BILL NUMBER: SB 1473	ENROLLED
	BILL TEXT

	PASSED THE SENATE  AUGUST 26, 2010
	PASSED THE ASSEMBLY  AUGUST 16, 2010
	AMENDED IN ASSEMBLY  AUGUST 9, 2010
	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 15286 to the Education Code, relating to
school facilities.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 1473, 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.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 15286 is added to the Education Code, to read:
   15286.  Consistent with the provisions contained in subparagraphs
(C) and (D) of paragraph (3) of subdivision (b) of Section 1 of
Article XIII A of the California Constitution, the required annual,
independent financial and performance audits shall be conducted in
accordance with the Government Auditing Standards issued by the
Comptroller General of the United States for financial and
performance audits.