Amended in Senate June 20, 2016

Amended in Senate June 25, 2015

Amended in Assembly May 20, 2015

Amended in Assembly May 6, 2015

California Legislature—2015–16 Regular Session

Assembly BillNo. 882


Introduced by Assembly Member Wilk

(Coauthor: Assembly Member Gallagher)

February 26, 2015


begin delete An act to amend Section 15144 of the Education Code, and to amend Section 53508.6 of the Government Code, relating to school bonds. end deletebegin insert

An act to add Section 14900.5 to the Government Code, relating to state publications.

end insert

LEGISLATIVE COUNSEL’S DIGEST

AB 882, as amended, Wilk. begin deleteSchool bonds: term of bonds: furnishing and equipping classrooms. end deletebegin insertState publications: distribution.end insert

begin insert

Existing law makes freely available to all inhabitants of the State of California all state publications by distribution to libraries throughout the state, with the assumption that those libraries will keep the documents readily accessible to patrons without charge. Existing law additionally requires that the State Printer print sufficient copies of each state publication, the amount of which is determined by the State Librarian, to be distributed to libraries.

end insert
begin insert

This bill would authorize a member of the public to copy, share, distribute, or republish a state publication authored by the state.

end insert
begin delete

(1) Existing law authorizes the governing board of a school district or community college district to order an election and submit to the electors of the district whether the bonds of the district should be issued and sold, and sets forth requirements in that regard, including specifying that the term of a bond shall not exceed 25 years from the date of the bond or bond series.

end delete
begin delete

This bill would specify that the term of a bond issue used to finance projects that include furnishing and equipping classrooms shall have a weighted average maturity that does not exceed 120% of the average reasonably expected economic life of the financed project.

end delete
begin delete

(2) Existing law, additionally and alternatively to the authority described above, authorizes the issuance of bonds or refunding bonds by a school district or community college district secured by the levy of ad valorem taxes, and, pursuant to those provisions, authorizes a school district or community college district to issue bonds that do not allow for the compounding of interest and that have a maturity greater than 30, but no greater than 40 years, in accordance with specified requirements.

end delete
begin delete

This bill, notwithstanding those provisions, would specify that a bond issue used to finance projects that include furnishing and equipping classrooms shall have a weighted average maturity that does not exceed 120% of the average reasonably expected economic life of the financed project.

end delete

Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.

The people of the State of California do enact as follows:

P2    1begin insert

begin insertSECTION 1.end insert  

end insert

begin insertSection 14900.5 is added to the end insertbegin insertGovernment Codeend insertbegin insert,
2to read:end insert

begin insert
3

begin insert14900.5.end insert  

A member of the public, as defined by Section 6252,
4may copy, share, distribute, or republish a state publication
5authored by the state.

end insert
begin delete
6

SECTION 1.  

Section 15144 of the Education Code is amended
7to read:

8

15144.  

(a) The number of years the whole or any part of the
9bonds are to run shall not exceed 25 years, from the date of the
10bonds or the date of any series thereof.

11(b) Notwithstanding subdivision (a), a bond issue used to finance
12projects that include furnishing and equipping classrooms,
P3    1 including, but not limited to, purchasing electronic equipment,
2shall have a weighted average maturity that does not exceed 120
3percent of the average reasonably expected economic life of the
4financed project.

5

SEC. 2.  

Section 53508.6 of the Government Code is amended
6to read:

7

53508.6.  

(a) Notwithstanding any other law, a school district
8or community college district may, pursuant to this article, issue
9bonds that do not allow for the compounding of interest and that
10have a maturity greater than 30 years, but not greater than 40 years,
11if the school district or community college district does both of
12the following:

13(1) Complies with the requirements of subdivisions (b) and (c)
14of Section 15146 of the Education Code.

15(2) Makes a finding that the useful life of the facility financed
16with the bonds that do not allow for the compounding of interest
17and that have a maturity greater than 30 years, but not greater than
1840 years, equals or exceeds the maturity date of those bonds.

19(b) Notwithstanding subdivision (a), a bond issue used to finance
20projects that include furnishing and equipping classrooms,
21including, but not limited to, purchasing electronic equipment,
22shall have a weighted average maturity that does not exceed 120
23percent of the average reasonably expected economic life of the
24financed project.

end delete


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