Amended by Stats. 2009, Ch. 140, Sec. 52. (AB 1164) Effective January 1, 2010.
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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