Ed. Code, § 41366.5 · Article 4. Loans and Advances
Ed. Code, § 41366.5
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
(a) Moneys in the Charter School Revolving Loan Fund shall be loaned at (1) the rate paid on moneys in the Pooled Money Investment Account as of the date of disbursement of the funds or (2) a rate equal to 50 percent of the interest rate paid by the state on the most recent sale of state general obligation bonds, computed according to the true interest cost method, whichever is less, except that the rate shall not be set at a rate lower than 3 percent.
(b) A charter school shall pay the interest on any loan from the fund in regular installments withdrawn from the annual apportionment the charter school receives.
(c) All interest payments shall be paid into the Charter School Security Fund established pursuant to Section 41367.
Notes and commentary — not statutory text
History
Amended by Stats. 2025, Ch. 776, Sec. 2. (SB 631) Effective January 1, 2026.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=EDC§ionNum=41366.5.
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- sha256 d2e235fdd39f2ba7a08192d54fc9c0047f47d82dbe7e99e385ca6596d408a935
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- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
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