§ 42133.5. — 42133.5. (Amended by Stats. 2009, Ch. 140, Sec. 52.)

California § 42133.5.

• Jurisdiction: California
• Code EDC: Education Code - EDC
• Div.: 3.
• Title 2.: DIVISION 3. LOCAL ADMINISTRATION
• Part 24.: PART 24. SCHOOL FINANCE
• Ch. 6.: CHAPTER 6. Financial Statements of School Districts
• Art. 3.: ARTICLE 3. Financial Reports and Certifications

Text

Regardless of the certification of the budgetary status of a school district or county office of education under subdivision (
l
) of Section 1240 or Section 42131, the proceeds obtained by a school district from the sources listed in subdivisions (a) to (d), inclusive, shall not be used for general operating purposes of the school district.
(a)
The sale of a saleback or leaseback agreement, or interests in the agreement.
(b)
A debt instrument payable from payments under a saleback or leaseback agreement.
(c)
Certificates of participation.
(d)
Other
debt instruments that meet both of the following criteria:
(A)
They are secured by real property.
(B)
They do not require the approval of the voters of the school district.

Legislative History

Amended by Stats. 2009, Ch. 140, Sec. 52. (AB 1164) Effective January 1, 2010.