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HomeHealth and Safety CodeDiv. 31Pt. 12Ch. 3§ 53552 Bond Loan Request Authority

§ 53552 Bond Loan Request Authority

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

§ 53552 Bond Loan Request Authority

Key Takeaways

  • •The board can ask for a loan from a special money pool if they need cash for their projects.
  • •They can't borrow more money than the amount of bonds they were allowed to sell but haven't sold yet.
  • •The board has to fill out and sign any papers the money pool asks for to get and pay back the loan.
  • •Any money they borrow goes into their project fund to be used as planned.

Example

Imagine a school board wants to build a new playground but doesn't have enough money right now.

The board can ask a special state money pool for a loan to start building the playground. They can only borrow as much as they were allowed to raise by selling bonds but haven't raised yet. 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

§ 53552 Bond Loan Request Authority

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 purposes of this part. 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bonds which the committee has, by resolution, authorized to be sold for the purpose of this part, less any amount withdrawn pursuant to Section 53553. The board shall execute any documents as required by the Pooled Money Investment Board to obtain and repay the loan. Any amount loaned shall be deposited in the fund to be allocated in accordance with this part. (Added by Stats. 2006, Ch. 27, Sec. 2. Approved in Proposition 1C at the November 7, 2006, election.)

Last verified: January 24, 2026

Key Terms

resolutionpooled money investmentthe boardaccordancepropositionelection

Related Statutes

  • § 53176.5 Bond Loan Authorization Process
  • § 53208 Loan Authorization For Bonds
  • § 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 53552.
View Official Source