CA AB2434

Extends authorization for school districts to deposit proceeds from sales of surplus real property into their general fund for one-time expenditures until January 1, 2016 (previously set to expire January 1, 2019)

Allows use of sale proceeds for any one-time general fund purpose, with limitations if property was purchased using local bonds or developer fees

Requires school districts to certify they have no major deferred maintenance needs, that the sale doesn't violate bond provisions, and that the property isn't needed for school construction over the next 10 years before exercising this authority

Makes school districts ineligible for state deferred maintenance funding for five years after depositing proceeds into the general fund

Requires the Office of Public School Construction to submit a final report by January 1, 2016 identifying school districts using this authority and the purposes for which proceeds were used