2016 Colorado Revised Statutes
Title 22 - Education
Financial Policies and Procedures
Article 42 - Bonded Indebtedness
§ 22-42-122. Changes in boundaries - liability

(1) Nothing in this article or in any other provision of law shall be construed so as to release the taxable property within a school district which incurred bonded indebtedness from liability for its proportionate share of the outstanding obligations thereof.

(2) The outstanding bonded indebtedness, or proportionate share thereof, incurred by a school district which is dissolved as a result of the formation of a new school district may be assumed by said new school district in the manner provided by article 30 of this title.

(3) The taxable property located within the territory of a school district which is dissolved and the resultant unorganized territory annexed to an adjacent school district shall be liable for its proportionate share of the bonded indebtedness previously incurred by the annexing school district.

(4) The taxable property located within the territory of a school district which is detached and annexed to an adjacent school district shall be liable for its proportionate share of the bonded indebtedness previously incurred by the annexing school district.

(5) The taxable property located within a capital improvement zone of a school district shall be liable for bonded indebtedness incurred by the school district pursuant to this article.