Section 17460 Of Article 4. Sale Or Lease Of Real Property From California Education Code >> Division 1. >> Title 1. >> Part 10.5. >> Chapter 4. >> Article 4.
17460
. (a) Notwithstanding subdivision (c) of this section or
Sections 17456, 17457, and 42133, the West Contra Costa Unified
School District, formerly known as the Richmond Unified School
District, may enter into an agreement to lease any real property
pursuant to Section 17456 and may use the financing proceeds from the
agreement to terminate the Lease-Purchase Agreement, dated May 1,
1988, between the Richmond Unified School District Financing
Corporation and the Richmond Unified School District. However, any
property that has been leased, rented, sold, or otherwise utilized
pursuant to Section 41470 may not be leased pursuant to this section.
(b) The West Contra Costa Unified School District shall notify the
Controller at the time the district enters into a lease agreement
pursuant to subdivision (a). That notice shall set forth a schedule
of the rental payments payable under the lease agreement and shall
include the name and address of the trustee to whom the right to
receive the rental payments has been assigned.
(c) Upon written notification by the trustee that the school
district has not made one or more of the rental payments required by
the terms of the lease, the Controller shall pay to the trustee from
Section A of the State School Fund the defaulted rental payment. That
payment by the Controller shall not exceed the amount of any
apportionment entitlement of the district to moneys in Section A of
the State School Fund, less any payments required in that fiscal year
to repay any state loans made to the district. The Controller shall
withhold the amount of any payment made under this subdivision,
including reimbursement of the Controller's administrative costs as
determined under a schedule approved by the California Debt Advisory
Commission, from subsequent apportionments to the West Contra Costa
Unified School District from Section A of the State School Fund.
(d) Nothing in this section shall be construed to obligate the
state to make any payment to, or on behalf of, the West Contra Costa
Unified School District from Section A of the State School Fund in
any amount, pursuant to any particular allocation formula, or to make
any other payment to, or on behalf of, the district, including, but
not limited to, any payment of those rental payments.
(e) Any apportionments made by the Controller pursuant to
subdivision (c) shall be deemed to be an allocation to the West
Contra Costa Unified School District for purposes of subdivision (b)
of Section 8 of Article XVI of the California Constitution, and for
purposes of Chapter 2 (commencing with Section 41200) of Part 24.