Postsecondary education: California Educational Facilities Authority.

Existing law establishes the University of California, the California State University, the California Community Colleges, and independent institutions of higher education as segments of higher education in this state. The California Educational Facilities Authority Act establishes the California Educational Facilities Authority to, among other things, (1) provide private institutions of higher education within the state with an additional means by which to expand, enlarge, and establish dormitory, academic, and related facilities, finance those facilities, and refinance existing facilities; and (2) enter into agreements with nonprofit entities, as defined, to develop student, faculty, and staff housing on or near the campuses of the University of California, the Hastings College of the Law, the California State University, the California Community Colleges, or a participating private college, as specified. The act authorizes the authority to fund, as specified, and to construct, acquire, or otherwise provide for, projects for these purposes. The act defines "project" for a participating private college to mean a dormitory, an educational facility, or faculty or staff housing, and defines "project" for a participating nonprofit entity to mean the construction or acquisition of student housing or faculty and staff housing. This bill would amend the act to also authorize the financing of working capital loans to a participating private college by the authority, as specified. The bill would define "working capital" for these purposes to mean maintenance or operation expenses in connection with the ownership or operation of an educational facility, faculty or staff housing, and student housing, as specified, and would make other conforming changes. Because this bill would authorize the authority to expend funds for new purposes, it would make an appropriation.