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California Education Code Section 17463.7

Legal Research Home > California Laws > Education Code > California Education Code Section 17463.7

17463.7.  (a) Notwithstanding any other law, a school district may
deposit the proceeds from the sale of surplus real property, together
with any personal property located on the property, purchased
entirely with local funds, into the general fund of the school
district and may use the proceeds for any one-time general fund
purpose. If the purchase of the property was made using the proceeds
of a local general obligation bond or revenue derived from developer
fees, the amount of the proceeds of the transaction that may be
deposited into the general fund of the school district may not exceed
the percentage computed by the difference between the purchase price
of the property and the proceeds from the transaction, divided by
the amount of the proceeds of the transaction. For purposes of this
section, proceeds of the transaction means either of the following,
as appropriate:
   (1) The amount realized from the sale of property after reasonable
expenses related to the sale.
   (2) For a transaction that does not result in a lump-sum payment
of the proceeds of the transaction, the proceeds of the transaction
shall be calculated as the net present value of the future cashflow
generated by the transaction.
   (b) The State Allocation Board shall reduce an apportionment of
hardship assistance awarded to the particular school district
pursuant to Article 8 (commencing with Section 17075.10) by an amount
equal to the amount of the sale of surplus real property used for a
one-time expenditure of the school district pursuant to this section.
   (c) If the school district exercises the authority granted
pursuant to this section, the district is ineligible for hardship
funding from the State School Deferred Maintenance Fund under Section
17587 for five years after the date proceeds are deposited into the
general fund pursuant to this section.
   (d) Before a school district exercises the authority granted
pursuant to this section, the governing board of the school district
shall first submit to the State Allocation Board documents certifying
the following:
   (1) The school district has no major deferred maintenance
requirements not covered by existing capital outlay resources.
   (2) The sale of real property pursuant to this section does not
violate the provisions of a local bond act.
   (3) The real property is not suitable to meet projected school
construction needs for the next 10 years.
   (e) Before the school district exercises the authority granted
pursuant to this section, the governing board of the school district
at a regularly scheduled meeting shall present a plan for expending
one-time resources pursuant to this section. The plan shall identify
the source and use of the funds and describe the reasons why the
expenditure will not result in ongoing fiscal obligations for the
school district.
   (f) The Office of Public School Construction shall submit an
interim and a final report to the State Allocation Board and the
budget, education policy, and fiscal committees of the Legislature
that identifies the school districts that have exercised the
authority granted by this section, the amount of proceeds involved,
and the purposes for which those proceeds were used. The interim
report shall be submitted by January 1, 2011, and the final report by
January 1, 2015.
   (g) This section shall remain in effect only until January 1, 2016
and as of that date is repealed, unless a later enacted statute,
that is enacted before January 1, 2016, deletes or extends that date.


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Last modified: March 17, 2014