Any net earnings of the authority beyond that necessary for the retirement of any obligations issued by the authority, or to implement the purposes of this chapter, may inure only to the benefit of the State of California or the authority.
Cal. Educ. Code § 17198
California School Finance Authority
Known as the California School Finance Authority Act
The act spans §§ 17170 to 17199.6 (39 sections).
Added by Stats. 1996, Ch. 277, Sec. 2
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.