CA AB2560

Authorizes the State Department of Education to assign and distribute $651,652,000 of the state's 2010 federal tax credit bond volume cap for qualified school construction bonds to school districts and county offices of education.

Authorizes the California School Finance Authority to assign and distribute $68,406,000 of the state's 2010 federal tax credit bond volume cap for qualified school construction bonds to or for the benefit of charter schools.

Establishes eligibility requirements and application procedures for school districts, county offices of education, and charter schools to apply for the federal tax credit bond volume cap, with applications accepted on a first-come-first-served basis starting 30 business days after enactment.

Requires recipients to enter into contracts for 10 percent of bond proceeds within six months of issuance and spend 100 percent of proceeds within three years, with unused authorizations reverting to the respective agency for reallocation.

Takes effect immediately as an urgency statute to enable access to federal stimulus tax credits.