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HomeEducation CodeCh. 2Art. 5§ 15357 School Facilities Bond Funds

§ 15357 School Facilities Bond Funds

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

§ 15357 School Facilities Bond Funds

This law tells the county board to set up special money accounts for each school improvement district – one to hold the cash from bonds they sell and another to hold the interest and savings for those bonds.

Key Takeaways

  • •The board of supervisors must create two separate funds for each school facilities improvement district.
  • •One fund holds the cash from the district’s bonds (the building fund).
  • •The other fund holds the interest payments and savings for those bonds (the interest and sinking fund).
  • •When other laws mention a district’s “building fund” or “interest and sinking fund,” they are talking about these specific accounts.

Example

A local school district wants to build a new science lab and sells $5 million in bonds to raise the money.

The money from those bonds is put into a special "building fund" that the county board created, and the interest that has to be paid on the bonds goes into a separate "interest and sinking fund". This keeps the money organized and separate from other county funds.

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

Official Source
View on CA.gov

§ 15357 School Facilities Bond Funds

(a) The board of supervisors shall establish within the county treasury a school facilities improvement fund for each school facilities improvement district for the purpose of depositing the proceeds of the bonds of the school facilities improvement district. The board of supervisors also shall establish within the county treasury a school facilities improvement bond interest and sinking fund for each school facilities improvement district. (b) Whenever in Chapter 1 (commencing with Section 15100) a reference is made to the interest and sinking fund of the district or the building fund of the district, that reference shall mean, in the case of bonds of a school facilities improvement district, the interest and sinking fund of the school facilities improvement district or the building fund of the school facilities improvement district, as appropriate. (Amended by Stats. 2007, Ch. 670, Sec. 41. Effective January 1, 2008.)

Last verified: January 10, 2026

Key Terms

school facilities improvement fundschool facilities improvement bond interest and sinking fundschool facilities improvement districtinterest and sinking fund of the districtbuilding fund of the district

Related Statutes

  • § 15350 School District Bond Procedures
  • § 15352 School District Bond Issuance
  • § 15359.3 School District Bond Authority
  • § 1330 School Employer Unemployment Appeals
  • § 15303 County School District Activation

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Education Code. Section 15357.
View Official Source