California Education Code

§ 74280

EDC § 74280 Effective Sep 22, 1982Div. 7 · Title 3 · Part 46 · Ch. 5 · Art. 3

Statute text

The agreement of transfer required by Section 74107 shall provide for the allocation of funds, property, and obligations affected by the transfer, except for bonded indebtedness. The following procedure may be used to determine such allocation:

(a)The real property and personal property and fixtures normally situated thereat shall be the property of the district in which the real property is located.

(b)All other property, funds, and obligations, except bonded indebtedness, shall be divided pro rata among the districts in which the territory of the former district is included. The basis for the division and allocation shall be the assessed valuation of the part of the former district which is included within each of the districts.

Legislative history

Added by Stats. 1982, Ch. 1214, Sec. 5. Effective September 22, 1982.