Education finance: emergency apportionments.

Existing law requires a school district that receives an emergency apportionment to enter into a lease financing with the California Infrastructure and Economic Development Bank for the purpose of financing the emergency apportionment. Existing law specifies various terms of the lease. This bill, commencing January 1, 2013, would provide that, for any lease financing with a total value of less than or equal to $25,000,000, adjusted annually as specified, entered into for the purpose of financing the emergency apportionment, the source of the financing would be the Pooled Money Investment Account, and the interest rate would be the rate earned by moneys in the Pooled Money Investment Account as of the date of the initial disbursement of emergency apportionment funds to the school district, unless the interest rate charged by the California Infrastructure and Economic Development Bank as of the date of the initial disbursement of emergency apportionment funds is lower than the Pooled Money Investment Account rate.