C.R.S.
Section 22-30-124
Existing bonded indebtedness
(1)
The bonded indebtedness of any school district outstanding at the time of inclusion of all or any part of such school district’s territory in a new school district organized under this part 1, or in an existing school district as part of a detachment and annexation under this part 1, shall be paid in the following manner:(a)
All of said bonded indebtedness of such old school district shall be paid by the old school district that issued and owes the same by a special tax levied from time to time as may be necessary by the board of education of the new school district or the annexing school district, which special tax shall be levied upon the same taxable property that would have been levied upon to pay said indebtedness of said old school district if no reorganization had occurred, except as is provided in this article to the contrary.(b)
If the assumption of all of said bonded indebtedness by one new school district or an annexing school district has been approved as provided in section 22-30-125, such bonded indebtedness shall be paid in the manner provided by law for the paying of any bonded indebtedness that the new school district contracts pursuant to section 22-30-127 or that the annexing school district contracts pursuant to article 42 of this title.(c)
If the assumption of only a portion of said bonded indebtedness, as provided in the plan of organization, has been approved by any new or annexing school district, as provided in section 22-30-125, such portion of the bonded indebtedness shall be paid by a tax levied from time to time on all the taxable property located within the new or annexing school district.(2)
Whenever two or more old school districts, or portions of such school districts, have been reorganized and included within a new school district and whenever an old school district has been dissolved and annexed into a school district or school districts, under the provisions of this article 30, and, at the time of such reorganization or dissolution and annexation, one or more of the old school districts has outstanding bonded indebtedness, which indebtedness has not been assumed by the new school district or annexing school district pursuant to section 22-30-125, the following duties and responsibilities shall be performed by the following officers:(a)
The board of education of the new school district or annexing school district shall certify to the board of county commissioners under separate headings:(I)
The numbers of all old school districts that had any bonded indebtedness outstanding at the time the old school districts were reorganized and united into the new school district or dissolved and annexed into the existing school district;(II)
The legal description of the property of the old school districts, which property is liable for payment of all or a portion of the outstanding bonded indebtedness of the old school districts;(III)
The amount of the outstanding indebtedness; and(IV)
The amount required for the ensuing calendar year to meet the interest and principal falling due therein.(b)
The board of county commissioners shall levy, segregated under separate headings for the old school districts and for the whole of the new school district or the annexing school district, the several amounts properly applicable thereto for taxes at the same time that other taxes are levied and at such rates, as to each old school district and as to the whole of the new school district or annexing school district, for the payment of the money required for the amounts of either principal or interest, or both, and for the other funds needed by the new school district or annexing school district, certified by the board of education as will produce the several amounts so certified.(c)
The amounts of the taxes that are levied on the several portions of the new school district and on the entire new school district, or on the several portions of the annexing school district and on the entire annexing school district, shall be placed in separate columns in the tax book, which columns shall be headed “special school tax” and shall be subdivided into separate columns designated by the numbers of the old school districts by which the bonded indebtedness was issued, showing what portion of the special tax is for the purposes of the entire new school district or entire annexing school district and what portion is for interest or principal of bonded indebtedness of old school districts, to which indebtedness the old school districts were subject at the time of reorganization or dissolution, and inclusion of the old school districts in the new school district or annexation of the old school district by the existing school district.(d)
The county assessor and the county treasurer shall arrange their tax schedules and books to conform to the provisions of this section and with column headings respectively for the entire new school district or entire annexing school district subdivided into columns designated by parentheses, with the number of the old school district by which the bonded indebtedness was created and which indebtedness is undischarged, and showing, as to each property listed, the amount of tax properly levied on the property on account of the bonded indebtedness existing against the property as a portion of the old school district reorganized or dissolved, and included within the new school district or annexed to the existing school district at the time of the levy.
Source:
Section 22-30-124 — Existing bonded indebtedness, https://leg.colorado.gov/sites/default/files/images/olls/crs2023-title-22.pdf (accessed Oct. 20, 2023).
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