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160.040 Merger of districts.

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160.040 Merger of districts. Boards of education of any two (2) or more contiguous school districts may by concurrent <br>action merge their districts into one (1). In case of a merger, the members of the boards of <br>education of the merged districts may serve out the terms for which they were elected. <br>The resulting district shall take over all the assets and legal liabilities of the districts <br>joining in the merger. Tax levies authorized for the payment of interest and the retirement <br>of bonds or to create sinking funds for such purposes shall continue to be levied and <br>collected over the same area by or for the new board in accordance with the laws under <br>which the levies were originally made until all bonded obligations of the old district have <br>been retired. Effective: July 13, 1990 <br>History: Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 418, effective July 13, 1990. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, <br>from Ky. Stat. sec. 4399-4.