§ 15350 School District Bond Procedures

This law says that when a school facilities improvement district sells bonds to raise money, the whole process – selling, issuing, paying, and collecting taxes – must follow the rules in Chapters 1 and 1.5, and only property inside that district is taxed to pay back the bonds.

Key Takeaways

•Bond sales and tax collection must follow the rules in Chapters 1 and 1.5.
•When the law talks about "bonds of the district," it means bonds that voters approved and that are issued for that school district.
•Only property inside the school facilities improvement district is taxed to pay back those bonds.

Example

A local school district wants to build a new science lab and decides to issue bonds to get the money.

The district sells the bonds, follows the steps laid out in Chapters 1 and 1.5, and then collects property taxes only from homeowners inside the district to pay back the bond money.

(a) Except as otherwise provided in this chapter, bonds of a school facilities improvement district shall be authorized, offered for sale, issued and paid, and taxes levied and collected for payments related to those bonds, and the proceeds of the bonds and the collected taxes deposited and held, as provided in Chapter 1 (commencing with Section 15100), and in compliance with Chapter 1.5 (commencing with Section 15264), if applicable. (b) Whenever in Chapter 1 (commencing with Section 15100) or Chapter 1.5 (commencing with Section 15264) a reference is made to the bonds of the district, that reference shall mean, in the case of bonds of a school facilities improvement district, bonds authorized by the electors of the school facilities improvement district, and issued on behalf of the school facilities improvement district. (c) Whenever in Chapter 1 (commencing with Section 15100) or Chapter 1.5 (commencing with Section 15264) a reference is made to assessment or taxation of property in the district for payment of the bonds, that reference shall mean, in the case of bonds of a school facilities improvement district, the assessment and taxation of property located only within the school facilities improvement district for payment of amounts due related to bonds of the school facilities improvement district. (Repealed and added by Stats. 2007, Ch. 670, Sec. 35. Effective January 1, 2008.)

Key Takeaways

•Bond sales and tax collection must follow the rules in Chapters 1 and 1.5.
•When the law talks about "bonds of the district," it means bonds that voters approved and that are issued for that school district.
•Only property inside the school facilities improvement district is taxed to pay back those bonds.

Example

A local school district wants to build a new science lab and decides to issue bonds to get the money.

The district sells the bonds, follows the steps laid out in Chapters 1 and 1.5, and then collects property taxes only from homeowners inside the district to pay back the bond money.

Key Takeaways

Example

Key Terms

References

§ 15350 School District Bond Procedures

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References