§ 28A.315.305. School district organizational changes -- Corporate existence -- Payment of bonded indebtedness -- Levy authority
(1) Each school district involved in or affected by any change made in the organization and extent of school districts under this chapter retains its corporate existence insofar as is necessary for the purpose, until the bonded indebtedness outstanding against it on and after the effective date of the change has been paid in full. This section may not be construed to prevent, after the effective date of the change, such adjustments of bonded indebtedness as are provided for in this chapter.
(2) The county legislative authority shall provide, by appropriate levies on the taxable property of each school district, for the payment of the bonded indebtedness outstanding against it after any of the changes or adjustments under this chapter have been effected.
(3) In case any such changes or adjustments involve a joint school district, the tax levy for the payment of any bonded indebtedness outstanding against the joint district, after the changes or adjustments are effected, shall be made and the proceeds thereof shall be transmitted, credited, and paid out in conformity with the provisions of law applicable to the payment of the bonded indebtedness of joint school districts.
[1999 c 315 § 707.]
Sections: Previous 28A.315.195 28A.315.205 28A.315.215 28A.315.225 28A.315.235 28A.315.245 28A.315.255 28A.315.265 28A.315.275 28A.315.285 28A.315.295 28A.315.305 28A.315.308 28A.315.315 28A.315.901 NextLast modified: April 7, 2009