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Article 3. Loans.Criteria for Funding.   

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(a) Loans shall be awarded in accordance with the same criteria, standards and processes which are applicable to grants.

(b) Loan funds authorized by this article are subject to the same constraints applicable to grant funds pursuant to section 56676(d), except that loan funds may be sued to purchase equipment.

(c) The Chancellor shall develop an accounting system and repayment schedule for loan funds.

Authority cited:

Education Code 66700

Education Code 70901(b)

Education Code 70901(c)

Reference:

Education Code 84381

(Amended by Register 91, No. 48).