This part shall be known and may be cited as the Kindergarten-University Public Education Facilities Bond Act of 2004.
Chapter 1General
Section § 100800
This section names the law as the Kindergarten-University Public Education Facilities Bond Act of 2004, which indicates it's related to funding for educational facilities.
Kindergarten-University Public Education Facilities Bond Act 2004 education funding school construction school facilities university facilities education bonds educational infrastructure state funding facility improvements educational bonds
Section § 100801
This law means that when any part of California's educational laws refers to other state laws, it automatically includes any future changes or additions to those laws.
The incorporation of, or reference to, any provision of California statutory law in this part includes all acts amendatory thereof and supplementary thereto.
California statutory law incorporation reference amendatory acts supplementary acts educational laws future changes legal inclusion law amendments law supplements statutory provisions legal reference updates to law education statutes continuous legal update
Section § 100803
This law allows California to issue and sell up to $12.3 billion in bonds to fund educational purposes. This funding helps support school and higher education building projects and reimburses the state's General Obligation Bond Expense Revolving Fund. These bonds are a serious commitment and California promises to pay back both the principal and the interest on these bonds.
The State Treasurer is responsible for selling these bonds, which are approved by either the State School Building Finance Committee or the Higher Education Facilities Finance Committee, as needed to meet project expenses.
(a)CA Education Code § 100803(a) Bonds in the total amount of twelve billion three hundred million dollars ($12,300,000,000), not including the amount of any refunding bonds issued in accordance with Sections 100844 and 100955, or so much thereof as is necessary, may be issued and sold to provide a fund to be used for carrying out the purposes expressed in this part and to reimburse the General Obligation Bond Expense Revolving Fund pursuant to Section 16724.5 of the Government Code. The bonds, when sold, shall be and constitute a valid and binding obligation of the State of California, and the full faith and credit of the State of California is hereby pledged for the punctual payment of the principal of, and interest on, the bonds as the principal and interest become due and payable.
(b)CA Education Code § 100803(b) Pursuant to this section, the Treasurer shall sell the bonds authorized by the State School Building Finance Committee established by Section 15909 or the Higher Education Facilities Finance Committee established pursuant to Section 67353, as the case may be, at any different times necessary to service expenditures required by the apportionments.
bonds education funding school buildings higher education facilities State Treasurer General Obligation Bond State School Building Finance Committee Higher Education Facilities Finance Committee bond issuance principal and interest funding apportionments California state obligation
