CA SB1356

Requires school districts to deposit proceeds from selling spectrum at federal FCC auctions into a Nonrecurring Special Revenue Fund rather than a general Foundation Fund.

Subjects the Nonrecurring Special Revenue Fund to the same requirements and restrictions as Foundation Funds for bequests and gifts of surplus money under existing law.

Restricts use of Nonrecurring Special Revenue Fund moneys to purposes designated by the school district's governing board and prohibits use for teacher or administrator salaries except when directly attributable to designated purposes.

Requires an advisory committee to report annually by September 1 on investment earnings and recommend expenditures that conform to the fund's designated purposes.

Establishes that if the Commission on State Mandates determines the bill imposes state-mandated costs on local agencies, reimbursement shall be made pursuant to existing statutory procedures.