Bill > AB51

This bill addresses financial provisions specifically for the Inglewood Unified School District, focusing on two primary measures to support the district's fiscal recovery. First, the bill requires that starting January 1, 2026, the interest rate on the district's outstanding emergency apportionment will be 0%, providing financial relief. Second, the bill creates a mechanism for the district to seek interest waivers on General Fund cashflow loans after successfully repaying at least 10 years of such a loan. To qualify for these interest waivers, the district must meet specific conditions, including obtaining a positive or qualified certification on its interim financial report, completing comprehensive operational reviews, undergoing an independent audit, and submitting a fiscal recovery plan. The Los Angeles County Superintendent of Schools, in consultation with the County Office Fiscal Crisis and Management Assistance Team, must determine that the district is making substantial progress towards fiscal solvency and that an interest waiver would help the district exit receivership. The bill is designed as a special statute to address the unique fiscal challenges of the Inglewood Unified School District, recognizing its ongoing efforts to improve its financial stability and operational effectiveness.

Budget and Finance, Education

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260AB51