School finance: school bonds: small school district.

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 school district or community college district, as applicable, the question whether the bonds of the district should be issued and sold for the purpose of raising money for specified purposes, including, among other things, the supplying of school buildings and grounds with furniture, equipment, or necessary apparatus of a permanent nature. Existing law authorizes the formation of a school facilities improvement district (SFID) by a school district or community college district and provides for the issuance of bonds for that district subject to specified requirements, including voter approval. Existing law authorizes the governing board of a school district or community college district, as an alternative to issuing bonds pursuant to the above authorities, to pursue the authorization and issuance of bonds through an election pursuant to certain provisions of the California Constitution. Existing law, the Joint Exercise of Powers Act, generally authorizes 2 or more public agencies, by agreement, to jointly exercise any common power. This bill would authorize 2 or more small school districts, as defined, that have voter-approved authority to issue bonds pursuant to the above provisions to form a joint powers authority pursuant to the Joint Exercise of Powers Act for the purpose of issuing or selling those bonds to raise money for the purposes authorized. The bill would authorize a joint powers authority formed pursuant to these provisions to exercise the authority granted to a school district under the above specified authority for the issuing and selling of those bonds.