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HomeEducation CodeDiv. 1Pt. 11Ch. 12Art. 3§ 20007 Pooled Money Investment Board Loan

§ 20007 Pooled Money Investment Board Loan

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

§ 20007 Pooled Money Investment Board Loan

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 borrowed goes into a fund that the board can then use for their work.

Example

Imagine a school wants to build a new playground but doesn't have all the money yet.

The school board can borrow money from a special savings account, but only as much as they plan to get from selling bonds later. They have to sign papers to get the loan and promise to pay it back. The borrowed money goes into a fund to pay for the playground.

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

Official Source
View on CA.gov

§ 20007 Pooled Money Investment Board Loan

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 that 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. 1999, Ch. 726, Sec. 1. Approved in Proposition 14 at the March 7, 2000, election.)

Last verified: January 23, 2026

Key Terms

Pooled Money Investment Boardunsold bondsloanfund

Related Statutes

  • § 19977 Bond Loan Authorization Process
  • § 100155 Bond Loan Authorization Process
  • § 101055 Interim Financing For Bonds
  • § 20006 General Fund Withdrawal Authority
  • § 20009 Premium Interest Fund Reservation

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Education Code. Section 20007.
View Official Source