275.29 - DIVISION OF ASSETS AND LIABILITIES AFTER REORGANIZATION.
275.29 DIVISION OF ASSETS AND LIABILITIES AFTER
REORGANIZATION.
Between July 1 and July 20, the board of directors of the newly
formed school district shall meet with the boards of the school
districts affected by the organization of the new school corporation,
including the boards of districts receiving territory of the school
districts affected, for the purpose of reaching joint agreement on an
equitable division of the assets of the several school corporations
or parts of school corporations and an equitable distribution of the
liabilities of the affected corporations or parts of corporations.
In addition, if outstanding bonds are in existence in any district,
the initial board of directors of the newly formed school district
shall meet with the boards of all school districts affected prior to
April 15 prior to the school year the reorganization is effective to
determine the distribution of the bonded indebtedness between the
districts so that the newly formed district may certify its budget
under the procedures specified in chapter 24. The boards shall
consider the mandatory levy required in section 76.2 and shall assure
the satisfaction of outstanding obligations of each affected school
corporation. If the petition includes plans for the distribution of
the bonded indebtedness, the exclusion of territory from the
reorganized district does not require action pursuant to this
section. Section History: Early Form
[C73, § 1715; C97, § 2802; S13, § 2802, 2820-g; C24, 27, 31, 35,
39, § 4137; C46, 50, § 274.19; C54, 58, 62, 66, 71, 73, 75, 77,
79, 81, § 275.29] Section History: Recent Form
84 Acts, ch 1078, § 12; 85 Acts, ch 221, § 6; 93 Acts, ch 1, § 6;
93 Acts, ch 160, § 9
Referred to in § 256.11, 275.1, 275.28