California Education Code

§ 20073

EDC § 20073 Effective Jan 1, 2003Div. 1 · Title 1 · Part 11 · Ch. 13 · Art. 3

Statute text

(a)Funds may be granted or loaned to a nonprofit organization under this chapter if the nonprofit organization enters into an agreement with the endowment, on such terms and conditions as the endowment specifies.

(b)(1) In the case of a grant for real property acquisition, the agreement shall provide all of the following:

(A)The purchase price of any interest in real property acquired by the nonprofit organization may not exceed the fair market value as established by an appraisal approved by the endowment.

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Legislative history

Added by Stats. 2002, Ch. 1126, Sec. 1. Effective January 1, 2003.