§ 100442 School Facilities Bond Funds

This law says any extra money that comes from selling bonds for schools—like the extra cash and interest earned—must stay in a special school fund, but it can be moved to the main state budget to help pay the interest on those bonds.

Key Takeaways

•Money from bond premiums and interest must stay in the school facilities fund.
•That money can be transferred to the General Fund.
•The transfer is used as a credit to reduce bond‑interest spending.

Example

A state school district sells bonds to raise money for a new building and gets extra cash from the bond premiums and interest.

The extra cash stays in the 1998 State School Facilities Fund, and the state can later move that money to the General Fund to lower the amount it has to spend on paying bond interest.

All money deposited in the 1998 State School Facilities Fund, that is derived from premium and accrued interest on bonds sold shall be reserved in the fund and shall be available for transfer to the General Fund as a credit to expenditures for bond interest. (Added by Stats. 1998, Ch. 407, Sec. 16. Approved in Proposition 1A at the November 3, 1998, election.)

Key Takeaways

•Money from bond premiums and interest must stay in the school facilities fund.
•That money can be transferred to the General Fund.
•The transfer is used as a credit to reduce bond‑interest spending.

Example

A state school district sells bonds to raise money for a new building and gets extra cash from the bond premiums and interest.

The extra cash stays in the 1998 State School Facilities Fund, and the state can later move that money to the General Fund to lower the amount it has to spend on paying bond interest.

Key Takeaways

Example

Key Terms

References

§ 100442 School Facilities Bond Funds

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References