§ 57061. Community College Districts, Borrowing; Retrofitting Buildings for Energy Conservation; Savings and Loan Investment.

(a) Community college districts may borrow funds from federal or state regulated financial institutions for the purposes of design and construction costs associated with retrofitting buildings to become more energy efficient. Community college districts shall only be authorized to borrow an amount which does not exceed that which can be repaid from energy cost avoidance savings accumulated from the improvement of school facilities.

(b) Any savings and loan association may make loans or advances of credit pursuant to the provisions of subdivision (a) in an amount not in excess of 5 percent of its total assets. This investment may be in addition to any other investment savings and loan associations are permitted to undertake under the provisions of the Financial Code.

HISTORY

1. New section filed 3-4-91 by Board of Governors of California Community Colleges with the Secretary of State; operative 4-5-91 (Register 91, No. 23). Submitted to OAL for printing only pursuant to Education Code Section 70901.5(b).

2. Editorial correction of History 1 (Register 95, No. 23).

3. Change without regulatory effect amending subsection (c) filed 3-15-2006 pursuant to section 100, title 1, California Code of Regulations. Submitted to OAL for printing only pursuant to Education Code section 70901.5 (Register 2006, No. 17).

Note

Note: Authority cited: Sections 66700 and 70901, Education Code. Reference: Section 70901, Education Code.