§ 15220 District Bond Purchase Authority

Education Code·California

AI SummaryVerified

This law lets a school or community college board buy its own bonds on the open market, using any district money that isn’t legally set aside for teachers’ pay.

Key Takeaways

•The board can buy bonds the district itself issued.
•Purchases must be made in the open market (like any regular buyer).
•Only money not required for teacher salaries can be used to pay for the bonds.

Example

A school district has extra money left over after paying teachers and other required expenses.

The board can take that extra cash and buy bonds that the district issued, as long as they buy them on the open market.

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

Official Source

View on CA.gov

§ 15220 District Bond Purchase Authority

The governing board of a school district or community college district may purchase in the open market bonds issued by the district. The cost of bonds purchased may be paid out of any funds of the district not required by law to be set aside for teachers’ salaries. (Repealed and added by Stats. 1996, Ch. 277, Sec. 2. Effective January 1, 1997. Operative January 1, 1998.)

Last verified: January 10, 2026

Key Terms

governing board school district community college district purchase in the open market bonds issued by the district teachers’ salaries

References

Official text at leginfo.legislature.ca.gov
California Legislature. Education Code. Section 15220.

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References