California Education Code 17163 – (a) Notwithstanding any other provision of law, a school …
(a) Notwithstanding any other provision of law, a school district may participate in this act, if the governing board of the school district adopts a resolution approving that participation. A participating school district shall pledge a portion of the lottery revenues allocated annually to the school district from the California State Lottery Education Fund as a dedicated revenue source to repay bonds issued by the authority under the act.
(b) A school district may pledge an amount up to the equivalent of 25 percent, but not more than 25 percent, of the allocation to the school district for the 1996-97 fiscal year from the California State Lottery Education Fund.
Terms Used In California Education Code 17163
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Trustee: A person or institution holding and administering property in trust.
(c) A participating school district shall guarantee the repayment of bonds issued under this chapter by providing instructions to the Controller as follows:
(1) Informs the Controller of its election to participate in this act.
(2) Authorizes the Controller to pay the portion of the school district’s annual allocation of funds from the California State Lottery Education Fund to the bond trustee identified by the school district for the repayment of the school district’s share of the bonds issued under this chapter.
(3) Contains a transfer schedule that sets forth the amounts of funds, which shall be equal to the amount of funds pledged pursuant to subdivisions (a) and (b) of this section, to be transferred by the Controller to the trustee from the funds to be allocated to that school district from the California State Lottery Education Fund.
(Added by Stats. 1996, Ch. 277, Sec. 2. Effective January 1, 1997. Operative January 1, 1998.)