(1)(a) A plan of
organization in which one or more new school districts are formed within the
boundaries of an existing school district may provide that any two or more school
districts included in the plan shall comprise a joint taxation district. The boundaries
of the original school district shall be the boundaries of the joint taxation district. A
joint taxation district formed pursuant to this part 2 shall be a body corporate and a
political subdivision of the state.
(b)A joint taxation district may be formed to incur bonded indebtedness for
the purposes listed in section 22-42-102 (2)(a) and raise and expend property taxes
to retire such bonded indebtedness or to raise and expend additional local property
tax revenues in excess of the participating school districts' total
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(1) (a) A plan of
organization in which one or more new school districts are formed within the
boundaries of an existing school district may provide that any two or more school
districts included in the plan shall comprise a joint taxation district. The boundaries
of the original school district shall be the boundaries of the joint taxation district. A
joint taxation district formed pursuant to this part 2 shall be a body corporate and a
political subdivision of the state.
(b) A joint taxation district may be formed to incur bonded indebtedness for
the purposes listed in section 22-42-102 (2)(a) and raise and expend property taxes
to retire such bonded indebtedness or to raise and expend additional local property
tax revenues in excess of the participating school districts' total program, pursuant
to section 22-54-108 or 22-54-108.5.
(2) (a) A plan of organization that involves a joint taxation district may
provide that two or more school districts that result from the reorganization of a
single school district may share the valuation for assessment of the taxable
property in each school district for the purposes stated in the plan of organization,
as limited under paragraph (b) of subsection (1) of this section.
(b) For the purpose of determining the limit of bonded indebtedness
pursuant to section 22-42-104 for any school district that is participating in a joint
taxation district, a portion of the bonded indebtedness of the joint taxation district,
determined pursuant to the apportionment formula in the plan of organization, shall
be added to the bonded indebtedness of the school district. The total bonded
indebtedness of the joint taxation district, as apportioned among and added to the
bonded indebtedness of the participating school districts, shall not cause any of the
participating school districts to exceed its limit of bonded indebtedness pursuant to
section 22-42-104.
(c) The plan of organization:
(I) May place a limit on the bonding capacity of the joint taxation district in
addition to any other limitation on bonded indebtedness;
(II) Shall specify whether the joint taxation district shall continue indefinitely
or for a specified period of time;
(III) Shall include a formula for the equitable apportionment of tax revenues
from any property tax levied by the joint taxation district;
(IV) Shall include a formula for apportioning the bonded indebtedness of the
joint taxation district for the purposes of section 22-42-104 among the participating
school districts;
(V) Shall provide that the joint taxation district becomes a body corporate at
the time the reorganization becomes effective or at some other time as specified in
the plan of organization.