Section 15106 Of Article 1. Purposes For Authorizing Bonds From California Education Code >> Division 1. >> Title 1. >> Part 10. >> Chapter 1. >> Article 1.
15106
. A unified school district or community college district may
issue bonds that, in aggregation with bonds issued pursuant to
Section 15270, shall not exceed 2.5 percent of the taxable property
of the school district or community college district, or the school
facilities improvement district, if applicable, as shown by the last
equalized assessment of the county or counties in which the district
is located.
In computing the outstanding bonded indebtedness of a unified
school district or community college district for all purposes of
this section, any outstanding bonds shall be deemed to have been
issued for elementary school purposes, high school purposes, and
community college 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
or community college district to each of those purposes respectively.
(a) For the purposes of the State School Building Aid Law of 1952
(Chapter 6 (commencing with Section 16000)) with respect to
applications for apportionments and apportionments filed or made
prior to September 15, 1961, and to the repayment thereof, Chapter 4
(commencing with Section 15700), inclusive, only, a unified school
district shall be considered to have a bonding capacity in the amount
permitted by law for an elementary school district and a bonding
capacity in the amount permitted by law for a high school district.
(b) For purposes of this section, the taxable property of a
district for a fiscal year shall be calculated to include, but not be
limited to, the assessed value of all unitary and operating
nonunitary property of the district, which shall be derived by
dividing the gross assessed value of the unitary and operating
nonunitary property within the district for the 1987-88 fiscal year
by the gross assessed value of all unitary and operating nonunitary
property within the county in which the district is located for the
1987-88 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. In the event of the
unification of two or more school districts or community college
districts subsequent to the 1987-88 fiscal year, the assessed value
of all unitary and operating nonunitary property of the unified
district or community college district shall be deemed to be the
total of the assessed value of the taxable property of each of the
unifying districts as that assessed value would be determined under
Section 15102.