Bill Text: CA AB2429 | 2015-2016 | Regular Session | Amended
Bill Title: School district and community college district bonds.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2016-11-30 - From Senate committee without further action. [AB2429 Detail]
Download: California-2015-AB2429-Amended.html
BILL NUMBER: AB 2429 AMENDED
BILL TEXT
AMENDED IN ASSEMBLY MARCH 18, 2016
INTRODUCED BY Assembly Member Thurmond
FEBRUARY 19, 2016
An act to amend Section 15103 Sections
15102, 15106, 15268, and 15270 of the Education
Code, relating to school bonds.
LEGISLATIVE COUNSEL'S DIGEST
AB 2429, as amended, Thurmond. School district and community
college district bonds.
(1) Existing law authorizes the governing board of any school
district or community college district to order an election and
submit to the electors of the district the question of whether the
bonds of the district shall be issued and sold to raise money for
specified purposes. Existing law generally requires, to pass a school
bond measure, that either at least 2/3 of the votes cast on the
proposition of issuing bonds be in favor of issuing the bonds to pass
the measure, or, if certain conditions are met, at least 55% of the
votes cast on the proposition of issuing bonds be in favor of issuing
the bonds.
Existing law prohibits the total amount of bonds issued by a
school district or community college district from exceeding 1.25% of
the taxable property of the district, only if the tax rate levied to
meet specified requirements of the California Constitution in the
case of indebtedness incurred by a school district, at a single
election, would not exceed $30 per year per $100,000 of taxable
property, as specified.
This bill would raise that limit to 2%.
(2) Existing law authorizes a unified school district to issue
bonds receiving at least 55% of the votes cast on the proposition of
issuing the bonds that, in aggregation with bonds issued with a 2/3
favorable vote, do not exceed 2.5% of the taxable property of the
district, but only if the tax rate levied to meet specified
requirements of the California Constitution in the case of
indebtedness incurred by a school district, at a single election,
would not exceed $60 per year per $100,000 of taxable property, as
specified.
This bill would raise that limit to 4%. The bill would make a
similar percentage increase for community college districts.
Existing law provides, for the purposes of school bonds, how the
value of taxable property will be determined.
This bill would make nonsubstantive changes to that provision.
Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.
THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:
SECTION 1. Section 15102 of the
Education Code is amended to read:
15102. The total amount of bonds issued pursuant to this chapter
and Chapter 1.5 (commencing with Section 15264) shall not exceed
1.25 2 percent of the taxable property
of the school district or community college district, or the school
facilities improvement district, if applicable, as shown by the last
equalized assessment of the county or counties in which the district
is located. For purposes of this section, the taxable property of a
district for any fiscal year shall be calculated to include, but not
be limited to, the assessed value of all unitary and operating
nonunitary property of the district, which shall be derived by
dividing the gross assessed value of the unitary and operating
nonunitary property within the district for the 1987-88 fiscal year
by the gross assessed value of all unitary and operating nonunitary
property within the county in which the district is located for the
1987-88 fiscal year, and multiplying that result by the gross
assessed value of all unitary and operating nonunitary property of
the county on the last equalized assessment roll.
SEC. 2. Section 15106 of the Education
Code is amended to read:
15106. (a) A unified school district or
community college district may issue bonds that, in aggregation with
bonds issued pursuant to Section 15270, shall not exceed 2.5
4 percent of the taxable property of the school
district or community college district, or the school facilities
improvement district, if applicable, as shown by the last equalized
assessment of the county or counties in which the district is
located.
In
(b) In computing the outstanding
bonded indebtedness of a unified school district or community college
district for all purposes of this section, any outstanding bonds
shall be deemed to have been issued for elementary school purposes,
high school purposes, and community college purposes, respectively,
in the respective amounts that the proceeds of the sale of those
outstanding bonds, excluding any premium and accrued interest
received on that sale, were or have been allocated by the governing
board of the unified school district or community college district to
each of those purposes respectively.
(a)
(c) For the purposes of the State School Building Aid
Law of 1952 (Chapter 6 (commencing with Section 16000)) with respect
to applications for apportionments and apportionments filed or made
prior to before September 15, 1961, and
to the repayment thereof, Chapter 4 (commencing with Section 15700),
inclusive, only, a unified school district shall be considered to
have a bonding capacity in the amount permitted by law for an
elementary school district and a bonding capacity in the amount
permitted by law for a high school district.
(b)
(d) For purposes of this section, the taxable property
of a district for a fiscal year shall be calculated to include, but
not be limited to, the assessed value of all unitary and operating
nonunitary property of the district, which shall be derived by
dividing the gross assessed value of the unitary and operating
nonunitary property within the district for the 1987-88 fiscal year
by the gross assessed value of all unitary and operating nonunitary
property within the county in which the district is located for the
1987-88 fiscal year, and multiplying the result by the gross assessed
value of all unitary and operating nonunitary property of the county
on the last equalized assessment roll. In the event of the
unification of two or more school districts or community college
districts subsequent to the 1987-88 fiscal year, the assessed value
of all unitary and operating nonunitary property of the unified
district or community college district shall be deemed to be the
total of the assessed value of the taxable property of each of the
unifying districts as that assessed value would be determined under
Section 15102.
SEC. 3. Section 15268 of the Education
Code is amended to read:
15268. The total amount of bonds issued, including bonds issued
pursuant to Chapter 1 (commencing with Section 15100), shall not
exceed 1.25 2 percent of the taxable
property of the district as shown by the last equalized assessment of
the county or counties in which the district is located. The bonds
may only be issued if the tax rate levied to meet the requirements of
Section 18 of Article XVI of the California Constitution in the case
of indebtedness incurred by a school district pursuant to this
chapter, at a single election, would not exceed thirty dollars ($30)
per year per one hundred thousand dollars ($100,000) of taxable
property when assessed valuation is projected by the district to
increase in accordance with Article XIII A of the California
Constitution. For purposes of this section, the taxable property of a
district for any fiscal year shall be calculated to include, but not
be limited to, the assessed value of all unitary and operating
nonunitary property of the district, which shall be derived by
dividing the gross assessed value of the unitary and operating
nonunitary property within the district for the 1987-88 fiscal year
by the gross assessed value of all unitary and operating nonunitary
property within the county in which the district is located for the
1987-88 fiscal year, and multiplying that result by the gross
assessed value of all unitary and operating nonunitary property of
the county on the last equalized assessment roll.
SEC. 4. Section 15270 of the Education
Code is amended to read:
15270. (a) Notwithstanding Sections 15102 and 15268, any unified
school district may issue bonds pursuant to this article that, in
aggregation with bonds issued pursuant to Chapter 1 (commencing with
Section 15100), may not exceed 2.5 4
percent of the taxable property of the district as shown by the last
equalized assessment of the county or counties in which the district
is located. The bonds may only be issued if the tax rate levied to
meet the requirements of Section 18 of Article XVI of the California
Constitution in the case of indebtedness incurred pursuant to this
chapter at a single election, by a unified school district, would not
exceed sixty dollars ($60) per year per one hundred thousand dollars
($100,000) of taxable property when assessed valuation is projected
by the district to increase in accordance with Article XIII A of the
California Constitution.
(b) Notwithstanding Sections 15102 and 15268, any community
college district may issue bonds pursuant to this article that, in
aggregation with bonds issued pursuant to Chapter 1 (commencing with
Section 15100), may not exceed 2.5 4
percent of the taxable property of the district as shown by the last
equalized assessment of the county or counties in which the district
is located. The bonds may only be issued if the tax rate levied to
meet the requirements of Section 18 of Article XVI of the California
Constitution in the case of indebtedness incurred pursuant to this
chapter at a single election, by a community college district, would
not exceed twenty-five dollars ($25) per year per one hundred
thousand dollars ($100,000) of taxable property when assessed
valuation is projected by the district to increase in accordance with
Article XIII A of the California Constitution.
(c) In computing the outstanding bonded indebtedness of any
unified school district or community college district for all
purposes of this section, any outstanding bonds shall be deemed to
have been issued for elementary school purposes, high school
purposes, and community college purposes, respectively, in the
respective amounts that the proceeds of the sale of those outstanding
bonds, excluding any premium and accrued interest received on that
sale, were or have been allocated by the governing board of the
unified school district or community college district to each of
those purposes respectively.
(d) For purposes of this section, the taxable property of a
district for any fiscal year shall be calculated to include, but not
be limited to, the assessed value of all unitary and operating
nonunitary property of the district, which shall be derived by
dividing the gross assessed value of the unitary and operating
nonunitary property within the district for the 1987-88 fiscal year
by the gross assessed value of all unitary and operating nonunitary
property within the county in which the district is located for the
1987-88 fiscal year, and multiplying the result by the gross assessed
value of all unitary and operating nonunitary property of the county
on the last equalized assessment roll. In the event of the
unification of two or more school districts subsequent to the 1987-88
fiscal year, the assessed value of all unitary and operating
nonunitary property of the unified district shall be deemed to be the
total of the assessed value of the taxable property of each of the
unifying districts as that assessed value would be determined under
Section 15268.
(e) For the purposes of this article, "general
obligation bonds," as that term is used in Section 18 of Article XVI
of the California Constitution, means bonds of a school district or
community college district the repayment of which is provided for by
this chapter and Chapter 1 (commencing with Section 15100) of Part
10, and includes bonds of a school facilities improvement district
the repayment of which is provided for by this chapter and Chapter 2
(commencing with Section 15300).
SECTION 1. Section 15103 of the Education Code
is amended to read:
15103. Notwithstanding any other law, for the purpose of
computing the limit on the amount of bonds that may be issued by a
district pursuant to the provisions of this chapter, the taxable
property of the district shall be determined upon the basis that the
district's assessed value has not been reduced by the exemption of
the assessed value of business inventories in the district or reduced
by the homeowner's property tax exemption.
