-Revises payment schedule to K-12 school districts to five percent in both July and August, and nine percent for each following month of the fiscal year (Sec. 1, 3).
-Defers $678.61 million from the month of April and $1 billion from the month of May in K-12 education payments to August of that same calendar year (Sec. 2).
-Requires that payments, mandated for fiscal years 2009-2014, of $48 million to community colleges and $402 million to K-12 education not be dispersed prior to October 8th of each fiscal year (Sec. 4).
-Removes the September 30, 2009 sunset clause on the statute permitting the State Controller to loan money from the State Lottery Fund to the General Fund (Sec. 10).
-Defers payment of $750 million appropriated for the months of July-September 2009 to the University of California. $250 million of which will be repaid in October 2009 and the rest will be repaid between April 1st and June 30th 2010 (Sec. 11).
-Defers payment of $290 million appropriated for the month of July to the California State University until October 2009 (Sec. 11).
-Defers transportation appropriations scheduled for October 2009 and January 2010, authorized via Proposition 42, until May 31, 2010 (Sec. 16).
-Defers $115 million in payments appropriated to community college districts for April and May 2009 until July 2009 (Sec. 17, 19, 20).
-Defers $1 billion in payments to K-12 local education agencies from October to December 2009. Defers an additional $1 billion in payments to K-12 local education agencies from November 2009 to January 2010 (Sec. 18).
-Allows for emergency appropriations to those K-12 local education agencies and charter schools who will be unable to make required expenditure obligations during the aforementioned deferral period (Sec. 18).
-Declares this act an urgency statute due to the financial crisis facing the state (Sec. 22).
NOTE: AN URGENCY CLAUSE REQUIRES 27 VOTES FOR PASSAGE IN THE SENATE AND IMMEDIATELY PUTS THE BILL INTO EFFECT UPON THE GOVERNOR'S SIGNATURE.
NOTE: THIS VOTE RECONSIDERS A PREVIOUS VOTE.