BILL NUMBER: SB 222	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Block

                        FEBRUARY 12, 2015

   An act to amend Section 15251 of the Education Code, relating to
school bonds.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 222, as introduced, Block. School bonds: school facilities:
statutory lien.
   Except as otherwise provided by law, existing law provides that
the governing board of a school district or community college
district may, when in its judgment it is advisable, and shall, upon a
petition of the majority of the qualified electors residing in the
school district or community college district, order an election and
submit to the electors of the district the question whether the bonds
of the district shall be issued and sold for the purpose of raising
money for certain school facilities purposes, including the
purchasing of school lots and the building or purchasing of school
buildings.
   If the bond measure is approved by the electors, existing law
requires the board of supervisors of the county whose county
superintendent of schools has jurisdiction over the school district
or community college district to annually, at the time of making the
levy of taxes for county purposes, levy a tax for that year upon the
property in the district for the interest and redemption of all
outstanding bonds of the school district or community college
district. Existing law requires that all taxes levied, when
collected, to be paid into the county treasury, as provided, to be
used for the payment of the principal and interest of the bonds and
for no other purpose.
   This bill would require bonds issued and sold pursuant to these
provisions to be secured by a statutory lien on all revenues received
pursuant to the levy and collection of the tax, as provided.
   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 15251 of the Education Code is amended to read:

   15251.   All taxes levied, when collected  
(a)     When collected, all taxes levied 
shall be paid into the county treasury of the county whose
superintendent of schools has jurisdiction over the school district
 in   on  behalf of which the tax was
levied, to the credit of the interest and sinking fund of the school
district, or community college district as designated by the
California Community Colleges Budget and Accounting Manual, and shall
be used for the payment of the principal and interest of the bonds
and for no other purpose. 
   (b) Bonds issued and sold pursuant to this chapter shall be
secured by a statutory lien on all revenues received pursuant to the
levy and collection of the tax. The lien shall automatically attach
without further action or authorization by the governing board of the
school district or community college district. The lien shall be
valid and binding from the time the bonds are executed and delivered.
The revenues received pursuant to the levy and collection of the tax
shall be immediately subject to the lien, and the lien shall
automatically attach to the revenues and be effective, binding, and
enforceable against the school district or community college
district, its successors, transferees, and creditors, and all others
asserting rights therein, irrespective of whether those parties have
notice of the lien and without the need for any physical delivery,
recordation, filing, or further act.