§ 22-30-126 — Limit of bonded indebtedness - new school district

(1) Any new
school district organized under this article shall have a limit of bonded
indebtedness of the greater of the following:

(a) Twenty percent of the latest valuation for assessment of the taxable
property in such school district, as certified by the county assessor to the board of
county commissioners; or

(b) Six percent of the most recent determination of the actual value of the
taxable property in the school district, as certified by the county assessor to the
board of county commissioners.

(2) The indebtedness of the old school districts or parts of school districts
constituting the new school districts shall not be considered in fixing the limit of
bonded indebtedness; but, if any new school district shall assume the bonded
indebtedness of any school district or school districts, or a proportionate share
thereof, existing at the time of inclusion in the new school district, pursuant to the
provisions of section 22-30-125, such bonded indebtedness shall be included in the
limitation.

Legislative History

Source: L. 92: Entire article R&RE, p. 513, � 1, effective June 1. L. 96: Entire section amended, p. 60, � 16, effective July 1.