CA SB1491

Requires the state to reimburse school districts through supplemental apportionment for borrowing costs when measures enacted after January 1, 2013 defer funding amounts greater than those projected in the 2012 Budget Act.

Limits reimbursement for borrowing costs to an amount not exceeding the effective annual percentage yield earned by the Pooled Money Investment Account in the prior fiscal year.

Requires the Superintendent of Public Instruction to determine whether supplemental apportionment is sufficient to cover school districts' borrowing costs and allocate funds accordingly.

Establishes findings that school districts have endured significant funding reductions (12 percent below 2007-08 levels) and over $10 billion in deferrals, which create additional borrowing costs without state support.