Cal. Educ. Code § 41366.5
Loans and Advances
Redline — January 1, 2011 → current.View current text →
Current — January 1, 2025
As of January 1, 2011
(a) Moneys in the Charter School Revolving Loan Fund shall be loaned at the interest rate earned by the money in the Pooled Money Investment Account as of the date of disbursement of the funds to the charter school.
(a) Moneys in the Charter School Revolving Loan Fund shall be loaned at (1) the rate paid on moneys in the Pooled Money Investment Account as of the date of disbursement of the funds or (2) a rate equal to 50 percent of the interest rate paid by the state on the most recent sale of state general obligation bonds, computed according to the true interest cost method, whichever is less, except that the rate shall not be set at a rate lower than 3 percent.
(b) A charter school shall pay the interest on any loan from the fund in regular installments withdrawn from the annual apportionment the charter school receives.
(b) A charter school shall pay the interest on any loan from the fund in regular installments withdrawn from the annual apportionment the charter school receives.
(c) All interest payments shall be paid into the Charter School Security Fund established pursuant to Section 41367.
(c) All interest payments shall be paid into the Charter School Security Fund established pursuant to Section 41367.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.