Bill Text: CA AB912 | 2015-2016 | Regular Session | Introduced
Bill Title: Local educational agencies: school bonds: notices.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2016-02-01 - From committee: Filed with the Chief Clerk pursuant to Joint Rule 56. [AB912 Detail]
Download: California-2015-AB912-Introduced.html
BILL NUMBER: AB 912 INTRODUCED
BILL TEXT
INTRODUCED BY Assembly Member Wilk
FEBRUARY 26, 2015
An act to amend Sections 17150 and 17150.1 of, and to amend the
heading of Chapter 16 (commencing with Section 17150) of Part 10 of
Division 1 of Title 1 of, the Education Code, relating to local
educational agencies.
LEGISLATIVE COUNSEL'S DIGEST
AB 912, as introduced, Wilk. Local educational agencies: school
bonds: notices.
(1) Existing law requires a school district to notify the county
superintendent of schools and the county auditor when the governing
board of the school district approves proceeding with the issuance of
certificates of participation or revenue bonds or entering into
specified agreements for financing school construction pursuant to
the California School Finance Authority Act. The superintendent of
the school district is required to provide specified information to
the county auditor, the county superintendent of schools, the
governing board, and the public regarding that debt.
Existing law requires the county superintendent of schools or
superintendent of a school district for which the county board serves
as governing board to notify the Superintendent of Public
Instruction when the county board of education approves proceeding
with the issuance of certificates of participation or revenue bonds
or to entering into an agreement for financing pursuant to the
California School Finance Authority Act. The county superintendent of
schools or the superintendent of a school district for which the
county board serves as the governing board is required to provide
specified information to the Superintendent of Public Instruction,
the governing board, and the public.
This bill would delete the language specifying that the scope of
these provisions is limited to revenue bonds, and instead refer to
bonds generally. The bill would also require that, no later than 30
days before the approval by the governing board of the school
district to proceed with the issuance of bonds, the school district
notify the county superintendent of schools and the county auditor.
The bill would delete the language limiting the requirement of this
notice to instruments that do not require approval of the voters of
the school district or county.
To the extent that this bill would expand the requirements for
the provision of notices by specified county officials, the bill
would impose a state-mandated local program.
(2) The California Constitution requires the state to reimburse
local agencies and school districts for certain costs mandated by the
state. Statutory provisions establish procedures for making that
reimbursement.
This bill would provide that, if the Commission on State Mandates
determines that the bill contains costs mandated by the state,
reimbursement for those costs shall be made pursuant to these
statutory provisions.
Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: yes.
THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:
SECTION 1. The heading of Chapter 16 (commencing with Section
17150) of Part 10 of Division 1 of Title 1 of the Education Code is
amended to read:
CHAPTER 16. PUBLIC DISCLOSURE OF NON-VOTER-APPROVED
DEBT
SEC. 2. Section 17150 of the Education Code is amended to read:
17150. (a) Upon the approval by the governing board of the school
district to proceed with the issuance of revenue
bonds or to enter into an agreement for financing school construction
pursuant to Chapter 18 (commencing with Section 17170), the school
district shall notify the county superintendent of schools and the
county auditor. The superintendent of the school district shall
provide the repayment schedules for that debt obligation and evidence
of the ability of the school district to repay that obligation to
the county auditor, the county superintendent,
superintendent of schools, the governing board, and the
public. Within 15 days of the receipt of the information, the county
superintendent of schools and the county auditor may comment publicly
to the governing board of the school district regarding the
capability of the school district to repay that debt obligation.
(b) Upon the approval by the county board of education to proceed
with the issuance of revenue bonds or to enter
into an agreement for financing pursuant to Chapter 18 (commencing
with Section 17170), the county superintendent of schools or
superintendent of a school district for which the county board serves
as governing board shall notify the Superintendent. The county
superintendent of schools or the superintendent of a school district
for which the county board serves as the governing board shall
provide the repayment schedules for that debt obligation and evidence
of the ability of the county office of education or school district
to repay that obligation, to the Superintendent, the governing board,
and the public. Within 15 days of the receipt of the information the
Superintendent may comment publicly to the county board of education
regarding the capability of the county office of education or school
district to repay that debt obligation.
(c) Prior to Before delivery of the
notice required by subdivision (a) neither the county nor its
officers shall have responsibility for the administration of the
indebtedness of the school district. Failure to comply with the
requirements of this section will not affect the validity of the
indebtedness.
SEC. 3. Section 17150.1 of the Education Code is amended to read:
17150.1. (a) No later than 30 days before the approval by the
governing board of the school district to proceed with the issuance
of bonds, certificates of participation , and
other debt instruments that are secured by real property and
do not require approval of the voters of the school district,
property, the school district shall notify the
county superintendent of schools and the county auditor. The
superintendent of the school district shall provide information
necessary to assess the anticipated effect of the debt issuance,
including the repayment schedules for that debt obligation, evidence
of the ability of the school district to repay that obligation, and
the issuance costs, to the county auditor, the county superintendent,
the governing board, and the public. Within 15 days of the receipt
of the information, the county superintendent of schools and the
county auditor may comment publicly to the governing board of the
school district regarding the capability of the school district to
repay that debt obligation.
(b) No later than 30 days before the approval by the county board
of education to proceed with the issuance of certificates of
participation and other debt instruments that are secured by real
property and do not require approval of the voters of the
county, property, the county superintendent of
schools or superintendent of a school district for which the county
board serves as governing board shall notify the Superintendent. The
county superintendent of schools or the superintendent of a school
district for which the county board serves as the governing board
shall provide information necessary to assess the anticipated effect
of the debt issuance, including the repayment schedules for that debt
obligation, the evidence of the ability of the county office of
education or school district to repay that obligation, and issuance
costs, to the Superintendent, the governing board, and the public.
Within 15 days of the receipt of the information the Superintendent
may comment publicly to the county board of education regarding the
capability of the county office of education or school district to
repay that debt obligation.
SEC. 4. If the Commission on State Mandates determines that this
act contains costs mandated by the state, reimbursement to local
agencies and school districts for those costs shall be made pursuant
to Part 7 (commencing with Section 17500) of Division 4 of Title 2 of
the Government Code.
