California Education Code

§ 17463.7

EDC § 17463.7 Effective Jan 1, 2022Div. 1 · Title 1 · Part 10.5 · Ch. 4 · Art. 4

Statute text

(a)Notwithstanding any other law, a school district may deposit the proceeds from the sale or lease of surplus real property, together with any personal property located on the property, purchased with nonstate funds, into the general fund of the school district and may use the proceeds for any one-time general fund purpose. If the purchase of the property was made using the proceeds of a local general obligation bond or revenue derived from developer fees, the amount of the proceeds of the transaction that may be deposited into the general fund of the school district may not exceed the percentage computed by the difference between the purchase price of the property and the proceeds from the transaction, divided by the amount of the proceeds of the transaction. For purposes of this section, proceeds of the transaction means either of the following, as appropriate:

(1)The amount realized from the sale of property after reasonable expenses related to the sale.

(2)For a transaction that does not result in a lump-sum payment of the proceeds of the transaction, the proceeds of the transaction shall be calculated as the net present value of the future cashflow generated by the transaction.

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Legislative history

Amended by Stats. 2021, Ch. 124, Sec. 17. (AB 938) Effective January 1, 2022. Repealed as of January 1, 2027, by its own provisions.