Cal. Code Regs. tit. 4 § 10170.21

Current through Register 2024 Notice Reg. No. 45, November 8, 2024

Section 10170.21 - Loan Amount and Repayment Terms

(a) The Authority shall establish a loan amount and repayment period, for an approved loan, which shall be memorialized in a written Loan Agreement and subject to an interest rate equal to the interest rate earned in the Pooled Money Investment Account as of the date of loan disbursement.

(b) The Authority shall consider the term of the charter as well as the amount of the loan in establishing the repayment period.

(1) In the case of a New Charter School, the loan term will not exceed the length of the school's approved charter term.

(c) The loan repayment shall begin in the first fiscal year following the date of disbursement as determined by the Authority's accounting office, and all disbursements shall be in a single fiscal year. In the case of charter schools receiving multiple disbursements, the first fiscal year of repayment shall be based on the date of final disbursement.

(d) The repayment amount for each fiscal year following the issuance of the loan shall be based on equal annual payments, including principal and interest, over the number of years determined by the Authority.

(e) In no event shall the repayment period on a Program loan exceed five years.

Cal. Code Regs. Tit. 4, § 10170.21

1. New section filed 2-3-2014 as an emergency; operative 2-3-2014 (Register 2014, No. 6). A Certificate of Compliance must be transmitted to OAL by 8-4-2014 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 8-4-2014 as an emergency; operative 8-4-2014 (Register 2014, No. 32). A Certificate of Compliance must be transmitted to OAL by 11-3-2014 or emergency language will be repealed by operation of law on the following day.
3. New section refiled 10-27-2014 as an emergency; operative 11-3-2014 (Register 2014, No. 44). A Certificate of Compliance must be transmitted to OAL by 2-2-2015 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 10-27-2014 order transmitted to OAL 1-29-2015 and filed 3-10-2015 (Register 2015, No. 11).
5. Repealer of subsection (c) and new subsections (b)(1)-(c) filed 12-1-2016; operative 12-1-2016 pursuant to Government Code section 11343.4(b)(3) (Register 2016, No. 49).
6. Repealer and new subsection (c) filed 4-20-2020 as an emergency; operative 4-20-2020 (Register 2020, No. 17). A Certificate of Compliance must be transmitted to OAL by 10-19-2020 or emergency language will be repealed by operation of law on the following day.
7. Emergency filed 4-20-2020 extended 60 days (Executive Order N-40-20) (Register 2020, No. 22). A Certificate of Compliance must be transmitted to OAL by 12-18-2020 or emergency language will be repealed by operation of law on the following day.
8. Certificate of Compliance as to 4-20-2020 order transmitted to OAL 11-16-2020 and filed 12-30-2020 (Register 2021, No. 1).

Note: Authority cited: Section 41365, Education Code. Reference: Sections 41365 and 41366.5, Education Code.

1. New section filed 2-3-2014 as an emergency; operative 2-3-2014 (Register 2014, No. 6). A Certificate of Compliance must be transmitted to OAL by 8-4-2014 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 8-4-2014 as an emergency; operative 8-4-2014 (Register 2014, No. 32). A Certificate of Compliance must be transmitted to OAL by 11-3-2014 or emergency language will be repealed by operation of law on the following day.
3. New section refiled 10-27-2014 as an emergency; operative 11/3/2014 (Register 2014, No. 44). A Certificate of Compliance must be transmitted to OAL by 2-2-2015 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 10-27-2014 order transmitted to OAL 1-29-2015 and filed 3-10-2015 (Register 2015, No. 11).
5. Repealer of subsection (c) and new subsections (b)(1)-(c) filed 12-1-2016; operative 12/1/2016 pursuant to Government Code section 11343.4(b)(3) (Register 2016, No. 49).
6. Repealer and new subsection (c) filed 4-20-2020 as an emergency; operative 4/20/2020 (Register 2020, No. 17). A Certificate of Compliance must be transmitted to OAL by 10-19-2020 or emergency language will be repealed by operation of law on the following day.
7. Emergency filed 4-20-2020 extended 60 days (Executive Order N-40-20) (Register 2020, No. 22). A Certificate of Compliance must be transmitted to OAL by 12-18-2020 or emergency language will be repealed by operation of law on the following day.
8. Certificate of Compliance as to 4-20-2020 order transmitted to OAL 11-16-2020 and filed 12/30/2020 (Register 2021, No. 1).