California School District Enters State Receivership

Plumas Unified School District in Northern California entered state receivership after California lawmakers authorized an emergency loan of up to $20 million on Wednesday to help the district stay solvent, a filing with the Municipal Securities Rulemaking Board shows.

• The district’s governing board approved a resolution formally requesting the emergency apportionment in April
• An administrator will be appointed to oversee daily operations until the district regains fiscal solvency, as required under California Education Code
• The district is projecting a $16 million shortfall for the current fiscal year
• SEE: Plumas Unified School District debt distribution

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