If a board of education fails or neglects to adopt a budget or an appropriation resolution prior to the beginning of the ensuing fiscal year as required by section 22-44-103, then ninety percent of the amounts budgeted and appropriated to the funds, functions, and objects by the last duly adopted budget and appropriation resolution shall be deemed to be budgeted and appropriated by operation of law for the fiscal year for which no budget or appropriation resolution was adopted prior thereto; but an amount of money sufficient to satisfy all obligations of bonded indebtedness which will be due and payable during said fiscal year shall be deemed to be budgeted and appropriated by operation of law.
Source: L. 64: p. 618, § 4. C.R.S. 1963: § 123-32-4.