The total amount of bonds issued shall not exceed 5 percent of the assessed value of the property of the district, prior to the 1980–81 fiscal year and shall not exceed 1.25 percent of the assessed value of the district beginning after the 1981–82 fiscal year, as shown by the last equalized assessment roll of the county or counties in which the district is situated.
(Amended by Stats. 1980, Ch. 1208, Sec. 30.)