§ 41471. — 41471. (Added by Stats. 1993, Ch. 57, Sec. 4.)

California § 41471.

• Jurisdiction: California
• Code EDC: Education Code - EDC
• Div.: 3.
• Title 2.: DIVISION 3. LOCAL ADMINISTRATION
• Part 24.: PART 24. SCHOOL FINANCE
• Ch. 3.1.: CHAPTER 3.1. Emergency Apportionment Repayment for West Contra Costa Unified School District
• Art. 1.: ARTICLE 1. Repayment of Loan Obligations

Text

(a)
The loan obligations to which this chapter applies are as follows:
(1)
The loan of nine million five hundred twenty-five thousand dollars ($9,525,000) made to the Richmond Unified School District from the General Fund as an emergency apportionment pursuant to Chapter 171 of the Statutes of 1990, less any principal payments made prior to enactment of this bill.
(2)
The loan of nineteen million dollars ($19,000,000)
to the Richmond Unified School District, made pursuant to the May 2, 1991, order of the Superior Court of Contra Costa County.
(3)
Interest charges through January 31, 1993, at the rates established by the initial loan agreements or legislation, as reflected in the repayment schedule specified in paragraph (b) of Section 41472. Interest charges beginning February 1, 1993, apply at a rate equal to the daily investment rate of the Pooled Money Investment Account on January 1, 1993.
(b)
The loans specified in paragraphs (1) and (2) of subdivision (a) are hereby consolidated into one outstanding debt in the amount of twenty-eight million five hundred twenty-five thousand dollars ($28,525,000), less any principal payments made prior to enactment of this bill.

Legislative History

Added by Stats. 1993, Ch. 57, Sec. 4. Effective June 30, 1993.