School bonds: Wiseburn Unified School District: Centinela Valley Union High School District.

(1) Existing law specifies the manner in which bonded indebtedness of a school district on general obligation bonds is reallocated among school districts when school districts are reorganized. Existing law, notwithstanding the provisions above, specifies the manner in which bonded indebtedness of the Wiseburn Unified School District and the Centinela Valley Union High School District are determined upon the reorganization of the Wiseburn School District and the Centinela Valley Union High School District by the formation of the Wiseburn Unified School District and the termination of the Wiseburn School District. Existing law authorizes the Local Public Schools Funding Authority, a joint powers authority created by the Wiseburn School District and the Centinela Valley Union High School District, or the 2 surviving school districts, to issue school facilities construction bonds, as provided. Existing law, if the Local Public Schools Funding Authority maintains outstanding bonded indebtedness issued pursuant to specified programs, requires the bonded indebtedness of the Local Public Schools Funding Authority to be allocated to the Wiseburn Unified School District and the Centinela Valley Union High School District, respectively, in proportionate amounts calculated based on the assessed value of taxable property within each respective school district securing repayment of the bonds. This bill would instead require the bonded indebtedness of the Local Public Schools Funding Authority to be allocated to the Wiseburn Unified School District and the Centinela Valley Union High School District, respectively, for bonds issued before January 1, 2018, including refunding bonds issued thereafter and related to such bonds, in proportionate amounts calculated based on the assessed value of taxable property within each respective school district securing repayment of the bonds, and, for bonds issued following January 1, 2018, in appropriate amounts calculated based on the amount of proceeds of the bonds of such series expended for projects within each respective school district. To the extent these provisions would require local taxing authorities to perform additional duties, the bill would impose a state-mandated local program. (2) The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that, if the Commission on State Mandates determines that the bill contains costs mandated by the state, reimbursement for those costs shall be made pursuant to the statutory provisions noted above.