BILL NUMBER: SB 1473 AMENDED
BILL TEXT
AMENDED IN ASSEMBLY JUNE 23, 2010
AMENDED IN SENATE APRIL 28, 2010
AMENDED IN SENATE APRIL 12, 2010
AMENDED IN SENATE MARCH 25, 2010
INTRODUCED BY Senator Wyland
FEBRUARY 19, 2010
An act to add Section 15281 15286 to
the Education Code, relating to school facilities.
LEGISLATIVE COUNSEL'S DIGEST
SB 1473, as amended, Wyland. School facilities bond proceeds:
performance audits.
The California Constitution limits the maximum amount of any ad
valorem tax on real property to 1% of the full cash value of the
property. The California Constitution states that the 1% limitation
for ad valorem taxes does not apply to ad valorem taxes or
assessments to pay the interest and redemption charges on bonded
indebtedness incurred by a school district, community college
district, or county office of education for the construction,
reconstruction, rehabilitation, or replacement of school facilities
approved by 55% of the voters if the proposition includes specified
accountability requirements. The accountability requirements include
a requirement that the governing board of either the school district
or community college district or the county office of education
conduct an annual, independent performance audit to ensure that the
funds are expended only on the specific projects listed in the
proposition authorizing the sale of the bonds.
This bill would require a financial and performance
audit to be conducted in accordance with the Government Auditing
Standards issued by the Comptroller General of the United States.
Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.
THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:
SECTION 1. Section 15286 is added to the
Education Code , to read:
15286. The annual, independent financial and performance audits
required by subparagraphs (C) and (D) of paragraph (3) of subdivision
(b) of Section 1 of Article XIII A of the California Constitution
shall be conducted in accordance with the Government Auditing
Standards issued by the Comptroller General of the United States for
financial and performance audits, to the extent required by Article
XIII A of the California Constitution.
SECTION 1. Section 15281 is added to the
Education Code, to read:
15281. The annual, independent performance audit required by
subparagraph (C) of paragraph (3) of subdivision (b) of Section 1 of
Article XIII A of the California Constitution shall be conducted in
accordance with the Government Auditing Standards issued by the
Comptroller General of the United States for performance audits.