§ 22-30-127 — New school district - bonded indebtedness

(1) Any new school
district organized under the provisions of this article has the power and authority to
contract bonded indebtedness in the same manner and under the same procedure
for the issuance of bonds as is provided by law for the issuance of such bonds by
other school districts.

(2) Any new school district has the power to issue refunding bonds for the
purpose of refunding outstanding indebtedness of said new school district in the
same manner and procedure as is provided by law for the issuance of such bonds by
other school districts.

(3) Any new school district has the power to issue refunding bonds for the
purpose of refunding outstanding indebtedness of old school districts, which old
school districts have been reorganized or dissolved, and included within said new
school district and which indebtedness has been assumed by said new school
district pursuant to section 22-30-125. Such refunding bonds shall be issued in the
same manner as if the indebtedness being refunded were indebtedness originally
contracted by the new school district under the provisions of this article.

(4) Any new school district has the power to issue refunding bonds for the
purpose of refunding outstanding bonded indebtedness of old school districts,
which old school districts have been reorganized or dissolved, and included within
said new school district, and which indebtedness has not been assumed by the new
school district, in the same manner as if the indebtedness being refunded were
indebtedness originally contracted by the new school district under the provisions
of this article, except for the following particulars:

(a) Said bonds shall be designated as refunding bonds of the old school
district which contracted the original indebtedness in the first instance. The
refunding bonds shall be payable from the same funds which are to be derived from
the same source as would have been used to pay the original bonds of the old
school district if no refunding thereof had ever occurred.

(b) The covenants and agreements in and relating to such refunding bonds
shall be made and entered into by the new school district as successor to the old
school district, and all necessary actions shall be taken by the board of education
of the new school district as successor to the board of education of the old school
district.

(5) Whenever any old school district has been reorganized and parts thereof
included within two or more new school districts, and whenever an old school
district has been dissolved and parts thereof included in two or more other school
districts, under the provisions of this article, and said old school district has
outstanding bonded indebtedness, the refunding of such outstanding indebtedness
of said former school district shall require affirmative action by a majority of the
members of the boards of education of each new school district within which any
part of the lands formerly included within said old school district are now included,
except as is provided in this article to the contrary.

(6) Any school district from which land has been detached and included
within any other school district, by reorganization or any other lawful means, and
which school district has retained its lawful corporate existence subsequent to the
detachment of such land from said school district shall be specifically exempted
from the requirements and provisions of subsection (5) of this section, and the
board of education of said school district from which land has been detached may
refund its bonds to which such detached land is subject with or without
concurrence or action by the board of education of the school district within which
said detached land is then included.

Legislative History

Source: L. 92: Entire article R&RE, p. 513, � 1, effective June 1.