SB 1240

Bill Subjects

Abstract

Existing law requires the Controller to transfer from Section A of the State School Fund the amount of funds necessary to pay certain warrants so that the effective cost of the lease financing provided to the Oakland Unified School District, the Vallejo City Unified School District, and the West Contra Costa Unified School District is equal to the cost of the original General Fund emergency loan made to each school district. Existing law also specifies the original interest rate to be used in determining the cost of the original emergency loan made for these school districts. This bill would also require the Controller to make that transfer with respect to lease financing provided to the South Monterey County Joint Union High School District. The bill would specify the original interest rate to be used in determining the cost of the original emergency loan for the South Monterey County Joint Union High School District, but only if the voters of the school district approve a measure to levy a parcel tax, the proceeds of which shall benefit the South Monterey County Joint Union High School District, by January 1, 2015. This bill would make legislative findings and declarations as to the necessity of a special statute for the South Monterey County Joint Union High School District.