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Section 42133 Of Article 3. Financial Reports And Certifications From California Education Code >> Division 3. >> Title 2. >> Part 24. >> Chapter 6. >> Article 3.
42133
. (a) A school district that has a qualified or negative
certification in any fiscal year may not issue, in that fiscal year
or in the next succeeding fiscal year, certificates of participation,
tax anticipation notes, revenue bonds, or any other debt instruments
that do not require the approval of the voters of the district, nor
may the district cause an information report regarding the debt
instrument to be submitted pursuant to subdivision (e) of Section 149
of Title 26 of the United States Code, unless the county
superintendent of schools determines, pursuant to criteria
established by the Superintendent of Public Instruction, that the
district's repayment of that indebtedness is probable. A school
district is deemed to have a qualified or negative certification for
purposes of this subdivision if, pursuant to this article, it files
that certification or the county superintendent of schools classifies
the certification for that fiscal year to be qualified or negative.
(b) A county office of education that has a qualified or negative certification in any fiscal year may not issue, in that fiscal year or in the next succeeding fiscal year, certificates of participation, tax anticipation notes, revenue bonds, or any other debt instruments not requiring the approval of the voters of the district, nor may the county office of education cause an information report regarding the debt instrument to be submitted pursuant to subdivision (e) of Section 149 of Title 26 of the United States Code, unless the Superintendent of Public Instruction determines that the repayment of that indebtedness by the county office of education is probable. A county office of education is deemed to have a qualified or negative certification for purposes of this subdivision if, pursuant to this article, it files that certification or the Superintendent of Public Instruction classifies the certification for that fiscal year to be qualified or negative. For purposes of this subdivision, "county office of education" includes a school district that is governed by a county board of education.
(c) No later than March 31, 1992, the Superintendent of Public Instruction shall develop and adopt criteria and standards to govern the determination to be made under subdivisions (a) and (b).
(b) A county office of education that has a qualified or negative certification in any fiscal year may not issue, in that fiscal year or in the next succeeding fiscal year, certificates of participation, tax anticipation notes, revenue bonds, or any other debt instruments not requiring the approval of the voters of the district, nor may the county office of education cause an information report regarding the debt instrument to be submitted pursuant to subdivision (e) of Section 149 of Title 26 of the United States Code, unless the Superintendent of Public Instruction determines that the repayment of that indebtedness by the county office of education is probable. A county office of education is deemed to have a qualified or negative certification for purposes of this subdivision if, pursuant to this article, it files that certification or the Superintendent of Public Instruction classifies the certification for that fiscal year to be qualified or negative. For purposes of this subdivision, "county office of education" includes a school district that is governed by a county board of education.
(c) No later than March 31, 1992, the Superintendent of Public Instruction shall develop and adopt criteria and standards to govern the determination to be made under subdivisions (a) and (b).
