Section 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 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.

Location: https://www.weblaws.org/california/codes/ca_educ_code_section_42133.5.

Original source: https://­leginfo.­legislature.­ca.­gov/­faces/­codes_displaySection.­xhtml?lawCode=EDC&sectionNum=42133.­5.­ External link icon (last accessed December 5, 2016).