SECTIONS 74280-74284

74280.  The agreement of transfer required by Section 74107 shallprovide for the allocation of funds, property, and obligationsaffected by the transfer, except for bonded indebtedness. Thefollowing procedure may be used to determine such allocation: (a) The real property and personal property and fixtures normallysituated thereat shall be the property of the district in which thereal property is located. (b) All other property, funds, and obligations, except bondedindebtedness, shall be divided pro rata among the districts in whichthe territory of the former district is included. The basis for thedivision and allocation shall be the assessed valuation of the partof the former district which is included within each of thedistricts.74281.  If a dispute arises between the governing boards of thedistricts concerning the division of funds, property, or obligations,a board of arbitrators shall be appointed which shall resolve thedispute. The board shall consist of one person selected by thedistrict from which the territory is withdrawn, one person selectedby the district of which it has become a part, and a third personappointed by the county superintendent of schools havingjurisdiction. If more than one county superintendent of schools hasjurisdiction over the affected districts, county superintendentsinvolved shall jointly appoint an arbitrator. The districts involvedmay mutually agree that the person appointed as arbitrator by thecounty superintendent of schools may act as sole arbitrator of thematters to be submitted to arbitration. The necessary expenses andcompensation of the arbitrators shall be divided equally between thedistricts, and the payment of the portion of the expenses is a legalcharge against the funds of the school districts. The arbitrator orarbitrators shall make a written finding on the matter submitted toarbitration. The written finding and determination of a majority ofthe board of arbitrators is final and binding upon the districtssubmitting the question to the board of arbitration.74284.  Notwithstanding any provisions of this article, exchanges ofproperty tax revenues between districts as a result ofreorganization shall be determined pursuant to subdivision (h) ofSection 99 of the Revenue and Taxation Code.