§ 16078 School District Bond Repayment

• •The district’s yearly repayment can’t be lower than the state’s yearly bond cost for that district.
• •It only applies to districts that received money (apportionments) under this chapter.
• •The rule overrides any other part of the chapter that might say something different.

A state borrows money by selling bonds to help a school district build a new gym. The state has to pay interest and eventually the loan amount each year. The district must send money back to the state each year that is at least equal to what the state paid that year for the bond.

If the state paid $100,000 this year for the bond (interest plus part of the loan), the district must repay $100,000 or more to the state that same year.