Education Code § 42133.5

ARTICLE 3. Financial Reports and Certifications

Current as of September 28, 2026Ed. Code, § 42133.5Official source ↗

Amended by Stats. 2009, Ch. 140, Sec. 52. (AB 1164) Effective January 1, 2010.

Regardless of the certification of the budgetary status of a school district or county office of education under subdivision (l) of Section 1240 or Section 42131, the proceeds obtained by a school district from the sources listed in subdivisions (a) to (d), inclusive, shall not be used for general operating purposes of the school district.

(a) The sale of a saleback or leaseback agreement, or interests in the agreement.

(b) A debt instrument payable from payments under a saleback or leaseback agreement.

(d) Other debt instruments that meet both of the following criteria:

(A) They are secured by real property.

(B) They do not require the approval of the voters of the school district.