Cal. Code Regs. Tit. 2, § 1841 - Repayment Procedure -Sites and Plans

(a) All apportionments for sites, comprehensive master plans, or final plans and specifications made pursuant to Section 16039 of the Act (except as provided in subsection (d) hereafter) shall be repaid with interest thereon in full. The amount repayable in accordance with subsection (c) below during each fiscal year on the unpaid balance and accrued interest on the sum of all apportionments made to a district under said Section 16039 of the Act shall be the greater of:

(1) The amount which would be produced by a tax rate of five cents per hundred dollars on the assessed valuation of the district as determined by the last equalized assessment occurring during the fiscal year preceding that in which deductions are to be made by the Controller, as hereafter provided, for the repayment of the aforesaid apportionment. For a unified district receiving an apportionment at both the elementary and high school levels, the aforementioned computation shall be based on a tax rate of ten cents rather than five cents.

(2) The amount which would be required to provide an annual payment equal to .058 of the principal amount of the apportionment subject to repayment under Section 16039 of the Act provided, however, that any principal and interest charges not repaid within 30 years shall be added to the thirtieth annual repayment; and provided further, that if more than one apportionment is made under Section 16039 of the Act, the amount payable under this subsection (2) shall be the sum of the amounts which would be payable on each apportionment if computed separately.

(b) In the event more than one apportionment is made under Section 16039, any amount repaid under subsections (a) (1) and (2) above during any fiscal year shall be applied to each such apportionment for which a repayment would be otherwise due during such fiscal year, in the order in which each such apportionment was made until each such apportionment has been repaid in full with interest.

(c) Except as otherwise provided, the sequence and timing of repayment operations required by this regulation shall be in accordance with applicable provisions of Sections 16070, 16072, 16080, 16088 and 16089 of the Act.

(d) Upon the application of the district affected, or its duly authorized agent, the balance due under any site apportionment heretofore made pursuant to Section 16039 of the Act shall, at any time prior to the time it has been combined with any construction apportionment as provided by said section, be repaid in annual installments as provided in this regulation. Although only the unpaid balance, with interest, shall be paid by the district, the annual installment computed under subsection (a) (2) above shall be that which would apply if no repayment on said apportionment had previously been made.

(e) If a site or final plans and specifications for which an apportionment is made pursuant to Section 16039 of the Act is later used for a construction project for which an apportionment is received under other provisions of the Act, then, as of the date such apportionment becomes final, the balance of the apportionment made under Section 16039 which has not been repaid, and the accrued interest thereon, shall be added to the apportionment for the construction project as provided by Section 16039 (d) of the Act and thereafter no further repayment shall be required pursuant to subsections (a) or (b) of this regulation. If less than all of the plans and specifications are used for a construction project, the Director of General Services shall determine the value of the portion of the plans and specifications used for the construction project. Such value, not exceeding the amount apportioned and unpaid, and the applicable amount of accrued interest shall be added to the apportionment for the construction project as prescribed herein.

(f) A district, if it so desires, may at any time make payments over and above those required by this regulation. Such payments shall, however, not affect the necessity for making, or the amount of, annual repayments otherwise required by this regulation prior to the time repayment is made in full.

Notes

Cal. Code Regs. Tit. 2, § 1841

1. Amendment of section and new NOTE filed 4-29-77; effective thirtieth day thereafter (Register 77, No. 18).

Note: Authority cited: Section 16009, Education Code. Reference: Section 16039, Education Code.

1. Amendment of section and new NOTE filed 4-29-77; effective thirtieth day thereafter (Register 77, No. 18).