§ 101428. — 101428. (Added by Stats. 2024, Ch. 81, Sec. 28.)

California § 101428.

• Jurisdiction: California
• Code EDC: Education Code - EDC
• Div.: 14.
• Title 3.: DIVISION 14. MISCELLANEOUS
• Part 72.: PART 72. The Kindergarten Through Grade 12 Schools and Local Community College Public Education Facilities Modernization, Repair, and Safety Bond Act of 2024
• Ch. 2.: CHAPTER 2. Kindergarten through Grade 12
• Art. 2.: ARTICLE 2. Kindergarten Through Grade 12 School Facilities Fiscal Provisions

Text

For purposes of carrying out this chapter, the Director of Finance may authorize the withdrawal from the General Fund of an amount not to exceed the amount of the unsold bonds, excluding any refunding bonds authorized pursuant to Section 101430, less any amount loaned and not yet repaid pursuant to Section 101426 and withdrawn from the General Fund pursuant to this section and not yet returned, that have been authorized by the State School Building Finance
Committee to be sold for the purpose of carrying out this chapter. Any amounts withdrawn shall be deposited in the 2024 State School Facilities Fund and allocated by the State Allocation Board in accordance with this chapter. Any money made available under this section shall be returned to the General Fund, plus an amount equal to the interest that the money would have earned in the Pooled Money Investment Account, from proceeds received from the sale of bonds for purposes of carrying out this chapter.

Legislative History

Added by Stats. 2024, Ch. 81, Sec. 28. (AB 247) Approved in Proposition 2 at the November 5, 2024, election. Effective November 6, 2024.