CA SB533

Appropriates up to $29,000,000 from the General Fund as an emergency loan to the Inglewood Unified School District to address fiscal insolvency and cash flow crisis projected for March 2013.

Transfers all legal rights, duties, and powers of the school district's governing board to the Superintendent of Public Instruction, who appoints a state administrator to exercise authority over the district.

Requires the County Office Fiscal Crisis and Management Assistance Team to assist with developing multiyear financial recovery plans, budget reports, and recommendations for revenue enhancement or cost savings, with all costs borne by the school district.

Authorizes the school district to obtain up to $26,000,000 in additional bank financing for a total of $55,000,000, and permits sale of school property from September 1, 2012 through June 30, 2015 to reduce the emergency loan.

State administrator authority continues until the district demonstrates probable future compliance with recovery plans, all required assessments and improvement plans are completed, collective bargaining agreements are ratified, and board members complete required governance training.