CA Educ Code 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.