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Bonds   

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Notwithstanding Section 15330, any school facilities improvement district that is located within the boundaries of a unified school district may issue bonds not to exceed 2.5 percent of the taxable property of the school facilities improvement district as shown by the last equalized assessment of the county or counties in which the school facilities improvement district is located.

In computing the outstanding bonded indebtedness of any school facilities improvement district that is located in any unified school district, any outstanding bonds shall be deemed to have been issued for elementary school purposes, high school purposes, respectively, in the respective amounts that the proceeds of the sale of those outstanding bonds, excluding any premium and accrued interest received on that sale, were or have been allocated by the governing board of the unified school district to each of those purposes respectively.

For purposes of this section, the taxable property of a school facilities improvement district for any fiscal year shall be calculated to include, but not be limited to, the assessed value of all unitary and operating nonunitary property located within the school facilities improvement district, which shall be derived by dividing the gross assessed value of the unitary and operating nonunitary property located within the district for the fiscal year by the gross assessed value of all unitary and operating nonunitary property located within the county in which the district is located for the fiscal year, and multiplying the result by the gross assessed value of all unitary and operating nonunitary property of the county on the last equalized assessment roll.

(Added by Stats. 1996, Ch. 277, Sec. 2. Operative January 1, 1998.)

Reference:

Education Code 15330