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Legal Resources | Title 5 |  T5  56684  

Repayment of Loans.   

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Upon certification by the Chancellor a loan shall be drawn from the Community College Fund for Instructional Improvement by the State Controller in favor of the applicant district. During each of the three years beginning with the fiscal year immediately succeeding the fiscal year in which the loan is made under this section, the State Controller shall deduct from the second principal apportionment made from Section B of the State School Fund to the community college district an amount equal to one third of the amount loaned to the district, and transfer the amount into the Community College Fund for Instructional Improvement.

Authority cited:

Education Code 66700

Education Code 70901

Reference:

Education Code 70901

(Amended by Register 95, No. 23)