CA SB1240

Requires the State Controller to transfer funds from the State School Fund to equalize the cost of lease financing with original General Fund emergency loans for South Monterey County Joint Union High School District, along with three other school districts (Oakland Unified, Vallejo City Unified, and West Contra Costa Unified).

Sets the original interest rate for South Monterey County Joint Union High School District's emergency loan at 1 percent, applicable to repayments made after June 30, 2011.

Makes the South Monterey County provisions operative only if voters approve a parcel tax measure benefiting the school district by January 1, 2015.

Specifies interest rates for the other three school districts: West Contra Costa at 1.532 percent, Oakland Unified at 1.778 percent, and Vallejo City Unified at 1.5 percent.

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