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Committee addresses division of assets, debts and iBank loan payoff in tentative plans
Summary
The tentative plans describe methods to divide real and personal property, student-body funds, and bonded indebtedness; the packet recommends putting into effect a high school district resolution to pay off the remaining iBank loan to facilitate unification.
Counsel and the consultant told the committee the Education Code prescribes how real property and bonded indebtedness are handled during reorganization, but the committee has authority to marshal and divide student-body funds and other non-real property assets pro rata by student counts.
Marguerite said one plan item includes a resolution the high school district passed to pay off the remaining iBank loan balance to remove that liability as an impediment to unification; Christie White confirmed the high school district reported sufficient reserves to pay off the loan. The tentative plan recommends putting that resolution into effect as part of the record forwarded to the State Board.
Members were also told that division of high-school bonds could be apportioned by proportionate assessed valuation or by where bond funds were spent, and that there is no automatic reassignment of outstanding debt absent new districtwide votes. If districts cannot reach agreement on divisions, mediation provisions in the Education Code are available.
