Today's Law As Amended


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AB-1647 Bonds: school districts and community college districts.(2013-2014)



As Amends the Law Today


SECTION 1.

 Section 15144.3 of the Education Code is amended to read:

15144.3.
 (a)  A school district or community college district with a note issued before December 31, 2013, pursuant to Section 15150 may seek from the state board or the Chancellor of the California Community Colleges, as applicable, a one-time waiver from one or more of the requirements of Sections 2, 3, 5, and 6 of  15144.1, 15144.2, and 15146 and Section 53508.5 of the Government Code, as they were enacted by  Assembly Bill 182 of the 2013–14 Regular Session, if both of the following are satisfied:
(a) (1)  The proceeds of the issuance subject to the waiver will be used only for the purpose of paying the note.
(b) (2)  The school district or community college district has provided to the state board or the Chancellor of the California Community Colleges, as applicable, an analysis from a financial adviser unaffiliated with the school district, the community college district, or the underwriter used by the school district or community college district, showing the total overall costs of the proposed bond, how the issuance is the most cost-effective method, and the reasons why the school district or community college district is unable to meet those requirements of Sections 2, 3, 5, and 6 of  15144.1, 15144.2, and 15146 and Section 53508.5 of the Government Code, as they were enacted by  Assembly Bill 182 of the 2013–14 Regular Session that are the subject of the waiver.
(b) A school district or a community college district whose electors approved the issuance of a note in an election held on or before January 1, 2014, and began issuing a note pursuant to that authority on or before January 1, 2014, shall not be subject to the requirements provided in Sections 15144.1, 15144.2, and 15146 and Section 53508.5 of the Government Code, as they were enacted by Assembly Bill 182 of the 2013–14 Regular Session.