Reduces the annual apportionment payments to school districts by $340 million for the 2012-2013 academic year, which is an increase from the $128 million reduction in the 2011-12 academic year. This act applies to the June and July apportionment payments and takes effect on September 1, 2012.   Official Text and Analysis.

Adds a null and void clause is added. The act is null and void if specific funding for a financial contingency fund is not provided by June 30, 2012, in the section providing for the Superintendent of Public Instruction for general apportionment in the omnibus appropriations act.