CA AB2301

Amends Education Code Section 35582 to modify how bonded indebtedness of the Local Public Schools Funding Authority is allocated between Wiseburn Unified School District and Centinela Valley Union High School District.

For bonds issued before January 1, 2018 (including refunding bonds), allocation is based on proportionate assessed value of taxable property in each school district securing repayment.

For bonds issued after January 1, 2018, allocation is based on the amount of bond proceeds actually expended for projects within each respective school district.

Establishes bonding limits for Wiseburn Unified School District and Centinela Valley Union High School District based on property zoning classifications and applicable statutory limits.

Authorizes either school district to seek waivers of bonding limits pursuant to existing law and requires state reimbursement if the Commission on State Mandates determines the bill imposes state-mandated costs.