AB 1576 Summary

• Authorizes county boards of education to loan money from revenue anticipation notes to charter schools under their supervisory responsibility or with contractual relationships, effective until July 1, 2017.

• Requires county superintendent of schools to advise affected parties, solicit input, obtain financial recommendations, and disclose information before approving loans to charter schools.

• Limits charter schools to receiving no more than one loan per fiscal year.

• Requires county boards of education to report loan information to the State Department of Education by September 15 annually, with the department compiling data into a report to the Legislature, Department of Finance, and Legislative Analyst's Office by December 1.

• Restricts borrowed funds to be used only for cash management needs due to apportionment payment deferrals, not for capital acquisitions.