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HomeElections CodeDiv. 19Ch. 3Art. 5§ 19260 Bond Loan Authorization Process

§ 19260 Bond Loan Authorization Process

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

§ 19260 Bond Loan Authorization Process

This law lets a board borrow money from a special fund if they need cash before selling bonds they planned to use for a project.

Key Takeaways

  • •The board can borrow money only if they have unsold bonds approved for the project.
  • •They can't borrow more than the value of those unsold bonds.
  • •The borrowed money goes into a fund to be used for the project.
  • •The board must sign papers to get and pay back the loan.

Example

Imagine a school board wants to build a new playground but hasn't sold all the bonds yet to pay for it.

The board can ask for a loan from the Pooled Money Investment Account to start the project now, but they can't borrow more than the amount of bonds they still plan to sell.

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

Official Source
View on CA.gov

§ 19260 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 purpose of carrying out this article. The amount of the request shall not exceed the amount of unsold bonds which the committee has, by resolution, authorized to be sold for the purpose of carrying out this article. The board shall execute whatever documents are 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 article. (Added by renumbering Section 19239 by Stats. 2013, Ch. 602, Sec. 58. (SB 360) Effective January 1, 2014. Note: This section (as originally numbered) was added by Stats. 2001, Ch. 902, and approved in Prop. 41 on March 5, 2002.)

Last verified: January 10, 2026

Key Terms

Pooled Money Investment BoardPooled Money Investment AccountSection 16312 of the Government Codeunsold bondsresolution

Related Statutes

  • § 19259 Bond Fund Withdrawal Authority
  • § 10312 City Government Operation Declaration
  • § 12280 Polling Place Accessibility Rules
  • § 12281 Polling Place Change Notice
  • § 12282 Tax-Exempt Polling Place Use

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Elections Code. Section 19260.
View Official Source