Jurris.COM
Section 15140 Of Article 3. Issuance And Sale Of Bonds From California Education Code >> Division 1. >> Title 1. >> Part 10. >> Chapter 1. >> Article 3.
15140
. (a) Bonds of a school district or community college district
shall be offered for sale by the board of supervisors of the county,
the county superintendent of which has jurisdiction over the
district, or the community college district governing board, where
appropriate, as soon as possible following receipt of a resolution
duly adopted by the governing board of the school district or
community college district. The resolution shall prescribe the total
amount of bonds to be sold. The resolution may also prescribe the
maximum acceptable interest rate, not to exceed 8 percent, and the
time or times when the whole or any part of the principal of the
bonds shall be payable, which shall not be more than 25 years from
the date of the bonds.
(b) Notwithstanding subdivision (a) or another provision of this chapter, the board of supervisors of any county may provide by resolution that the governing board of any school district or community college district over which the county superintendent of schools has jurisdiction, and which has not received a qualified or negative certification in its most recent interim report, may issue and sell bonds on its own behalf pursuant to this chapter without further action of the board of supervisors or officers of that county or of any other county in which a portion of the school district or community college district is located. The county shall levy and collect taxes, pay bonds, and hold bond proceeds and tax funds pursuant to this chapter for the bonds issued and sold pursuant to this subdivision.
(c) Whenever the governing board of a school district or community college district issues bonds or refunding bonds payable from ad valorem taxes the governing board shall transmit the authorizing resolution and debt service schedule, including the debt service schedule for the bonds to be refunded, to the county auditor and county treasurer in sufficient time to permit the county to establish tax rates and necessary funds or accounts for the bonds.
(b) Notwithstanding subdivision (a) or another provision of this chapter, the board of supervisors of any county may provide by resolution that the governing board of any school district or community college district over which the county superintendent of schools has jurisdiction, and which has not received a qualified or negative certification in its most recent interim report, may issue and sell bonds on its own behalf pursuant to this chapter without further action of the board of supervisors or officers of that county or of any other county in which a portion of the school district or community college district is located. The county shall levy and collect taxes, pay bonds, and hold bond proceeds and tax funds pursuant to this chapter for the bonds issued and sold pursuant to this subdivision.
(c) Whenever the governing board of a school district or community college district issues bonds or refunding bonds payable from ad valorem taxes the governing board shall transmit the authorizing resolution and debt service schedule, including the debt service schedule for the bonds to be refunded, to the county auditor and county treasurer in sufficient time to permit the county to establish tax rates and necessary funds or accounts for the bonds.
