Emergency Apportionment Financing

Cal. EDC § 41329.55

California Statutes

(

a) Simultaneous with the execution of the lease financing authorized pursuant to

Section 41329.52, the bank shall provide to the Controller and the school district a notification of its lease financing. The notice shall include a

schedule of rent payments to become due to the bank from the school district and the bond trustee. The Controller shall make the apportionment to the bond trustee of those amounts on the dates shown on the schedule. The bank may further authorize the apportionments to be used to pay or reimburse the provider of any credit enhancement of bonds and other ongoing or periodic ancillary costs of the bond financing issued by the bank in connection with this article. If the amount of rent payments vary from the

schedule as a result of variable interest rates on the bonds, early redemptions, or changes in expenses, the bank shall amend or supplement the

schedule accordingly. (

b) Except where financing is for a community college district, the Controller shall make the apportionment only from moneys in

Section A of the State School Fund and the Education Protection Account designated for apportionment to the district and any apportionment authorized pursuant to this subdivision shall constitute a lien senior to any other apportionment or payment of State School Fund and the Education Protection Account moneys to or for that district not made pursuant to this subdivision. (

c) If financing is for the Compton Community College District, the Controller shall make the apportionment only from moneys in

Section B of the State School Fund. Any apportionment authorized pursuant to this subdivision shall constitute a lien senior to any other apportionment or payment of

Section B State School Fund moneys. (

d) The amount apportioned for a school district pursuant to this

section is an allocation to the school district for purposes of subdivision (

b) of

Section of

Article XVI of the California Constitution. For purposes of computing the local control funding formula allocation pursuant to

Section 42238.02, as implemented by

Section 42238.03, for any school district, the local control funding formula allocation for any fiscal year in which funds are apportioned for the school district pursuant to this

section shall include any amounts apportioned by the Controller pursuant to subdivisions (a), (b), and (c), and

Section 41329.57. (

e) No party, including the school district or any of its creditors, shall have any claim to the money apportioned or to be apportioned to the bond trustee by the Controller pursuant to this section.

Document details

CollectionCalifornia Statutes
CitationCal. EDC § 41329.55
Date2015-06-24
Typestatute
Languageen
SourceCA_STAT
IdentifierEDC41329.55.20151935

Emergency Apportionment Financing

Cal. EDC § 41329.55

California Statutes

Emergency Apportionment Financing

Cal. EDC § 41329.55

California Statutes

(

a) Simultaneous with the execution of the lease financing authorized pursuant to

Section 41329.52, the bank shall provide to the Controller and the school district a notification of its lease financing. The notice shall include a

schedule of rent payments to become due to the bank from the school district and the bond trustee. The Controller shall make the apportionment to the bond trustee of those amounts on the dates shown on the schedule. The bank may further authorize the apportionments to be used to pay or reimburse the provider of any credit enhancement of bonds and other ongoing or periodic ancillary costs of the bond financing issued by the bank in connection with this article. If the amount of rent payments vary from the

schedule as a result of variable interest rates on the bonds, early redemptions, or changes in expenses, the bank shall amend or supplement the

schedule accordingly. (

b) Except where financing is for a community college district, the Controller shall make the apportionment only from moneys in

Section A of the State School Fund and the Education Protection Account designated for apportionment to the district and any apportionment authorized pursuant to this subdivision shall constitute a lien senior to any other apportionment or payment of State School Fund and the Education Protection Account moneys to or for that district not made pursuant to this subdivision. (

c) If financing is for the Compton Community College District, the Controller shall make the apportionment only from moneys in

Section B of the State School Fund. Any apportionment authorized pursuant to this subdivision shall constitute a lien senior to any other apportionment or payment of

Section B State School Fund moneys. (

d) The amount apportioned for a school district pursuant to this

section is an allocation to the school district for purposes of subdivision (

b) of

Section of

Article XVI of the California Constitution. For purposes of computing the local control funding formula allocation pursuant to

Section 42238.02, as implemented by

Section 42238.03, for any school district, the local control funding formula allocation for any fiscal year in which funds are apportioned for the school district pursuant to this

section shall include any amounts apportioned by the Controller pursuant to subdivisions (a), (b), and (c), and

Section 41329.57. (

e) No party, including the school district or any of its creditors, shall have any claim to the money apportioned or to be apportioned to the bond trustee by the Controller pursuant to this section.

Document details

CollectionCalifornia Statutes
CitationCal. EDC § 41329.55
Date2015-06-24
Typestatute
Languageen
SourceCA_STAT
IdentifierEDC41329.55.20151935