The board may provide a loan to any school district from the proceeds of the sale of bonds pursuant to the School Facilities Bond Act of 1992, and the 1992 School Facilities Bond Act, to provide aid for school districts in accordance with this chapter, when those proceeds are available in the State School Building Lease-Purchase Fund. In order to provide a loan, both of the following conditions shall be met:
(a) The amount of the loan shall not exceed the amount set forth in legislation enacted that specifies the loan amount.
(b) The loan shall be repaid pursuant to a schedule set forth in legislation enacted that specifies a loan repayment schedule.
(Added by Stats. 1996, Ch. 277, Sec. 2. Operative January 1, 1998.)