The State School Building Finance Committee or other governmental body empowered to make a determination of whether any or all of the bonds authorized to be issued by the state, under legislation enacted following the effective date of this section, for the purpose of assisting local school districts in the acquisition of sites, the construction of school buildings and related facilities, and the purchase of furniture and equipment, may instruct the Treasurer to include in the bonds, or any of them, provisions permitting their call and redemption at the option of the state prior to their maturity and indicating the price at which such bonds shall be subject to redemption; and it shall be the duty of the Treasurer to comply therewith. No bonds shall be subject to call or redemption prior to maturity unless they contain a recital to that effect.
Chapter 3Call and Redemption of State School Construction Bonds
Section § 15600
This section allows a committee or governmental body in California to decide if state-issued bonds for helping local school districts with funding projects can be paid off early. These bonds might be used for things like buying school sites, building schools, and buying necessary equipment. If the decision is to allow early payment, the state can choose to do that before the bonds' official end date, but only if it's clearly stated in the bond agreement. The State Treasurer must follow these instructions if given. Without a specific clause allowing early repayment, the bonds cannot be paid before their set maturity date.
State School Building Finance Committee bonds local school districts acquisition of sites construction of school buildings purchase of furniture early redemption option of the state Treasurer's duty maturity call provisions redemption price governmental body bond agreement furniture and equipment funding
