California Education Code 92496 – If the university is able to reduce annual debt service costs by …
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If the university is able to reduce annual debt service costs by refunding, defeasing, or retiring general obligation bonds or State Public Works Board lease revenue bonds, as described in Section 92493, the university shall annually contribute an equal amount to reduce the existing unfunded liability of the University of California Retirement Plan.
(Added by Stats. 2013, Ch. 50, Sec. 10. (AB 94) Effective July 1, 2013.)
Terms Used In California Education Code 92496
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.