School Facilities Improvement District; Tax for Payment of Bonds
If the bonds are declared invalid or are not issued for any reason, the tax levied and collected shall be retained in the interest and sinking fund of the school facilities improvement district to meet the interest and principal falling due on the bonds. If the school facilities improvement district has no bonds outstanding the proceeds of the tax levy shall be transferred to the general fund of the school district in which the improvement district is located on the order of the auditor.
(Added by Stats. 1996, Ch. 277, Sec. 2. Operative January 1, 1998.)