Gov. Brown agrees to issue first school bonds this fall | EdSource

By John Fensterwald

Officials with the California Department of Finance reassured lawmakers Wednesday that the state would issue the first batch of bonds this fall for K-12 school construction, funding that voters approved in passing Proposition 51 in November.

Chris Ferguson and Jeff Bell, who oversee education policy for the department, confirmed an autumn timeline in response to lawmakers’ questions during a hearing of the Assembly Education Committee. The news will relieve school districts worried that Gov. Jerry Brown, who opposed Prop. 51, might drag out the bond sale to exact more stringent oversight and other changes in the bond process.

But Ferguson said that Brown’s two preconditions for moving forward – the creation of new grant agreements laying out districts’ commitments in receiving state funding and imposition of tighter audits – should be in place by summer. The auditing requirement will be in the “trailer bill,” statutory language accompanying the state budget.

Source: Gov. Brown agrees to issue first school bonds this fall | EdSource

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