Section 16335 Of Article 9. School Housing Aid For Rehabilitation And Replacement Of Structurally Inadequate School Facilities From California Education Code >> Division 1. >> Title 1. >> Part 10. >> Chapter 6. >> Article 9.
16335
. Each district to which an apportionment or apportionments
has been made under this article shall repay the principal amount of
such apportionment or apportionments and the accrued interest thereon
in 20 equal annual payments. The first payment shall be made in the
second fiscal year following the year in which the apportionment is
made. In any year prior to the 1980-81 fiscal year in which the equal
annual repayment exceeds that amount which seventeen and one-half
cents ($0.175) per one hundred dollars ($100) of assessed valuation
for each grade level (i.e. elementary or high school) operated by the
district would raise during the year of the computation, the
repayment shall be reduced to the amount which the seventeen and
one-half cents ($0.175) for each grade level would so raise. In any
year, beginning in the 1981-82 fiscal year, in which the equal annual
repayment exceeds that amount which 0.04375 percent of the full
value for each grade level operated by the district would raise
during the year of the computation, the repayment shall be reduced to
the amount which the 0.04375 percent of the full value for each
grade level would so raise. The amount of the reduction in computed
repayment shall be canceled on the books of the Controller. If more
than one apportionment is made the annual amount payable shall be the
sum of the amounts which would be payable on each amount if computed
separately.
On or before the first day of January of each fiscal year the
State Controller shall determine the annual repayment, if any, to be
due from each district during the next succeeding fiscal year. The
computation and collection procedures shall be in accordance with
Sections 16080, 16089, and 16090.