California Education Code

§ 67329.6

EDC § 67329.6 Effective Sep 27, 2022Div. 5 · Title 3 · Part 40 · Ch. 14.28 · Art. 5

Statute text

(a)For each loan made by an authority, the authority shall establish a schedule of payments, the primary source of which may be lease or rent payments for occupancy of the project financed by that loan, and the sum of which shall be calculated to result in full payment of the loan within a reasonable period of time not to exceed 30 years.

(b)The California Educational Facilities Authority may issue revenue bonds and enter into related agreements, and take all other actions necessary and convenient for the issuance of revenue bonds for university applicants for projects in accordance with this chapter and its authorizing statutes, as amended from time to time.

(c)Each authority may use amounts deposited in the fund, including, but not limited to, loan repayments, as a source of reserve and security for the payment of principal and interest on revenue bonds, the proceeds of which are deposited in the fund or in a designated fund or account of the authority established for that purpose. The purpose of any such revenue bonds is to augment the fund.

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Legislative history

Added by Stats. 2022, Ch. 572, Sec. 2. (AB 190) Effective September 27, 2022.