§ 100842 School Facilities Bond Funds

This law says any extra money that comes from selling bonds for schools—like the extra fees and interest—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.
•When transferred, it is used as a credit to reduce bond‑interest spending.

Example

A state sells bonds to build new school buildings and gets extra cash from bond premiums and interest.

The extra cash has to stay in the 2004 State School Facilities Fund, but the state can later move that money into the General Fund to lower the amount it spends on paying bond interest.

All money deposited in the 2004 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. 31. Approved in Proposition 55 at the March 2, 2004, 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.
•When transferred, it is used as a credit to reduce bond‑interest spending.

Example

A state sells bonds to build new school buildings and gets extra cash from bond premiums and interest.

The extra cash has to stay in the 2004 State School Facilities Fund, but the state can later move that money into the General Fund to lower the amount it spends on paying bond interest.

Key Takeaways

Example

Key Terms

References

§ 100842 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