AB 1647,
as amended, begin deleteBigelowend delete begin insertWilkend insert. begin deleteFairs: Department of Food and Agriculture. end deletebegin insertBonds: school districts and community college districts.end insert
Existing law authorizes the governing board of any school district or community college district to order an election and submit to the electors of the district the question whether the bonds of the district should be issued and sold to raise money for specified purposes.
end insertbegin insertExisting law requires the ratio of total debt service to principal for each bond series to not exceed 4 to 1. Existing law requires each bond that allows for the compounding of interest, including, but not limited to, a capital appreciation bond, maturing more than 10 years after its date of issuance to be subject to redemption before its fixed maturity date, as specified, beginning no later than the 10th anniversary of the date the bond was issued. Existing law requires, if the sale includes bonds that allow for the compounding of interest, including, but not limited to, capital appreciation bonds, the agenda item to identify that bonds that allow for the compounding of interest are proposed and require the governing board of the school district or community college district to be presented with specified information concerning the bonds. Existing law requires a school district or community college district that intends to issue bonds that allow for the compounding of interest, including, but not limited to, capital appreciation bonds, to comply with certain requirements.
end insertbegin insertThis bill would exempt a school district or community college district whose electors approved the issuance of a note in an election held on or before January 1, 2014, and began issuing a note pursuant to that authority on or before January 1, 2014, from, among other requirements, the requirements specified in the previous paragraph.
end insert(1) Existing law requires that each state, district, county, or citrus fruit fair that receives state funds make an annual report to the Department of Food and Agriculture regarding the total number of credential and courtesy pass admissions issued and honored at the fair.
end deleteThis bill would delete this requirement.
end delete(2) Existing law requires the Secretary of Food and Agriculture to expend up to $100,000 in any fiscal year for exhibits at a state-supported fair that demonstrate the process of production and use of food and fiber from the producer to the consumer in this state. Existing law requires the secretary to annually provide for a conference of fair judges to aid the department in prescribing regulations for the judging of exhibits and for the premiums paid for all classes, sections, and types of exhibits, and authorizes the secretary to expend up to $15,000 in any fiscal year for these purposes.
end deleteThis bill would eliminate these provisions.
end deleteVote: majority.
Appropriation: no.
Fiscal committee: begin deleteyes end deletebegin insertnoend insert.
State-mandated local program: no.
The people of the State of California do enact as follows:
begin insertSection 15144.3 of the end insertbegin insertEducation Codeend insertbegin insert is amended
2to read:end insert
begin deleteA end deletebegin insert(a)end insertbegin insert end insertbegin insertAend insertbegin insert end insertschool district or community college district
4with a note issued before December 31, 2013, pursuant to Section
515150 may seek from the state board or the Chancellor of the
6California Community Colleges, as applicable, a one-time waiver
7from one or more of the requirements of Sectionsbegin delete 2, 3, 5, and 6 ofend delete
8begin insert 15144.1, 15144.2, and 15146 and Section 53508.5 of the
9
Government Code, as they were enacted byend insert Assembly Bill 182 of
10the 2013-14 Regular Session, if both of the following are satisfied:
P3 1(a)
end delete
2begin insert(1)end insert The proceeds of the issuance subject to the waiver will be
3used only for the purpose of paying the note.
4(b)
end delete
5begin insert(2)end insert The school district or community college district has
6provided to
the state board or the Chancellor of the California
7Community Colleges, as applicable, an analysis from a financial
8adviser unaffiliated with the school district, the community college
9district, or the underwriter used by the school district or community
10college district, showing the total overall costs of the proposed
11bond, how the issuance is the most cost-effective method, and the
12reasons why the school district or community college district is
13unable to meet those requirements of Sectionsbegin delete 2, 3, 5, and 6 ofend delete
14begin insert 15144.1, 15144.2, and 15146 and Section 53508.5 of the
15Government Code, as they were enacted byend insert Assembly Bill 182 of
16the 2013-14 Regular Session that are the subject of the waiver.
17(b) A school district or a community college district whose
18electors approved the issuance of a note in an election held on or
19before January 1, 2014, and began issuing a note pursuant to that
20authority on or before January 1, 2014, shall not be subject to the
21requirements provided in Sections 15144.1, 15144.2, and 15146
22and Section 53508.5 of the Government Code, as they were enacted
23by Assembly Bill 182 of the 2013-14 Regular Session.
Section 3029 of the Food and Agricultural Code
25 is repealed.
Section 4401.5 of the Food and Agricultural Code is
27repealed.
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