Section 53508.6 - Issuance of bonds that do not allow for compounding of interest and have a maturity of greater than 30 years but less than 40Notwithstanding any other law, a school district or community college district may, pursuant to this article, issue bonds that do not allow for the compounding of interest and that have a maturity greater than 30 years, but not greater than 40 years, if the school district or community college district does both of the following:
(a) Complies with the requirements of subdivisions (b) and (c) of Section 15146 of the Education Code.(b) Makes a finding that the useful life of the facility financed with the bonds that do not allow for the compounding of interest and that have a maturity greater than 30 years, but not greater than 40 years, equals or exceeds the maturity date of those bonds.Added by Stats 2013 ch 477 (AB 182),s 7, eff. 1/1/2014.