Notwithstanding any other provision of law, no bonded indebtedness may be incurred pursuant to this part in an amount that would cause the bonded indebtedness of the territory of the school facilities improvement district or of the school district or community college district of which the school facilities improvement district is a part, to exceed the limitation of indebtedness specified in Sections 15102 and 15106. No bonded indebtedness may be incurred pursuant to this part in an amount that would cause the bonded indebtedness of the territory of the school facilities improvement district to exceed the limitation of indebtedness specified in Sections 15102 and 15106.
Article 3Financing the Bonds
Section § 15334.5
This law states that the total amount of debt a school improvement district, or the school or community college district it belongs to, can take on is capped. This means they cannot borrow more than what's allowed under certain laws, specifically Sections 15102 and 15106. Essentially, it ensures that these districts stay within their legal debt limits when taking on new financial obligations.
bonded indebtedness school facilities improvement district debt limitation school district debt community college district debt Sections 15102 and 15106 financial obligations debt cap district borrowing limits education funding restrictions
