(1) Any new school district organized under this article shall have a limit of bonded indebtedness of the greater of the following:
Twenty percent of the latest valuation for assessment of the taxable property in suchschool district, as certified by the county assessor to the board of county commissioners; or
Six percent of the most recent determination of the actual value of the taxable property in the school district, as certified by the county assessor to the board of county commissioners.
(2) The indebtedness of the old school districts or parts of school districts constituting the new school districts shall not be considered in fixing the limit of bonded indebtedness; but, if any new school district shall assume the bonded indebtedness of any school district or school districts, or a proportionate share thereof, existing at the time of inclusion in the new school district, pursuant to the provisions of section 22-30-125, such bonded indebtedness shall be included in the limitation.
Source: L. 92: Entire article R&RE, p. 513, § 1, effective June 1. L. 96: Entire section amended, p. 60, § 16, effective July 1.
Editor's note: This section is similar to former § 22-30-129 as it existed prior to 1992.