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HomeEducation CodeDiv. 14Pt. 72Ch. 3Art. 3§ 101442 Higher Education Bond Funding

§ 101442 Higher Education Bond Funding

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

§ 101442 Higher Education Bond Funding

This law lets the state sell up to $1.5 billion in bonds (but not any refunding bonds) to fund higher‑education building projects and to pay back a special bond‑expense fund.

Key Takeaways

  • •Up to $1.5 billion can be issued for higher‑education facilities.
  • •Refunding bonds are counted separately and do not reduce the $1.5 billion limit.
  • •The Treasurer sells the bonds whenever the education projects need the money.

Example

A state university needs money to build a new library. The state issues some of the authorized bonds, sells them, and uses the cash to pay for the construction.

The bonds are part of the $1.5 billion limit, so the money can be taken from that pool and spent on the library. The Treasurer sells the bonds whenever the university’s budget calls for it.

How to Calculate

Authorized Bond Amount = $1,500,000,000 – (Amount of refunding bonds issued)

  1. Start with the total limit of $1,500,000,000.
  2. Find out how much of that limit has already been used for refunding bonds (these are bonds that replace older ones).
  3. Subtract the refunding‑bond amount from $1,500,000,000. The result is the amount still available for new projects.

The state has already issued $200,000,000 in refunding bonds.

Result: Authorized Bond Amount = $1,500,000,000 – $200,000,000 = $1,300,000,000 still available for new higher‑education facilities.

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

Official Source
View on CA.gov

§ 101442 Higher Education Bond Funding

(a) Of the total amount of bonds authorized to be issued and sold pursuant to Chapter 1 (commencing with Section 101400), bonds in the total amount of one billion five hundred million dollars ($1,500,000,000), not including the amount of any refunding bonds issued in accordance with Section 101451, 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 Higher Education Facilities Finance Committee established pursuant to Section 67353 at any different times necessary to service expenditures required by the apportionments. (Added by Stats. 2024, Ch. 81, Sec. 28. (AB 247) Approved in Proposition 2 at the November 5, 2024, election. Effective November 6, 2024.)

Last verified: January 10, 2026

Key Terms

bondsone billion five hundred million dollars ($1,500,000,000)General Obligation Bond Expense Revolving FundHigher Education Facilities Finance CommitteeTreasurer

Related Statutes

  • § 101144 Higher Education Bond Funding
  • § 100700 Bond Authorization Amount
  • § 100900 Bond Issuance For State Funds
  • § 101035 Higher Education Bond Authorization
  • § 101145 Higher Education Bond Authorization

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Education Code. Section 101442.
View Official Source