Section 35577 Of Article 8. Bonded Indebtedness Of School Districts From California Education Code >> Division 3. >> Title 2. >> Part 21. >> Chapter 3. >> Article 8.
35577
. Whenever an existing school district having authorized but
unsold bonds is completely divided between two or more districts so
that the existing district ceases to exist, pursuant to any provision
of this chapter, the board of supervisors shall, prior to the date
the action is effective for the purposes of Section 35534, make and
enter an order in the minutes of its proceedings that the
authorization to issue the unsold bonds be divided between the
districts in the ratio which the assessed valuation of the territory
transferred to the districts bears to the total assessed valuation of
the former district. The bonds, if issued by any new district, shall
be considered a liability of the new district for purposes of
computing the bonding capacity of the new district when applying the
State School Building Aid Law of 1952, Chapter 8 (commencing with
Section 16000) of Part 10.