Education finance: deferrals.

Existing law requires the Controller to draw warrants on the State Treasury in each month of each year in specified amounts for principal apportionments for purposes of funding school districts, county superintendents of schools, and community college districts. Existing law defers the drawing of those warrants, as specified. This bill would express findings and declarations of the Legislature relating to the impact of the deferral of the payment of the warrants referenced above. The bill would require the state, if a measure enacted after January 1, 2013, defers an amount of money greater than the amount projected to be deferred at the time the Budget Act of 2012 is enacted, to reimburse school districts, through a supplemental apportionment, for a portion of their borrowing costs that does not exceed the effective annual percentage yield earned in the prior fiscal year by the Pooled Money Investment Account. The bill would require the Superintendent of Public Instruction to determine whether the supplemental apportionment is sufficient to reimburse school districts for their costs. The bill would require the Superintendent to allocate the supplemental apportionment amounts to the school districts.