BILL NUMBER: SB 423	ENROLLED
	BILL TEXT

	PASSED THE SENATE  AUGUST 15, 2011
	PASSED THE ASSEMBLY  JULY 7, 2011
	AMENDED IN ASSEMBLY  JUNE 30, 2011
	AMENDED IN SENATE  MARCH 23, 2011

INTRODUCED BY   Senator Wyland

                        FEBRUARY 16, 2011

   An act to amend Section 15286 of the Education Code, relating to
school facilities.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 423, Wyland. School facilities: local bond measures.
   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 annual, independent performance and financial audits.
   This bill would require the audits for each preceding fiscal year
to be submitted by March 31 of each year to the citizens' oversight
committee for its review.


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

  SECTION 1.  Section 15286 of the Education Code is amended 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 for the preceding fiscal
year shall be submitted to the citizens' oversight committee
established pursuant to Section 15278 by March 31 of each year. These
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.