School Facilities Improvement District; Tax for Payment of Bonds of School Facilities Improvement District located in two or more counties
If a school facilities improvement district lies in two or more counties, the assessor of each of the counties in which the district lies, shall annually as soon as the county assessments have been equalized by the State Board of Equalization, certify to the board of supervisors of each of the counties in which any portion of the schools facilities improvement district is located, the assessed value of all taxable property in the county located within the school facilities improvement district or community college district. The tax shall be levied according to the ratio which the assessed value of the property in the district in any county bears to the total assessed value of the property in the school facilities improvement district. Each board of supervisors shall levy upon the property of the school facilities improvement district and within its own county the rate of tax that will be sufficient to raise not less than the amount needed to pay the interest and the portion of the principal of the bonds as is to become due during the year.
(Added by Stats. 1996, Ch. 277, Sec. 2. Operative January 1, 1998.)