Cal. Educ. Code § 35578
Bonded Indebtedness of School Districts
Redline — January 1, 2011 → current.View current text →
Current — January 1, 2017
As of January 1, 2011
Any unsold bonds of an elementary, high, or unified school district which is included as a whole in a new school district through any kind of reorganization may be issued by the board of supervisors in the name of the new district and the proceeds derived upon the sale thereof shall be the funds of the new district. However, the proceeds derived upon the sale thereof shall be expended only for the purpose, or purposes, for which such bonds were authorized.
Any unsold bonds of an elementary, high, or unified school district that is included as a whole in a new or acquiring district through any kind of reorganization may be issued by the board of supervisors in the name of the new or acquiring district and the proceeds derived upon the sale thereof shall be the funds of the new or acquiring district. However, the proceeds derived upon the sale thereof shall be expended only for the purpose, or purposes, for which those bonds were authorized.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.