§ 16334. — 16334. (Repealed and added by Stats. 1996, Ch. 277, Sec. 2.)

California § 16334.

• Jurisdiction: California
• Code EDC: Education Code - EDC
• Div.: 1.
• Title 1.: DIVISION 1. GENERAL EDUCATION CODE PROVISIONS
• Part 10.: PART 10. SCHOOL BONDS
• Ch. 6.: CHAPTER 6. State School Building Aid Law of 1952
• Art. 9.: ARTICLE 9. School Housing Aid for Rehabilitation and Replacement of Structurally Inadequate School Facilities

Text

The interest on apportionments made under this article shall be established by the board, with the approval of the Director of General Services, as follows:
(1)
The interest rate applicable to apportionments made pursuant to Article 1 (commencing with Section 16000) and determined in accordance with Section 16065 shall be established as of June 30 of each year.
(2)
The applicable interest rate on June 30 shall apply to apportionments made
under this article in the ensuing fiscal year, July 1 through June 30.
(3)
Interest on the apportionment shall be compounded annually through the 30th day of June of each year.

Legislative History

Repealed and added by Stats. 1996, Ch. 277, Sec. 2. Effective January 1, 1997. Operative January 1, 1998.