§ 22-40-108 — Revenues - reorganization

Colorado § 22-40-108

• Jurisdiction: Colorado
• Title 22: Education
• Art.: Tax Levies and Revenues

Text

(1) If the corporate status of a
school district is dissolved as a result of school district organization and all the
bonded indebtedness of such school district has not been assumed by one or more
school districts, the board of education of the successor district as designated in
the plan of organization shall perform the duties and exercise the powers
delegated to the board of education of the former school district relative to the
certification of tax revenues needed to satisfy the obligations of bonded
indebtedness incurred by said former district, receipt of such revenues, deposit or
investment thereof, and satisfaction of such obligations which thereafter become
due and payable; but the revenues from a tax levy, and the proportionate share of
specific ownership taxes allocated thereto, to satisfy the bonded indebtedness of
said former school district shall be held in a trust account in the bond redemption
fund of the designated successor district for the purpose only of payment or
redemption of bonds issued by said former school district. Any moneys remaining
after all of the bonded indebtedness obligations of said former school district have
been satisfied may be transferred to another account within the redemption fund of
said designated successor school district or, in the absence of any outstanding
bonded indebtedness obligations, to the capital reserve fund of said school district.

(2) If the corporate status of a school district is not dissolved as a result of
school district organization, the board of education of the school district which
incurred said bonded indebtedness shall continue to perform the duties and
exercise the powers delegated thereto relative to the certification of tax revenues
needed to satisfy the obligations of bonded indebtedness incurred by said school
district, receipt of such revenues, deposit or investment thereof, and satisfaction of
such obligations which thereafter become due and payable even though a portion
of the territory of said school district shall be thereafter included in another school
district; but if the annexing school district is located in another county, such powers
and duties shall be performed by the annexing school district with proper
remittance to the school district from which said territory was detached.

Legislative History

Source: L. 64: R&RE, p. 543, � 1. C.R.S. 1963: � 123-3-8.