Section 41360 Of Article 4. Loans And Advances From California Education Code >> Division 3. >> Title 2. >> Part 24. >> Chapter 3. >> Article 4.
41360
. (a) Loans may be made from moneys in the Public School
District Organization Revolving Fund to newly organized elementary,
high school, or unified school districts upon application of the
governing board of any such school district, certified by the county
superintendent of schools and approved by the Superintendent for use
by the school district during the period from the date the action to
form the school district was completed and the date the school
district becomes effective for all purposes. Money loaned to a school
district pursuant to this section shall be used only to meet one or
more of the following:
(1) The expenses of office rental, office supplies, postage,
telephone, and telegraphing.
(2) The expenses of necessary elections required by law or
authorized by Section 35532.
(3) The expenses of employing, the salary of, and necessary travel
expenses of officers and necessary clerical help for the governing
board of the school district.
(b) During each of the two successive fiscal years commencing with
the first fiscal year of the existence of the school district for
all purposes, the State Controller shall deduct from apportionments
made to that school district an amount equal to one-half of the
amount loaned to that school district under this section and pay the
same amount into the Public School District Organization Revolving
Fund in the State Treasury.