July 14, 2014 
Legislative Update | Assembly Bill 2235  
 California School Bond Measure Advances
June 26, 2014 | By Jim Miller | www.sacbee.com

EXCERPT: ... legislation that would place a state school bond before voters Nov. 4 cleared another legislative committee with support from both sides of the aisle.

     Yet there remain multiple unknowns about Assembly Bill 2235: the amount of the bond, whether it will get the backing of Gov. Jerry Brown, and if it can be approved in time to make it onto the November ballot. ...      Voters have approved about $35 billion in school-construction and modernization bonds since 1998, most recently in 2006, when voters passed $10.4 billion in Proposition 1D. But the pot of construction money set aside for K-12 schools was tapped out about two years ago, and higher education has been without new construction money for even longer.

     The State Allocation Board, which oversees the state's school construction and modernization programs, estimated earlier this year that California needs as much as $12 billion in additional school-building money and almost $5 billion in modernization money.

      When it unanimously passed the Assembly last month, AB 2235 totaled $9 billion. The dollar figure was removed when the measure reached the Senate, pending negotiations between both houses and the Brown administration.

Brown, who this week finally signaled his desires for a revised water bond on the November ballot, has said nothing publicly for months about his views on a possible school bond. In his January budget proposal, Brown raised concerns about the cost of past bonds and said any revamped state-funded construction program should "avoid an unsustainable reliance on state debt issuance that characterizes the current school facilities program."...

     AB 2235 will be heard next in the Senate Appropriations Committee.

     To read the complete article, please visit: 


AB-2235 Education facilities: Kindergarten-University Public Education Facilities Bond Act of 2014 
Introduced by Assembly Members Buchanan and Hagman -
February 21, 2014 To read the text & history of AB 2235 visit: 
SEC Charges School District with Misleading Investors  
SEC and California District Settle Dispute
July 8, 2014 | By Michael Doyle  |  www.modbee.com
EXCERPT:  ... The sprawling Kings Canyon Unified School District on Tuesday settled federal charges that it had misled investors during a 2010 bond offering.

     Without admitting or denying the Securities and Exchange Commission's allegations, officials with the district located southeast of Fresno, Calif., agreed to adopt new training and written policies, among other changes. They also pledged not to repeat the mistake.

     Though the settlement does not include a financial penalty, it does break new ground. It is the first to be resolved under a new SEC initiative that targets materially inaccurate statements in municipal bond offering documents. ...        

     Under the settlement, the school district has six months to prepare new written policies and training concerning disclosure requirements. The district will also have to disclose the new settlement as part of any future bond offering.

To read the complete article, please visit:   
PRESS RELEASE: Securities and Exchange Commission Charges California School District with Misleading Investors 
Washington D.C., July 8, 2014 - The Securities and Exchange Commission today charged a school district in California with misleading bond investors about its failure to provide contractually required financial information and notices.  The case is the first to be resolved under a new SEC initiative to address materially inaccurate statements in municipal bond offering documents. ... 
     Without admitting or denying the SEC's findings, Kings Canyon consented to an order to cease and desist from committing or causing any future violations of Section 17(a) of the Securities Act.  It also agreed to adopt written policies for its continuing disclosure obligations, comply with its existing continuing disclosure obligations, cooperate with any subsequent investigation by the Enforcement Division, and disclose the terms of its settlement with the SEC in future bond offering materials. ...
To read the complete SEC Press Release, please visit:   
In This Issue
AB 2235 - California School Bond Measure
SEC Charges School District with Misleading Investors
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Pay to Play in School Bond Measures-What it is and Why it is Wrong
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