When a school district is reorganized, both of the following shall apply:
(a) When the allocation of funds, property, and obligations is not fixed by terms, conditions, or recommendations as provided by law, the funds, property, and obligations of a former district, except for bonded indebtedness, shall be allocated as follows:
(1) The real property and personal property and fixtures normally situated thereat shall be the property of the district in which the real property is located.
(2) All other property, funds, and obligations, except bonded indebtedness, shall be divided pro rata among the districts in which the territory of the former district is included. The basis for the division and allocation shall be the assessed valuation of the part of the former district which is included within each of the districts.
(b) Any qualified special taxes may continue to be imposed pursuant to Section 50079.2 of the Government Code.
(Amended by Stats. 2011, Ch. 276, Sec. 1. (AB 504) Effective January 1, 2012.)