Inglewood Unified School District: emergency loan.

(1) Existing law provides for emergency apportionments to school districts subject to specified conditions, including, in certain circumstances, the repayment of an emergency loan over a period of no more than 20 years and the appointment by the Superintendent of Public Instruction of an administrator who would exercise the powers and responsibilities of the governing board of the school district. This bill would express the intent of the Legislature to provide emergency apportionment assistance to the Inglewood Unified School District, and require the Superintendent to assume all the rights, duties, and powers of the governing board of the Inglewood Unified School District and to appoint, in consultation with the Los Angeles County Superintendent of Schools, a state administrator to act on behalf of the Superintendent in exercising the Superintendent's authority over the school district. The bill would continue the authority of the Superintendent and the state administrator over the Inglewood Unified School District until certain enumerated conditions are met, including the completion of assessment and improvement plans for the school district. The bill would require the County Office Fiscal Crisis and Management Assistance Team (FCMAT) to provide specified assistance relating to the development of a multiyear financial recovery plan, the preparation of budget reports, and the recommendation of activities that could enhance revenue or achieve cost savings. The bill would require the Inglewood Unified School District to bear 100% of the costs associated with implementing the provisions of the bill relating to the administration of the emergency apportionment assistance and the activities of the FCMAT, thereby imposing a state-mandated local program. The bill would appropriate up to $29,000,000 from the General Fund to the Superintendent for apportionment as an emergency loan to the Inglewood Unified School District, and would specify procedures for repayment of the loan unless the loan has been refinanced, as specified. The bill would authorize the school district to augment the emergency apportionment or loan with an additional $26,000,000 of bank financing, as provided. The bill would authorize the school district to sell property owned by the school district from September 1, 2012, to June 30, 2015, inclusive, and use the proceeds from the sale to reduce or retire the emergency loan, and would prohibit the school district from being eligible for financial hardship assistance under the Leroy F. Greene School Facilities Act of 1998 from June 1, 2012, to June 30, 2015, inclusive. (2) This bill would make legislative findings and declarations that the unique circumstances of the Inglewood Unified School District warrant the enactment of a special statute. (3) The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason. (4) This bill would declare that it is to take effect immediately as an urgency statute.