2007 California Education Code Chapter 16. Public Disclosure Of Non-voter-approved Debt

CA Codes (edc:17150)

17150.  (a) Upon the approval by the governing board of the school
district to proceed with the issuance of certificates of
participation or revenue bonds or to enter into any agreement for
financing school construction pursuant to Chapter 18 (commencing with
Section 17170), the school district shall notify the county
superintendent of schools and the county auditor.  The superintendent
of the school district shall provide the repayment schedules for
that debt obligation, and evidence of the ability of the school
district to repay that obligation, to the county auditor, the county
superintendent, the governing board, and the public.  Within 15 days
of the receipt of the information, the county superintendent of
schools and the county auditor may comment publicly to the governing
board of the school district regarding the capability of the school
district to repay that debt obligation.
   (b) Upon the approval by the county board of education to proceed
with the issuance of certificates of participation or revenue bonds
or to enter into any agreement for financing pursuant to Chapter 18
(commencing with Section 17170), the county superintendent of schools
or superintendent of a school district for which the county board
serves as governing board shall notify the Superintendent of Public
Instruction.  The county superintendent of schools or the
superintendent of a school district for which the county board serves
as the governing board shall provide the repayment schedules for
that debt obligation and evidence of the ability of the county office
of education or school district to repay that obligation, to the
Superintendent of Public Instruction, the governing board, and the
public.  Within 15 days of the receipt of the information the
Superintendent of Public Instruction may comment publicly to the
county board of education regarding the capability of the county
office of education or school district to repay that debt obligation.

   (c) Prior to delivery of the notice required by subdivision (a)
neither the county nor any of its officers shall have any
responsibility for the administration of the school district's
indebtedness.  Failure to comply with the requirements of this
section will not affect the validity of the indebtedness.