Section 16722 Of Chapter 8. Urban School Construction Aid Law Of 1968 From California Education Code >> Division 1. >> Title 1. >> Part 10. >> Chapter 8.
16722
. The Controller shall determine and maintain a record of the
amount due the state in connection with each apportionment made to a
district under this chapter. He or she shall compute interest, at the
rate fixed by the board, on each amount disbursed by the state
pursuant to the apportionment, from the date of issuance of the
Controller's warrant covering the payment to the county treasurer of
the amount until the first day of July of the fiscal year next
succeeding that in which the warrant was issued. Thereafter, interest
shall accrue to and be compounded as a part of the principal amount
due the state pursuant to the apportionment, through the 30th day of
the following June of each year, until the principal and interest
have been paid.