold bond amount.
  • •The loan must follow the rules in Section 16312 of the Government Code.
  • •All borrowed money goes into the 2024 State School Facilities Fund and must be repaid.

Example

The State School Building Finance Committee approves $10 million of bonds to fund new classrooms, but only $6 million of those bonds have been sold so far.

The Allocation Board can ask the Investment Board for a loan of up to $4 million (the $10 million approved minus the $6 million already sold) to start the construction, and must later pay the loan back.

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

Official Source
View on CA.gov

§ 101426 School Building Loan Requests

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 State School Building Finance Committee, by resolution, has authorized to be sold for the purpose of carrying out this chapter excluding any refunding bonds authorized pursuant to Section 101430, less any amount loaned and not yet repaid pursuant to this section and withdrawn from the General Fund pursuant to Section 101428 and not yet returned. 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 2024 State School Facilities Fund to be allocated by the State Allocation Board in accordance with this chapter. (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

State Allocation BoardPooled Money Investment BoardPooled Money Investment AccountState School Building Finance Committee2024 State School Facilities FundSection

Related Statutes

  • § 100436 Interim Financing For Bonds
  • § 100636 Interim Financing For Bonds
  • § 100836 Interim Financing For Bonds
  • § 101026 Interim Financing For Bonds
  • § 101136 Interim Financing For Bonds

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Education Code. Section 101426.
View Official Source