§ 22779 Bond Issuance Taxable Property Limit

• •The district can't borrow more than 15% of the total value of all the property in the area.
• •They check the value of houses, land, and buildings to figure out how much they can borrow.
• •This rule helps make sure the district doesn’t borrow too much money.

A school district wants to borrow money to build a new school.

If all the houses and land in the district are worth $100 million, the district can’t borrow more than $15 million. If they try to borrow $20 million, it’s not allowed because it’s more than 15%.