(a) The total amount of revenue bonds that may be issued and outstanding at any time for purposes of this chapter shall not exceed four billion four hundred million dollars ($4,400,000,000).

(b) For purposes of subdivision (a) bonds that meet any of the following conditions shall not be deemed to be outstanding:

Terms Used In California Education Code 17199.3

  • revenue bonds: means bonds, notes, lease obligations, certificates of participation, commercial paper, and any other evidences of indebtedness. See California Education Code 17173
  • Working capital: means funds to be used by, or on behalf of, a participating party to pay maintenance or operating expenses, or any other costs that would be treated as an expense item under generally accepted accounting principles in connection with the ownership or operation of an educational facility, including, but not limited to, all of the following:

    California Education Code 17173

(1) Bonds that have been refunded pursuant to Section 17188.

(2) Bonds for which money or securities in amounts necessary to pay or redeem the principal, interest, or any redemption premium on the bonds have been deposited in trust.

(3) Bonds that have been issued to finance or refinance working capital.

(Amended by Stats. 2014, Ch. 416, Sec. 3. (AB 1979) Effective January 1, 2015.)

  Previous section
Next section  
 Chapter 18 Contents