§ 21-6-217 — New districts may draw proportion of funds from old districts; transfer of property

(a) Whenever the district boundary board establishes a new
district from districts already organized, the board of trustees
of the newly organized district may draw its proportion of the
public school funds for paying teachers or other legal school
expenses from the school treasury of the district or districts
from which it was separated until such time as the newly
organized district receives its proper apportionment of school
monies and taxes. In like manner, any district that is
established from two (2) or more districts may draw its
proportion of the proper school funds for payment of teachers or
other necessary legal school expenses from the treasuries of the
former districts.
(b) All real and personal property of any district
combined under this article shall be and become the property of
the newly organized district. All real and personal property
shall be transferred or conveyed by operation of law unless
otherwise provided in the approved proposal. However, real
property which was transferred in accordance with this
subsection from a then existing school district to a newly
organized school district and on which is located a structure
used as a school which the district has closed or intends to
close shall not be conveyed or offered for sale to any other
entity unless the municipality in which the property is located
is first offered a right to purchase the property. If the
municipality and school board cannot agree on a price for the
property, the property shall be sold to the highest bidder at a
public auction.