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Use of Bond Proceeds.   

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When the territory of a district is reorganized, any funds derived from the sale of the bonds issued by the former district shall be used for the acquisition, construction, or improvement of college property only in the territory which comprised the former district or to discharge the bonded indebtedness of the former district, except that if the bonded indebtedness is assumed by the new district, the funds may be used in any area of the new district for the purposes for which the bonds were originally voted.

Authority cited:

Education Code 66700

Education Code 70901


Education Code 70901

(Renumbered by Register 93, No. 25)