Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2012
 

Additional Local Taxes

CHAPTER 2.5. LOCAL EDUCATION FINANCE*

SECTION 7286.2

7286.2. Resolution provisions. (a) A resolution establishing an educational financing authority pursuant to Section 7286.1 shall provide for the establishment of an educational finance authority for the general purpose of providing financial assistance to each school district within the city and county. The resolution shall require that the authority be governed by a board of directors. The board of directors of the authority shall consist of the members of the governing boards of the unified school district and the community college district. The resolution shall designate the president of the unified school district governing board as the chairperson of the board of directors.

(b) The resolution shall require the authority to allocate revenues derived from a transactions and use tax imposed pursuant to Section 7286.1 directly to each school district within the city and county on the basis of an equal amount for each unit of average daily attendance, as defined by law.

(c) The resolution shall authorize the authority to exercise all powers necessary to perform collection, administration, and allocation duties with respect to the transactions and use tax, in an manner consistent with Part 1.6 (commencing with Section 7251).

(d) The resolution shall provide that the educational finance authority shall cease to exist 90 days after the expiration of any transactions and use tax imposed by that authority.

* Chapter 2.5 was added by Stats. 1991, Ch. 369, in effect September 5, 1991.