SECTIONS 15350-15359.3 - California Statutes

EDUCATION CODE

SECTION 15350-15359.3

15350. (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.

15352. The bonds shall be issued in the name of the school
facilities improvement district and shall be designated "Bonds of the
School Facilities Improvement District of the ____ School District"
or "Bonds of the School Facilities Improvement District of the ____
Community College District" and each bond and all interest coupons
shall state that the tax for the payment thereof shall be limited to
annual taxes to be levied upon and collected from the lands within
the school facilities improvement district.

15357. (a) The board of supervisors shall establish within the
county treasury a school facilities improvement fund for each school
facilities improvement district for the purpose of depositing the
proceeds of the bonds of the school facilities improvement district.
The board of supervisors also shall establish within the county
treasury a school facilities improvement bond interest and sinking
fund for each school facilities improvement district.
(b) Whenever in Chapter 1 (commencing with Section 15100) a
reference is made to the interest and sinking fund of the district or
the building fund of the district, that reference shall mean, in the
case of bonds of a school facilities improvement district, the
interest and sinking fund of the school facilities improvement
district or the building fund of the school facilities improvement
district, as appropriate.

15359.3. The governing board of a school district or community
college district may proceed pursuant to Chapter 1.5 (commencing with
Section 15264) and subject to the requirements therein on behalf of
a school facilities improvement district that is created by and under
the exclusive authority of the school district or community college
district under this chapter.