CA AB1473

Prohibits the State Allocation Board from approving funding for high-performance school incentive grants ($100 million) and Career Technical Education Facilities Program projects ($500 million) on and after January 1, 2015.

Reallocates unapproved funds from the two programs: 50 percent to new school construction and 50 percent to modernization projects, with seismic repair and replacement as permissible uses.

Requires the Office of Public School Construction to report to the State Allocation Board and Legislature by March 1, 2015, on efforts to streamline and expedite seismic mitigation funding awards.

Declares the act consistent with and furthering the purposes of the Kindergarten-University Public Education Facilities Bond Act of 2006.

Takes effect immediately as an urgency statute requiring a two-thirds vote in each house of the Legislature.