§ 53508.6
120 words·~1 min read·
/ca/government-code/53508-6A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Notwithstanding any other law, a school district or community college district may, pursuant to this article, issue bonds that do not allow for the compounding of interest and that have a maturity greater than 30 years, but not greater than 40 years, if the school district or community college district does both of the following:
(a)Complies with the requirements of subdivisions
(b)and
(c)of Section 15146 of the Education Code.
(b)Makes a finding that the useful life of the facility financed with the bonds that do not allow for the compounding of interest and that have a maturity greater than 30 years, but not greater than 40 years, equals or exceeds the maturity date of those bonds.