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HomeGovernment CodeDiv. 4Pt. 2Ch. 1§ 16313 State Agency Loan Refinancing

§ 16313 State Agency Loan Refinancing

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

§ 16313 State Agency Loan Refinancing

Key Takeaways

  • •The state can lend money to its own departments to pay off or replace old loans if it saves money.
  • •The loan terms (like interest) are decided by a special board.
  • •The department asking for the loan must fill out the required paperwork.

Example

A state department has an old loan with high interest. They ask the state for a new loan with lower interest to pay off the old one.

The state can give them a new loan if it saves money overall. The department must follow the rules and fill out the forms.

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

Official Source
View on CA.gov

§ 16313 State Agency Loan Refinancing

Notwithstanding and in addition to any other provision of law permitting loans to state agencies from the Pooled Money Investment Account, the Pooled Money Investment Board may make a loan, on such terms and conditions as the board may determine, from the Pooled Money Investment Account to any state agency in order to prepay or replace existing financing when the board determines it is in the best interest of the state to do so. Interest on the loans shall be determined as provided in Section 16314. Any state agency with existing financing may request a loan from the Pooled Money Investment Account to replace existing financing and may execute such documents as are required by the board to obtain and repay the loan. (Added by Stats. 1987, Ch. 6, Sec. 2. Effective March 23, 1987.)

Last verified: January 22, 2026

Key Terms

Pooled Money Investment BoardPooled Money Investment Accountstate agencyprepay or replace existing financingbest interest of the stateSection 16314

Related Statutes

  • § 16312 Special Fund Loan Authority
  • § 11000 State Agency Definitions
  • § 11001 State Agency Fair Exhibits
  • § 11005.6 State Agency Lease Requirements
  • § 11007.6 State Employee Flight Insurance

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Government Code. Section 16313.
View Official Source