2005 California Education Code Sections 15410-15414 Article 11. Tax for Payment of Bonds

15410.  The board of supervisors of the county in which the county
superintendent of schools has jurisdiction over a school district or
community college district in which a school facilities improvement
district is located shall annually at the time of making the levy of
taxes for county purposes levy a tax for that year upon the property
in the school facilities improvement district for the interest and
redemption of all outstanding bonds of the district.  The tax shall
not be less than sufficient to pay the interest on the bonds as it
becomes due and to provide a sinking fund for the payment of the
principal on or before maturity and may include an allowance for an
annual reserve, established for the purpose of avoiding fluctuating
tax levies.  The tax shall be sufficient to provide funds for the
payment of the interest on the bonds as it becomes due and also that
part of the principal and interest as is to become due before the
proceeds of a tax levied at the time for making the next general tax
levy can be made available for the payment of the principal and
interest.
15411.  All taxes levied, when collected, shall be paid into the
county treasury of the county whose superintendent of schools has
jurisdiction over the school district or community college district
in which the school facilities improvement district is located and on
behalf of which the tax was levied.  All collected tax revenues
shall be used exclusively for the payment of the principal and
interest of the bonds of the school facilities improvement district,
including any sinking fund.
15412.  The board of supervisors of the county whose superintendent
of schools has jurisdiction over the school district or community
college district in which the school facilities improvement district
is located, shall annually at the time of making the levy of taxes
for county purposes estimate the amount of money required to meet the
payment of the principal and interest on bonds of the district
authorized by the electors of the district and not sold, and that the
governing board of the school district or community college district
informs the board on their belief will be sold before the next tax
levy, and the board of supervisors shall levy a tax sufficient to pay
the principal and interest so estimated.
15413.  If the bonds are declared invalid or are not issued for any
reason, the tax levied and collected shall be retained in the
interest and sinking fund of the school facilities improvement
district to meet the interest and principal falling due on the bonds.
  If the school facilities improvement district has no bonds
outstanding the proceeds of the tax levy shall be transferred to the
general fund of the school district in which the improvement district
is located on the order of the auditor.
15414.  This article shall apply only to general obligation bonds
issued for one or more purposes specified in Section 15302 and
approved by two-thirds of the votes cast by the voters voting on the
proposition.