Education finance: General Fund cashflow loans: Inglewood Unified School District: interest waivers.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Appropriations
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill modifies existing law to provide interest waivers on emergency cashflow loans made to the Inglewood Unified School District. Specifically, after the district has repaid at least 10 years of a previous loan, it can apply for a waiver of interest on the outstanding loan for the following fiscal year, provided certain conditions are met, including a determination by the County Superintendent and Fiscal Crisis Team that the district is making substantial progress toward fiscal solvency. The bill also includes provisions for reporting requirements and state reimbursement if the act creates mandated costs.
Key provisions
- Requires a 0% interest rate on outstanding emergency cashflow loans to Inglewood Unified School District after 10 years of repayment.
- Establishes criteria for obtaining interest waivers, including assessments by the County Superintendent and Fiscal Crisis Team regarding fiscal solvency.
- Mandates reporting requirements for the school district and the Department of Finance.
- Authorizes the Department of Finance to grant interest waivers annually until the district meets the specified conditions.
- Addresses state reimbursement for costs mandated by the act.
- Specifies that the school district must abide by provisions related to the issuance of the emergency loan specified in Chapter 325 of the Statutes of 2012.
- Requires the school district to repay a previous loan from the General Fund with the proceeds of a new cashflow loan.
Who is affected
Bill text
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