15-467. Change of union high school district to high school district
A. When all the common school districts comprising a union high school district unite, either by annexation or by consolidation, into one common school district, the union high school district shall, as of the first day of the next fiscal year, be deemed to be dissolved, and the terms of office of all governing board members elected to the union high school district shall expire and the union high school district shall thereupon become ipso facto a high school district and be administered as other high school districts are administered.
B. A high school district created as provided by subsection A is liable for all indebtedness, bonded or otherwise, outstanding against the dissolved union high school district, and all property, balances and deficits of the dissolved district become the property, balances and deficits of the high school district.