§ 100185 Bond Funds For School Buildings

This law says any leftover money from selling certain school bonds must go to the State School Building Lease‑Purchase Fund, and any bonds that didn’t sell can later be sold to raise money for the same school‑building program.

Key Takeaways

•Money left over after selling school bonds goes to the State School Building Lease‑Purchase Fund.
•Bonds that weren’t sold can be sold later by the Treasurer with approval.
•All of this money is used for school‑building projects under the Leroy F. Greene law.

Example

A city sells bonds to build a new elementary school. After the sale, $2 million is still left over. That $2 million is sent to the State School Building Lease‑Purchase Fund. Later, some of the bonds didn’t sell, so the state treasurer sells those unsold bonds to get more money for school construction.

The leftover cash is moved to the special fund, and the unsold bonds can be sold later, both to help pay for school building projects under the Leroy F. Greene law.

(a) Any remaining funds resulting or derived from the sale of bonds pursuant to Chapter 9 (commencing with Section 16400), Chapter 10 (commencing with Section 16500), Chapter 11 (commencing with Section 16600), Chapter 12 (commencing with Section 16700), Chapter 13 (commencing with Section 16800), Chapter 15 (commencing with Section 17000), Chapter 16 (commencing with Section 17100), Chapter 17 (commencing with Section 17200), Chapter 18 (commencing with Section 17300), Chapter 19 (commencing with Section 17400), and Chapter 20 (commencing with Section 17500), of Part 10, shall be transferred to the State School Building Lease-Purchase Fund and may be apportioned by the State Allocation Board for the purposes of the Leroy F. Greene State School Building Lease-Purchase Law of 1976 (Chapter 22 (commencing with Section 17700) of Part 10). (b) Any unsold bonds, authorized for issuance under Chapter 9 (commencing with Section 16400), Chapter 10 (commencing with Section 16500), Chapter 11 (commencing with Section 16600), Chapter 12 (commencing with Section 16700), Chapter 13 (commencing with Section 16800), Chapter 15 (commencing with Section 17000), Chapter 16 (commencing with Section 17100), Chapter 17 (commencing with Section 17200), Chapter 18 (commencing with Section 17300), Chapter 19 (commencing with Section 17400), and Chapter 20 (commencing with Section 17500), of Part 10 may be sold by the Treasurer, upon authorization by the State School Building Finance Committee for the purposes of the Leroy F. Greene State School Building Lease-Purchase Law of 1976 (Chapter 22 (commencing with Section 17700) of Part 10). (Added by Stats. 1996, Ch. 1, Sec. 1. Approved in Proposition 203 at the March 26, 1996, election.)

Key Takeaways

•Money left over after selling school bonds goes to the State School Building Lease‑Purchase Fund.
•Bonds that weren’t sold can be sold later by the Treasurer with approval.
•All of this money is used for school‑building projects under the Leroy F. Greene law.

Example

The leftover cash is moved to the special fund, and the unsold bonds can be sold later, both to help pay for school building projects under the Leroy F. Greene law.

Key Takeaways

Example

Key Terms

References

§ 100185 Bond Funds For School Buildings

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References