A measure signed by California Gov. Jerry Brown places restrictions on capital appreciation bonds, which community colleges in the state have used to finance new construction. The legislation sets new limits on such bonds' maturity and repayment ratio, and it requires school districts' boards to receive detailed public reports on potential bond issues. Such bonds have allowed 200 or more school and community-college districts to borrow billions of dollars in the past six years, according to an analysis by the Los Angeles Times.
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