Section 22356 Of Chapter 6. Investments From California Education Code >> Division 1. >> Title 1. >> Part 13. >> Chapter 6.
22356
. The board may apply to reduce the book value of securities
purchased, all or part of the excess of the proceeds of the sale or
redemption prior to maturity of securities over the book value of the
securities sold or redeemed provided the purchase of securities is
made with those proceeds and provided that the terms of both
securities from the date of sale, redemption, or purchase, as the
case may be, to the respective dates of maturity, do not differ by
more than five years. All applications of excess of sales or
redemption proceeds, even with greater difference in terms, made by
the board before October 1, 1949, are hereby validated and confirmed.