California Education Code

§ 12001.6

EDC § 12001.6 Effective Jan 1, 2012Div. 1 · Title 1 · Part 8 · Ch. 1 · Art. 1

Statute text

(a)The Legislature hereby finds and declares that the federal tax credit bond volume cap for qualified school construction bonds designated to California by the federal American Recovery and Reinvestment Act of 2009 (P.L. 111-5), together with Internal Revenue Service Notice 2010-17 issued pursuant thereto, does not constitute federal moneys, federal funds, or funds of any kind for any purpose under this code.

(b)The department is authorized to assign and distribute the state’s 2010 federal tax credit bond volume cap for qualified school construction bonds to or for the benefit of school districts and county offices of education in the state.

(c)There is hereby assigned to the department six hundred fifty-one million six hundred fifty-two thousand dollars ($651,652,000) of the state’s 2010 federal tax credit bond volume cap for qualified school construction bonds.

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Legislative history

Amended by Stats. 2011, Ch. 296, Sec. 49. (AB 1023) Effective January 1, 2012.