BILL NUMBER: SB 423CHAPTERED BILL TEXT CHAPTER 237 FILED WITH SECRETARY OF STATE SEPTEMBER 6, 2011 APPROVED BY GOVERNOR SEPTEMBER 6, 2011 PASSED THE SENATE AUGUST 15, 2011 PASSED THE ASSEMBLY JULY 7, 2011 AMENDED IN ASSEMBLY JUNE 30, 2011 AMENDED IN SENATE MARCH 23, 2011 INTRODUCED BY Senator Wyland FEBRUARY 16, 2011 An act to amend Section 15286 of the Education Code, relating to school facilities. LEGISLATIVE COUNSEL'S DIGEST SB 423, Wyland. School facilities: local bond measures. The California Constitution limits the maximum amount of any ad valorem tax on real property to 1% of the full cash value of the property. The California Constitution states that the 1% limitation for ad valorem taxes does not apply to ad valorem taxes or assessments to pay the interest and redemption charges on bonded indebtedness incurred by a school district, community college district, or county office of education for the construction, reconstruction, rehabilitation, or replacement of school facilities approved by 55% of the voters if the proposition includes specified accountability requirements. The accountability requirements include a requirement that the governing board of either the school district or community college district or the county office of education conduct annual, independent performance and financial audits. This bill would require the audits for each preceding fiscal year to be submitted by March 31 of each year to the citizens' oversight committee for its review. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. Section 15286 of the Education Code is amended to read: 15286. Consistent with the provisions contained in subparagraphs (C) and (D) of paragraph (3) of subdivision (b) of Section 1 of Article XIII A of the California Constitution, the required annual, independent financial and performance audits for the preceding fiscal year shall be submitted to the citizens' oversight committee established pursuant to Section 15278 by March 31 of each year. These audits shall be conducted in accordance with the Government Auditing Standards issued by the Comptroller General of the United States for financial and performance audits.