LawWiki
HomeCodesSearchGlossaryAPIAbout
LawWiki

Plain English summaries of California law with zero-hallucination AI. Every summary is verified against official source text.

Product

  • Search
  • Codes
  • About

Legal

  • Privacy Policy
  • Terms of Service
  • Disclaimer

© 2026 LawWiki. All rights reserved.

HomeEducation CodeCh. 11Art. 3§ 19977 Bond Loan Authorization Process

§ 19977 Bond Loan Authorization Process

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

§ 19977 Bond Loan Authorization Process

Key Takeaways

  • •The board can borrow money from a special fund (Pooled Money Investment Account) to do their job.
  • •They can only borrow as much money as they are allowed to get from selling bonds.
  • •The board must fill out and sign any papers needed to get and pay back the loan.
  • •Any money they borrow goes into their fund to be used for their work.

Example

Imagine a school board needs money to build a new playground but hasn't sold all the bonds yet.

The board can ask for a loan from a special money pool to start building the playground. They can only borrow as much as they plan to get from selling bonds later. They have to sign the loan papers and use the money only for the playground.

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

Official Source
View on CA.gov

§ 19977 Bond Loan Authorization Process

The board may request the Pooled Money Investment Board to make a loan from the Pooled Money Investment Account, in accordance with Section 16312 of the Government Code, for the purposes of carrying out this chapter. The amount of the request shall not exceed the amount of the unsold bonds which the committee has by resolution authorized to be sold for the purpose of carrying out this chapter. The board shall execute any documents required by the Pooled Money Investment Board to obtain and repay the loan. Any amounts loaned shall be deposited in the fund to be allocated by the board in accordance with this chapter. (Added by Stats. 1988, Ch. 49, Sec. 1. Approved in Proposition 85 at the November 8, 1988, election.)

Last verified: January 23, 2026

Key Terms

Pooled Money Investment Boardloanunsold bondscommitteefund

Related Statutes

  • § 100155 Bond Loan Authorization Process
  • § 101055 Interim Financing For Bonds
  • § 20007 Pooled Money Investment Board Loan
  • § 101036.5 Interim Financing For Bonds
  • § 19973 Bond Issuance Authorization Committee

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Education Code. Section 19977.
View Official Source