California Education Code

§ 12001.5

EDC § 12001.5 Effective Mar 25, 2010Div. 1 · Title 1 · Part 8 · Ch. 1 · Art. 1

Statute text

(a)The Legislature hereby finds and declares that the federal tax credit bond volume cap for qualified school construction bonds designated for the state by the federal American Recovery and Reinvestment Act of 2009 (Public Law 111-5), together with Internal Revenue Service Notice 2009-35 issued pursuant thereto, does not constitute federal moneys, federal funds, or funds of any kind for any purpose under this code.

(b)There is hereby assigned to the State Department of Education, seven hundred million dollars ($700,000,000) of the state’s 2009 federal tax credit bond volume cap for qualified school construction bonds, to be further assigned and distributed to or for the benefit of school districts and county offices of education in the state, as the State Department of Education shall determine.

(c)(1) There is hereby assigned to the California School Finance Authority, established pursuant to Section 17172, seventy-three million five hundred twenty-five thousand dollars ($73,525,000) of the state’s 2009 federal tax credit bond volume cap for qualified school construction bonds, to be issued for the benefit of charter schools, or to be further assigned and distributed to one or more issuers in the state for the benefit of charter schools, as the authority shall determine.

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Legislative history

Added by Stats. 2010, Ch. 11, Sec. 2. (SB 205) Effective March 25, 2010.