§ 23-71-504 — Limit of bonded indebtedness

(1) Each district shall have a limit
of bonded indebtedness of twenty percent of the latest valuation for assessment of
the taxable property in such district as certified by the assessor to the board of
county commissioners. The indebtedness of the former districts or parts of districts,
constituting any new district, shall not be considered in fixing the limit of such
twenty percent; but, if any district assumes the bonded indebtedness of any other
district, or a proportionate share thereof, existing at the time of inclusion in the
assuming district, pursuant to law, such bonded indebtedness shall be included in
the twenty percent limitation.

(2) The permission to incur additional bonded indebtedness, granted by the
property tax administrator in the department of local affairs, and any district bonds
issued pursuant thereto on or after May 10, 1972, are hereby validated. This
subsection (2) shall not be construed to grant authority to incur bonded
indebtedness in excess of said twenty percent limitation.

Legislative History

Source: L. 75: Entire article added, p. 769, � 1, effective July 1.