(a) Notwithstanding Section 17417, the governing board of a school district may let, for a minimum rental of one dollar ($1) a year, to any person, firm, or corporation any real property that belongs to the school district if the instrument by which this property is let requires the lessee to construct on the demised premises, or provide for the construction thereon of, a building or buildings for the use of the school district during the term of the lease, and provides that title to that building shall vest in the school district at the expiration of that term. The instrument may provide for the means or methods by which that title shall vest in the school district before the expiration of that term, and shall contain other terms and conditions as the governing board of the school district may deem to be in the best interest of the school district.
(b) Any rental of property that complies with subdivision (a) shall be deemed to have thereby required the payment of adequate consideration for purposes of Section 6 of Article XVI of the California Constitution.
(c) This section shall become operative on July 1, 2022.
(Amended (as added by Stats. 2014, Ch. 408, Sec. 2) by Stats. 2016, Ch. 521, Sec. 3. (AB 2316) Effective January 1, 2017. Section operative July 1, 2022, by its own provisions.)