§ 41366.5
130 words·~1 min read·
/ca/education-code/41366-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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(b)A charter school shall pay the interest on any loan from the fund in regular installments withdrawn from the annual apportionment the charter school receives.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.