CA AB1622

Authorizes San Marino Unified School District to sell the former Stoneman Elementary School site to the City of San Marino and deposit proceeds into the general fund for one-time expenditures.

Requires the school district to submit certifications to the State Allocation Board before the sale, confirming no major deferred maintenance needs, compliance with local bond acts, and that the property is not needed for school construction within 10 years.

Requires the school district governing board to present a plan at a regularly scheduled meeting describing how proceeds will be used for one-time purposes without creating ongoing fiscal obligations.

Reduces state hardship assistance apportionments to the school district by the amount of sale proceeds used for one-time expenditures and makes the district ineligible for deferred maintenance funding for five years after deposit.

Includes legislative findings that the 99-year lease agreement with the city provides $1,000,000 plus accelerated lease payments to support public education while enabling the city to develop the Stoneman property for community recreation and facilities.