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HomeHealth and Safety CodeDiv. 31Pt. 10Ch. 3§ 53208 Loan Authorization For Bonds

§ 53208 Loan Authorization For Bonds

Health and Safety Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 53208 Loan Authorization For Bonds

Key Takeaways

  • •The board can borrow money from a special fund to pay for things they need.
  • •They can only borrow as much money as they are allowed to get from selling bonds.
  • •The board must fill out the right papers to get and pay back the loan.
  • •The borrowed money goes into a fund to be used for specific purposes.

Example

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

The school board can ask to borrow money from a special fund to start building the playground. They can only borrow as much as they plan to get from selling bonds later. They have to fill out the right forms 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

§ 53208 Loan Authorization For Bonds

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 the provisions of this chapter. 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 chapter. The board shall execute such documents as 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 chapter. (Added by Stats. 1988, Ch. 48, Sec. 2. Approved in Proposition 107 at the June 5, 1990, election.)

Last verified: January 24, 2026

Key Terms

resolutionpooled money investmentthe boardaccordancepropositionelection

Related Statutes

  • § 53176.5 Bond Loan Authorization Process
  • § 53552 Bond Loan Request Authority
  • § 54022 Bond Loan Authorization Process
  • § 52532 First-Time Home Buyer Funding
  • § 54024 General Fund Bond Withdrawals

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Health and Safety Code. Section 53208.
View Official Source