(1) Existing law authorizes a public credit provider, as defined, to require a participating party, with regard to providing credit enhancement for bonds, notes, certificates of participation, or other evidences of indebtedness of a participating party, to agree to specified conditions, including allowing the Controller to allocate specified school district, county office of education, or charter school apportionments to public credit providers if the public credit provider is required to make principal or interest payments, or both, pursuant to the credit enhancement agreement. Existing law imposes those same conditions on securing financing or refinancing for projects or working capital from the California School Finance Authority, in which case the Controller allocates apportionments to an identified trustee when a participating party will not make a payment to the authority at the time the payment is required. Existing law also requires any amount apportioned pursuant to these provisions to be deemed an allocation to the participating party for specified purposes.
California SB 1028 (20112012) — Education finance.
(1) Existing law authorizes a public credit provider, as defined, to require a participating party, with regard to providing credit enhancement for bonds, notes, certificates of participation, or other evidences of indebtedness of a participating party, to agree to specified conditions, including allowing the Controller to allocate specified school district, county office of education, or charter school apportionments to public credit providers if the public credit provider is required to make principal or interest payments, or both, pursuant to the credit enhancement agreement. Existing law imposes those same conditions on securing financing or refinancing for projects or working capital from the California School Finance Authority, in which case the Controller allocates apportionments to an identified trustee when a participating party will not make a payment to the authority at the time the payment is required. Existing law also requires any amount apportioned pursuant to these provisions to be deemed an allocation to the participating party for specified purposes.
Version chain
The bill's text revisions, in order — the diff chain from filing to enrollment.
3rd Reading SB1028 Committee on B. & F.R. — 23–10 (pass) · upper
SB 1028 B. & F. R. Senate Third Reading By BLUMENFIELD — 50–27 (pass) · lower
Unfinished Supp 5 SB1028 Committee on B. & F.R. — 24–10 (pass) · upper
Sponsors
Committee on Budget and Fiscal Review — primary (person)
Timeline
The legislative action history — every referral, reading, and vote.
2012-02-06 Introduced. Read first time. To Com. on RLS. for assignment. To print. introduction, reading-1
2012-02-07 From printer. May be acted upon on or after March 8.
2012-02-16 Referred to Com. on RLS. referral-committee
2012-03-08 Withdrawn from committee. (Ayes 24. Noes 14. Page 2916.)
2012-03-08 Ordered to second reading.
2012-03-12 Read second time. Ordered to third reading. reading-2, reading-1
2012-03-22 Read third time. Passed. (Ayes 23. Noes 10. Page 2981.) Ordered to the Assembly. reading-3, reading-1, passage
2012-03-22 In Assembly. Read first time. Held at Desk. reading-1
2012-03-26 Referred to Com. on BUDGET. referral-committee
2012-08-23 From committee with author's amendments. Read second time and amended. Re-referred to Com. on BUDGET. reading-2, reading-1, committee-passage, amendment-passage, referral-committee
2012-08-30 Withdrawn from committee. (Ayes 52. Noes 26. Page 6634.)
2012-08-30 Ordered to third reading.
2012-08-30 Action rescinded whereby the bill was withdrawn from committee and ordered to third reading. reading-3, withdrawal
2012-08-30 From committee with author's amendments. Read second time and amended. Re-referred to Com. on BUDGET. reading-2, reading-1, committee-passage, amendment-passage, referral-committee
2012-08-31 Withdrawn from committee. (Ayes 51. Noes 27. Page 6732.)
2012-08-31 Ordered to third reading.
2012-08-31 Read third time. Passed. (Ayes 50. Noes 27. Page 6733.) Ordered to the Senate. reading-3, reading-1, passage
2012-08-31 In Senate. Concurrence in Assembly amendments pending.
2012-08-31 Assembly amendments concurred in. (Ayes 24. Noes 10. Page 5113.) Ordered to engrossing and enrolling. committee-passage-favorable, amendment-passage
2012-09-06 Enrolled and presented to the Governor at 11:30 a.m.
2012-09-26 Approved by the Governor. executive-signature
2012-09-26 Chaptered by Secretary of State. Chapter 575, Statutes of 2012.
Source
OpenStates / OpenCivicData bulk snapshot 2026-07-01; origin ocd-bill/e437d6fb-f649-4a52-8ecc-cf5905993d30. Confidence: reported (aggregated from official California legislature records).
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