Education Code - EDC - EDC § 42133.5

Summary

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

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.

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• #1 | Education Code - EDC - EDC § 42133.5

  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 purpos…