Purpose - California Educational Facilities Authority Act - CA Education

Section § 94100

This section aims to enhance educational opportunities for current and future students by helping private colleges and universities in California grow and improve their facilities like dorms and classrooms. It also introduces ways for both private and public colleges to help students afford their education costs.

Additionally, it promotes the development of housing for students, faculty, and staff near these institutions by partnering with nonprofit organizations. Finally, it allows for grants to be given to private colleges to help students prepare for college entry.

It is the purpose of this chapter to accomplish all of the following:

(a) To give this and future generations of youth the fullest opportunity to learn and develop their intellectual and mental capacities by providing private institutions of higher education within the state with an additional means by which to expand, enlarge, and establish dormitory, academic, and related facilities, to finance those facilities, and to refinance existing facilities.

(b) To provide private and public institutions of higher education within the state with an additional means to assist students in financing their costs of attendance.

(c) To develop student, faculty, and staff housing on or near public and participating private institutions of higher education through the use of agreements with participating nonprofit entities.

(d) To make grants to private institutions of higher education to assist students in preparing for higher education and college entrance, pursuant to Article 9 (commencing with Section 94215).

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(Amended by Stats. 2002, Ch. 1081, Sec. 1. Effective January 1, 2003.)

Section § 94101

This part of the law is officially named the California Educational Facilities Authority Act. It's how people can legally refer to this particular set of rules and guidelines within the educational system.

This chapter shall be known and may be cited as the California Educational Facilities Authority Act.

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(Enacted by Stats. 1976, Ch. 1010.)

Section § 94102

This law states that all the assets and obligations of the California Student Loan Authority, as of a certain date, are transferred to the California Educational Facilities Authority. These assets must only be used for purposes related to student loans.

All assets and obligations of the California Student Loan Authority, as of the effective date of the act that enacts this section during the 1995–96 Regular Session, are hereby transferred to, and assumed by, the California Educational Facilities Authority. All of those assets shall be used solely for student loan purposes.

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(Added by Stats. 1995, Ch. 917, Sec. 3. Effective January 1, 1996.)

Section § 94102.1

This section adds to the meaning of “student loan” by including loan assumptions as described in another part of the Education Code. So, student loans can also include certain types of loan forgiveness or assumption programs outlined elsewhere in the law.

In addition to the definition provided in Section 94110, “student loan” may also mean loan assumptions pursuant to Article 5 (commencing with Section 69612) of Chapter 2 of Part 42 of Division 5.

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(Added by Stats. 2014, Ch. 34, Sec. 33. (SB 860) Effective June 20, 2014.)

Section § 94103

This law prohibits local governments in California, such as cities and counties, from financing or taking part in student loans through bonds or any other financial means. This includes the Federal Family Education Loan Program. Local entities cannot either directly or indirectly fund student loans for college attendance at any institution. Additionally, any organization that wasn't eligible as of January 1, 2006, to issue certain education-related bonds must get approval to be considered a qualified scholarship funding corporation.

(a) Notwithstanding any other provision of law, no city, county, city and county, district, or other local jurisdiction shall operate, or request or authorize another entity, including, but not necessarily limited to, a corporation, either directly or through an intermediary, to do either of the following:

(1) Finance, or purchase or take assignments of, or make commitments to finance, any loan, or otherwise acquire any student loan note, including, but not necessarily limited to, any loan guaranteed under the Federal Family Education Loan Program established under Title IV of the federal Higher Education Act of 1965, that is made to finance or refinance the costs of attendance at any institution of higher education, including any public and nonprofit private or independent degree-granting educational institution.

(2) Issue bonds, notes, debentures, or other securities involving any loan, including, but not necessarily limited to, any loan guaranteed under the Federal Family Education Loan Program established under Title IV of the federal Higher Education Act of 1965, that is made to finance or refinance the costs of attendance at any institution of higher education, including any public and nonprofit private or independent degree-granting educational institution.

(b) Any entity that, as of January 1, 2006, is not qualified to be awarded an allocation of the state’s annual private activity volume cap to issue qualified scholarship funding bonds, as defined in subsection (d) of Section 150 of Title 26 of the United States Code as it exists on January 1, 2006, shall obtain approval from the authority to operate as a qualified scholarship funding corporation within the meaning of subsection (d) of Section 150 of Title 26 of the United States Code as it exists on January 1, 2006.

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(Added by Stats. 2005, Ch. 318, Sec. 12. Effective January 1, 2006.)