§ 101130 School Bond Funding Authorization

Education Code·California

AI SummaryVerified

This law lets the state sell up to $7 billion in bonds (but not the refunding bonds) to fund school‑building projects and to pay back a special revolving fund.

Key Takeaways

•The state can issue bonds up to a total of $7 billion.
•Refunding bonds are not counted toward that $7 billion limit.
•The Treasurer sells the bonds whenever money is needed for school‑building expenses.

Example

The state needs $600 million to build new classrooms in several schools.

Because the law allows up to $7 billion in bonds, the Treasurer can issue $600 million of those bonds, use the money for the school projects, and then reimburse the revolving fund as required.

How to Calculate

Allowed Bond Amount = $7,000,000,000 – (Amount of refunding bonds already issued)

Start with the total authorized amount, $7 billion.
Find out how much of that amount has already been used for refunding bonds.
Subtract the refunding‑bond amount from $7 billion. The result is the maximum amount you can still issue.

Suppose the state has already issued $1.5 billion in refunding bonds.

Result: Allowed Bond Amount = $7,000,000,000 – $1,500,000,000 = $5,500,000,000

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

Official Source

View on CA.gov

§ 101130 School Bond Funding Authorization

(a) Of the total amount of bonds authorized to be issued and sold pursuant to Chapter 1 (commencing with Section 101110), bonds in the amount of seven billion dollars ($7,000,000,000) not including the amount of any refunding bonds issued in accordance with Section 101140, or so much thereof as is necessary, may be issued and sold to provide a fund to be used for carrying out the purposes expressed in this chapter and to reimburse the General Obligation Bond Expense Revolving Fund pursuant to Section 16724.5 of the Government Code. (b) Pursuant to this section, the Treasurer shall sell the bonds authorized by the State School Building Finance Committee established pursuant to Section 15909 at any different times necessary to service expenditures required by the apportionments. (Added November 8, 2016, by initiative Proposition 51, Sec. 3.)

Last verified: January 10, 2026

Key Terms

bonds seven billion dollars ($7,000,000,000)General Obligation Bond Expense Revolving Fund State School Building Finance Committee

References

Official text at leginfo.legislature.ca.gov
California Legislature. Education Code. Section 101130.

§ 101130 School Bond Funding Authorization

Education Code·California

AI SummaryVerified

§ 101130 School Bond Funding Authorization

This law lets the state sell up to $7 billion in bonds (but not the refunding bonds) to fund school‑building projects and to pay back a special revolving fund.

Key Takeaways

•The state can issue bonds up to a total of $7 billion.
•Refunding bonds are not counted toward that $7 billion limit.
•The Treasurer sells the bonds whenever money is needed for school‑building expenses.

Example

The state needs $600 million to build new classrooms in several schools.

Because the law allows up to $7 billion in bonds, the Treasurer can issue $600 million of those bonds, use the money for the school projects, and then reimburse the revolving fund as required.

How to Calculate

Allowed Bond Amount = $7,000,000,000 – (Amount of refunding bonds already issued)

Start with the total authorized amount, $7 billion.
Find out how much of that amount has already been used for refunding bonds.
Subtract the refunding‑bond amount from $7 billion. The result is the maximum amount you can still issue.

Suppose the state has already issued $1.5 billion in refunding bonds.

Result: Allowed Bond Amount = $7,000,000,000 – $1,500,000,000 = $5,500,000,000

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

Official Source

View on CA.gov

§ 101130 School Bond Funding Authorization

Last verified: January 10, 2026

Key Terms

bonds seven billion dollars ($7,000,000,000)General Obligation Bond Expense Revolving Fund State School Building Finance Committee

References

Official text at leginfo.legislature.ca.gov
California Legislature. Education Code. Section 101130.

Key Takeaways

Example

How to Calculate

Key Terms

Related Statutes

References

Key Takeaways

Example

How to Calculate

Key Terms

Related Statutes

References