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 Bill Text - AB-51 Education finance: General Fund cashflow loans: Inglewood Unified School District: interest waivers.

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 |Add To My Favorites |Track Bill | Version: 05/05/25 - Amended Assembly
 04/09/25 - Amended Assembly
 02/19/25 - Amended Assembly
 12/02/24 - Introduced

 AB-51 Education finance: General Fund cashflow loans: Inglewood Unified School District: interest waivers.(2025-2026)

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 Date Published: 05/05/2025 02:00 PM

AB51:v96#DOCUMENTBill Start

 Amended
 IN 
 Assembly
 May 05, 2025

 Amended
 IN 
 Assembly
 April 09, 2025

 Amended
 IN 
 Assembly
 February 19, 2025

 CALIFORNIA LEGISLATURE—
 2025–2026 REGULAR SESSION

 Assembly Bill

No. 51

Introduced by Assembly Member McKinnor
(Principal coauthor: Assembly Member Bonta)
(Principal coauthors: Senators Arreguín and Richardson)
(Coauthors: Assembly Members Addis, Ahrens, Bryan, Connolly, Elhawary, Gipson, Haney, Jackson, Kalra, Lee, Lowenthal, and Schultz)

December 02, 2024

An act to amend Section 83 of Chapter 48 of the Statutes of 2013, add Chapter 3.15 (commencing with Section 41475) to Part 24 of Division 3 of Title 2 of the Education Code, relating to education finance.

LEGISLATIVE COUNSEL'S DIGEST

AB 51, as amended, McKinnor.
 Education finance: emergency apportionments: General Fund cashflow loans: Inglewood Unified School District: zero-percent interest rate. interest waivers.

Existing law authorizes the governing board of a school district that determines during a fiscal year that its revenues are less than the amount necessary to meet its current year expenditure obligations to request an emergency apportionment through the Superintendent of Public Instruction, subject to specified requirements. Existing law authorizes emergency apportionments to be provided through an interim loan from the General Fund and lease financing made available by the California Infrastructure and Economic Development Bank, which is authorized to issue bonds for purposes of the emergency apportionments and related costs, or as an alternative to lease financing, as an emergency apportionment from the General Fund. Existing law prescribes the financing conditions on emergency apportionments, including the calculation of the interest rate. Existing law also includes specific
 requirements, including the calculation of the interest rate, for the outstanding emergency apportionment made to Inglewood Unified School District.

This bill would require, commencing January 1, 2026, the interest rate to be 0% for the outstanding emergency apportionment to Inglewood Unified School District.

Existing law, notwithstanding any other law, authorizes the Inglewood Unified School District, through the State Department of Education, to request cashflow loans from the General Fund for a total of up to $55,000,000 for emergency operational purposes, as provided. Existing law requires the interest on these loans to be charged at the annual rate of return of the Pooled Money Investment Account, plus an
 additional 2%.

This bill, notwithstanding any other law, and once the Inglewood Unified School District has successfully repaid at least 10 years of a General Fund cashflow loan made pursuant to those provisions, would authorize the school district to seek, and would require the Department of Finance to grant, a waiver of interest on that loan for the next succeeding fiscal year if specified conditions are met, including, among other conditions, that the Los Angeles County Superintendent of Schools, in consultation with the County Office Fiscal Crisis and Management Assistance Team, determines that the school district is making substantial progress towards fiscal solvency and that a waiver of interest would help the school district to exit receivership, as provided. In each subsequent fiscal year, the bill would authorize the school district to seek, and would require the Department of Finance to grant, a subsequent waiver of interest for the applicable fiscal year
 if the school district again meets those same requirements. To the extent the bill would impose additional duties on the Los Angeles County Superintendent of Schools, the bill would impose a state-mandated local program.

This bill would make legislative findings and declarations as to the necessity of a special statute for the Inglewood Unified School District.

The California Constitution requires the state to reimburse local agencies and