(1) If the corporate status of a school district is dissolved as a result of school district organization and all the bonded indebtedness of such school district has not been assumed by one or more school districts, the board of education of the successor district as designated in the plan of organization shall perform the duties and exercise the powers delegated to the board of education of the former school district relative to the certification of tax revenues needed to satisfy the obligations of bonded indebtedness incurred by said former district, receipt of such revenues, deposit or investment thereof, and satisfaction of such obligations which thereafter become due and payable; but the revenues from a tax levy, and the proportionate share of specific ownership taxes allocated thereto, to satisfy the bonded indebtedness of said former school district shall be held in a trust account in the bond redemption fund of the designated successor district for the purpose only of payment or redemption of bonds issued by said former school district. Any moneys remaining after all of the bonded indebtedness obligations of said former school district have been satisfied may be transferred to another account within the redemption fund of said designated successor school district or, in the absence of any outstanding bonded indebtedness obligations, to the capital reserve fund of said school district.
(2) If the corporate status of a school district is not dissolved as a result of school district organization, the board of education of the school district which incurred said bonded indebtedness shall continue to perform the duties and exercise the powers delegated thereto relative to the certification of tax revenues needed to satisfy the obligations of bonded indebtedness incurred by said school district, receipt of such revenues, deposit or investment thereof, and satisfaction of such obligations which thereafter become due and payable even though a portion of the territory of said school district shall be thereafter included in another school district; but if the annexing school district is located in another county, such powers and duties shall be performed by the annexing school district with proper remittance to the school district from which said territory was detached.
Source: L. 64: R&RE, p. 543, § 1. C.R.S. 1963: § 123-3-8.
Tax levy for school facilities improvements. (Repealed)
Source: L. 92: Entire section added, p. 540, § 14, effective May 28.
Editor's note: Subsection (3) provided for the repeal of this section, effective July 1, 1996. (See L. 92, p. 540.)
Additional property tax for capital improvements in growth school districts. (1) The board of education of any growth district, as defined in section 22-2-125 (1)(b), at any regular biennial school election or special election, may submit to the eligible electors of the growth district the question of the imposition of an additional property tax levy in accordance with the provisions of this section for:
One or more of the purposes specified in section 22-42-102 (2)(a)(I) to (2)(a)(V);
The payment of any loan received by the growth district pursuant to section 22-2-125 and the payment of any interest due on such loan; or
The payment of any loan received by the growth district pursuant to article 15 of title23, C.R.S., and the payment of any interest due on such loan.
(2) (a) Except as otherwise provided in paragraph (b) of this subsection (2), a growth district may impose an additional property tax levy of no more than five mills or a number of mills as determined by dividing the latest statewide valuation for assessment of the taxable property in all school districts by the pupil enrollment of all school districts, and dividing said amount by the latest valuation for assessment of the taxable property in the growth district divided by the pupil enrollment of the growth district, whichever is the lesser amount.
(b) If the amount as determined by dividing the latest valuation for assessment of the taxable property in a growth district by the pupil enrollment of the growth district is greater than the amount as determined by dividing the latest statewide valuation for assessment of the taxable property in all school districts by the pupil enrollment of all school districts, the growth district may impose an additional property tax levy of no more than one mill.
Moneys collected from such tax levy shall be credited to the capital reserve fundpursuant to section 22-45-103 (1)(c)(IV).
Any special election called pursuant to this section shall be held on the general election day in each even-numbered year or on the first Tuesday in November of each oddnumbered year and shall be conducted pursuant to the provisions of articles 1 to 13 of title 1, C.R.S.
Source: L. 2002: Entire section added, p. 1745, § 18, effective June 7.