AB 1858 Summary

• Amends Education Code Section 41329.57 to add South Monterey County Joint Union High School District to existing emergency loan provisions that apply to Oakland Unified, Vallejo City Unified, and West Contra Costa Unified School Districts.

• Requires the Controller to transfer funds from Section A of the State School Fund to equalize the cost of lease financing with the original General Fund emergency loan for South Monterey County Joint Union High School District.

• Establishes the original interest rate for South Monterey County Joint Union High School District's emergency loan at 1 percent, applicable to repayments made on or after July 1, 2011.

• Declares that a special law is necessary for South Monterey County Joint Union High School District due to unique circumstances relating to its fiscal emergency.