SECTIONS 15250-15254 - California Statutes

EDUCATION CODE

SECTION 15250-15254

15250. The board of supervisors of the county, the superintendent
of schools of which has jurisdiction over any district, shall
annually at the time of making the levy of taxes for county purposes,
levy a tax for that year upon the property in the district for the
interest and redemption of all outstanding bonds of the district. The
tax shall not be less than sufficient to pay the interest on the
bonds as it becomes due and to provide a sinking fund for the payment
of the principal on or before maturity and may include an allowance
for an annual reserve, established for the purpose of avoiding
fluctuating tax levies. The tax shall be sufficient to provide funds
for the payment of the interest on the bonds as it becomes due and
also any part of the principal and interest that is to become due
before the proceeds of a tax levied at the time for making the next
general tax levy may be made available for the payment of the
principal and interest.

15251. All taxes levied, when collected shall be paid into the
county treasury of the county whose superintendent of schools has
jurisdiction over the school district in behalf of which the tax was
levied, to the credit of the interest and sinking fund of the school
district, or community college district as designated by the
California Community Colleges Budget and Accounting Manual, and shall
be used for the payment of the principal and interest of the bonds
and for no other purpose.

15252. The board of supervisors of the county, the superintendent
of schools which has jurisdiction over any school district, shall
annually at the time of making the levy of taxes for county purposes
estimate the amount of money required to meet the payment of the
principal and interest on bonds of the district authorized by the
electors of the district and not sold, and which the governing board
of the district informs the board in their belief will be sold before
the next tax levy, and the board of supervisors shall levy a tax
sufficient to pay the principal and interest so estimated.

15253. If the bonds are declared invalid or are not issued for any
reason, the tax levied and collected shall, if the school district or
community college district has other bonds outstanding, be retained
in the interest and sinking fund of the district to meet the interest
and principal falling due on the bonds. If the district has no bonds
outstanding the proceeds of the tax levy shall be transferred to the
general fund of the district on the order of the auditor.

15254. This article shall apply only to bonds of a school district
or community college district which were approved by the electors
prior to July 1, 1978, and to bonded indebtedness for the acquisition
or improvement of real property approved by two-thirds of the voters
on or after June 4, 1986.