AB 2856

Bill Subjects

Education Finance The Archie-Hudson And Cunneen School Technology Revenue Bond Act Repeal School Facilities

Abstract

(1) Existing law, the Archie-Hudson and Cunneen School Technology Revenue Bond Act, authorizes the California School Financing Authority, upon receipt of aggregated repayment pledges by school districts of at least $5,000,000, to issue bonds for the exclusive purpose of establishing computer-based networks and telecommunications systems for instructional purposes, as specified, so long as the total amount of bonds issued and outstanding at any time under the act does not exceed $400,000,000, as provided. The act requires participating school districts to pledge a portion of their annual lottery revenue allocation from the California State Lottery Education Fund as a dedicated revenue source to repay bonds issued by the authority, and authorizes a school district to pledge the equivalent of up to 25% of the school district's allocation for the 1996–97 fiscal year from the California State Lottery Education Fund, as provided. The act requires the State Department of Education to include in its annual survey of schools on the use of lottery funds, the amount of lottery revenues expended to repay bonds issued pursuant to its provisions. This bill would repeal the Archie-Hudson and Cunneen School Technology Revenue Bond Act as of January 1, 2025.