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California Code, Education Code - EDC § 42133.5

Current as of January 01, 2025 | Updated by Findlaw Staff

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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Cite this article: FindLaw.com - California Code, Education Code - EDC § 42133.5 - last updated January 01, 2025 | https://codes.findlaw.com/ca/education-code/edc-sect-42133-5/

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