2006 Utah Code - 53A-2-121 — Indebtedness on property within new school district.

     53A-2-121.   Indebtedness on property within new school district.
     (1) (a) The boards of the existing and new districts shall determine the portion of the existing district's bonded indebtedness and other indebtedness for which the property within the new district remains subject to the levy of taxes to pay a proportionate share of the existing district's outstanding indebtedness.
     (b) The proportionate share of the existing district's outstanding indebtedness for which property within the new district remains subject to the levy of taxes shall be calculated by determining the proportion that the total assessed valuation of the property within the new district bears to the total assessed valuation of the existing district in the year immediately preceding the date the new district was created.
     (c) The agreement reflecting the determinations made under this Subsection (1) shall take effect upon being filed with the county legislative body and the State Board of Education.
     (2) The board of the new district shall levy a tax on property within the new district sufficient to pay the proportionate share of the indebtedness determined under this section, and shall turn over the proceeds of the tax to the business administrator of the existing district.
     (3) The boards of the existing and new districts shall determine by mutual agreement the disposition of bonds approved but not issued by the existing district before the creation of the new district based primarily on the representation made to the voters at the time of the bond election.

Enacted by Chapter 234, 2003 General Session