California · Education Code
EDC §42133.5: 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 d
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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. (c) Certificates of participation. (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.
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