DISTRICTS - SCHOOLS - EFFECT OF 1967 COMMUNITY COLLEGE ACT ON EXISTING BONDED INDEBTEDNESS AND BONDING CAPACITY (1) Pursuant to § 74, chapter 8, Laws of 1967, Ex. Sess., a common school district previously operating a community college is presently authorized to issue bonds previously authorized by the electorate for common school (k-12) purposes provided (1) the total indebtedness of the district excluding any bonded indebtedness incurred for community college purposes will not exceed 10% of the assessed valuation of the taxable property in the district; and (2) the total indebtedness of the district including any bonded indebtedness incurred for community college purposes will not exceed the constitutional debt limit of the district.  Article VIII, § 6, Amendment 27. (2) In the absence of the availability of other funds with which to discharge general obligation bonds issued by a common school district for community college purposes prior to the effective date of the community college act of 1967 (chapter 8, Laws of 1967, Ex. Sess.), a common school district which issued such bonds is expressly required under § 60 of the act to continue levying and collecting taxes to retire the bonds in accordance with the terms and conditions stated therein.