Section 42133.5 - Proceeds not used for general operating purposesRegardless 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.Amended by Stats 2009 ch 140 (AB 1164),s 52, eff. 1/1/2010.Amended by Stats 2008 ch 128 (AB 2197),s 3, eff. 1/1/2009.Amended by Stats 2004 ch 896 (AB 2525),s 38, eff. 9/29/2004.