California Education Code

§ 8250

EDC § 8250 Effective Jul 23, 2021Div. 1 · Title 1 · Part 6 · Ch. 2 · Art. 4

Statute text

(a)The rules, regulations, and guidelines adopted by the Superintendent of Public Instruction pursuant to Sections 8231 and 8247 shall permit reimbursement for interest paid by contractors on private sector debt financing for the purchase, lease-purchase, repair, or renovation of preschool facilities owned or leased by contractors providing center-based preschool.

(b)The Superintendent of Public Instruction shall adopt regulations requiring contractors to demonstrate that the amount of interest paid in a year on private sector debt financing for the purposes identified in subdivision (a) does not exceed the value obtained by the state in the use of the facilities during the year for the preschool services program. The regulations shall include, but not be limited to, the following methods of making this demonstration:

(1)Amortization of a loan or lease-purchase contract on a straight-line basis for the purchase price of a portable building, including any transportation charges, installation charges, loan fees, taxes, points or other fees associated with the purchase, over a period of 15 years or more.

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Legislative history

Added by renumbering Section 8272 by Stats. 2021, Ch. 116, Sec. 98. (AB 131) Effective July 23, 2021.