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HomeEducation CodeCh. 2Art. 2§ 100642 School Facilities Bond Funds

§ 100642 School Facilities Bond Funds

Education Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 100642 School Facilities Bond Funds

This law says any money that comes from bond premiums and interest and is put into the 2002 State School Facilities Fund must stay in that fund, but it can be moved to the General Fund to help pay the interest on those bonds.

Key Takeaways

  • •Money from bond premiums and interest goes into the 2002 State School Facilities Fund.
  • •That money must stay in the fund (it is reserved there).
  • •The fund can transfer the money to the General Fund to offset bond‑interest costs.

Example

A school district sells bonds and receives extra cash from the bond premium and the interest that builds up. That cash is placed in the 2002 State School Facilities Fund.

The state can then transfer that cash from the fund to the General Fund, and use it as a credit to cover the money needed to pay the bond interest.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 100642 School Facilities Bond Funds

All money deposited in the 2002 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. 2002, Ch. 33, Sec. 30. Approved in Proposition 47 at the November 5, 2002, election.)

Last verified: January 10, 2026

Key Terms

2002 State School Facilities Fundpremium and accrued interest on bonds soldGeneral Fundcredit to expenditures for bond interest

Related Statutes

  • § 100640 School Bond Fund Withdrawal
  • § 100842 School Facilities Bond Funds
  • § 101029 School Facilities Bond Funds
  • § 100435 Bond Payment Appropriation
  • § 100440 Bond Fund Withdrawal Authority

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Education Code. Section 100642.
View Official Source