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 CodeCh. 17§ 17162 Bond Issuance Limitations

§ 17162 Bond Issuance Limitations

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

§ 17162 Bond Issuance Limitations

Key Takeaways

  • •The state can borrow up to $400 million to help schools buy computer and network stuff, but only if schools promise to pay it back.
  • •Schools must promise to pay back at least $5 million together before the state can start borrowing money.
  • •The borrowed money can only be used for computers, networks, and things that help kids learn with technology.
  • •The state must pay back the borrowed money before the computer stuff gets too old.

Example

A group of schools want to buy new computers and set up internet in their classrooms.

The schools promise to pay back $5 million together. Then, the state can borrow money to help them buy the computers and internet stuff. The schools can only use this money for technology, not for other things like fixing roofs or buying books.

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

Official Source
View on CA.gov

§ 17162 Bond Issuance Limitations

(a) Notwithstanding Section 17199.3, the authority may issue bonds exclusively for the purposes of this act, provided that the total amount of bonds issued and outstanding at any time under this act shall not exceed four hundred million dollars ($400,000,000). Authorization for the issuance of bonds under this act shall become operative after July 1, 1997, upon receipt by the authority of repayment pledges made by school districts, pursuant to Section 17163, which, when the pledges from all school districts are combined, are equal to or greater than five million dollars ($5,000,000). The authority shall not issue bonds for any project that cannot be supported by the repayment pledges of school districts. (b) In administering this act, the authority shall meet all of the requirements established by law for the issuance, holding, and repayment of revenue bonds by the authority, including those set forth in Chapter 17 (commencing with Section 17170), unless otherwise provided for in this act. (c) Revenues from the sale of bonds issued pursuant to this act shall be deposited in the School Technology Pooled Revenue Bond Fund, which fund is hereby established in the State Treasury. Notwithstanding Section 13340 of the Government Code, all moneys in the fund shall be continuously appropriated without regard to fiscal year for the purposes of this chapter. The authority shall allocate moneys to each participating school district from the fund. (d) Allocations from the fund shall be used by school districts only for the purpose of establishing computer-based networks and telecommunications systems for instructional purposes, including the procurement and installation of computer hardware and software, multimedia audio, video, and data transfer equipment, and wiring, cabling, and other equipment necessary to establish network connectivity, and any planning and installation costs associated with establishing and installing the networks. (e) The length of terms of the bonds issued pursuant to this act shall be less than the useful life of the equipment to be purchased as set forth in subdivision (d). (Added by Stats. 1996, Ch. 277, Sec. 2. Effective January 1, 1997. Operative January 1, 1998.)

Last verified: January 23, 2026

Key Terms

bondsrepayment pledgescomputer-based networkstelecommunications systemsinstructional purposes

Related Statutes

  • § 17163 School District Lottery Bond Pledge
  • § 17160 Educational Technology Infrastructure Funding
  • § 17161 School Technology Bond Definitions
  • § 17163.5 Lottery Fund Bond Payments
  • § 17164 Lottery Bond Repayment Limits

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Education Code. Section 17162.
View Official Source