California Education Code

§ 74290

EDC § 74290Div. 7 · Title 3 · Part 46 · Ch. 5 · Art. 4

Statute text

(a)This article shall apply only to the reallocation of bonded indebtedness incurred prior to July 1, 1978.

(b)When a district is reorganized, the liability for taxation for the outstanding bonded indebtedness of the district or the territory affected thereby is as provided in this article. The authorities whose duty it is to levy taxes for the payment of principal and interest on the outstanding bonds shall levy the taxes upon the districts affected in such proportions as are provided in, or are determined under, the authority of this article.

(c)No territory shall be taken from any district having any outstanding bonded indebtedness and made a part of another district where the action, if taken, would so reduce the last equalized assessed valuation of a district from which the territory was taken that the outstanding bonded indebtedness of the district would exceed 5 percent of the assessed valuation remaining in the district for the level maintained, on the date the reorganization is effective.

…

Legislative history

Amended by Stats. 1990, Ch. 1372, Sec. 409.