(1) Under § 1, chapter 142, Laws of 1969, which establishes the bonding capacity of a school district as being a certain percentage of the "value of the taxable property in such district," the measuring property value is the actual "true and fair" value in money of the property in the district as contrasted with the assessed valuation of such property. (2) In the case of a school district located in a county for which the assessment ratio used by the county assessor for property tax purposes has been and is presently 25% of the true value of the taxable property, the combined effect of (a) § 1, chapter 142, Laws of 1969, and (b) the decision of the state supreme court in Carkonen, et al. v. Williams, et al. , ____ Wn.2d ____ [[76 Wn.2d 617]](September 4, 1969), and accompanying order of the state department of revenue requiring use of a 50% assessment ration as of January 1, 1970, will be to increase such district's bonding capacity by a multiple of four.
AGO 1969 NO. 14 > Sep 18 1969