The system shall pay interest for delays in excess of the allowable days specified in Sections 22318 to 22320, inclusive. The interest rate for late payments shall be the regular interest rate. Interest payments shall be deemed to be interest earned in the calendar year in which paid. All interest payments under this section shall be paid in addition to any credited interest that is paid.
Cal. Educ. Code § 22321
Administration
Known as the E. Richard Barnes Act
The act spans §§ 22000–25115 (716 sections).
Amended by Stats. 1996, Ch. 634, first Sec. 81
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.