(1) When a portion of the territory of a school district is included within a new school district organized under the provisions of this article, such portion of the territory of the old school district shall be detached by operation of law when the new school district becomes a body corporate, and it shall become territory of the new school district. When all of the territory of an old school district is included within a new school district or school districts, if the eligible electors of more than one proposed new school district simultaneously adopt the plans of organization, the corporate status of the old school district or school districts shall be dissolved by operation of law when said new school district becomes a body corporate. (2) Unless otherwise provided in the plan of organization, when a new school district formed under this article embraces all of the territory of an old school district, all of the assets of the old school district, including all personal and real property, except moneys then on hand or to be received from previously made tax levies for the satisfaction of bonded indebtedness, shall become the property of the new school district. The board of education of the successor new school district as designated in the plan of organization shall have all rights, powers, and duties for administering payment of said outstanding bonded indebtedness obligations in accordance with section 22-30-114 (2). (3) Unless otherwise provided in the plan of organization, when only a portion of the territory of a school district is included within a new school district organized under the provisions of this article, or when all of the territory of an old school district is included in more than one new school district organized simultaneously, all of the assets of the old school district shall be apportioned between the old school district and the new school district, or between the two or more new school districts, if applicable, in the manner prescribed in subsection (4) of this section. If the corporate status of the old school district is not dissolved as a result of the organization of the new school district, the board of education of the old school district shall continue to perform duties and exercise powers delegated concerning the administering of the payment of its previously incurred bonded indebtedness, even though such territory is detached, except insofar as a new school district has voted to assume a proportionate share of said bonded indebtedness in the manner authorized by law. If the corporate status of the old school district is dissolved as a result of it having been wholly included within a new school district or school districts as specified in subsection (1) of this section, the board of education of the new school district shall perform the duties and exercise the powers delegated for administering payment of such bonded indebtedness with due regard to any proportionate share thereof which may have been assumed by a new school district in the manner authorized by law. (4) Unless otherwise provided in the plan of organization, when the conditions prescribed in subsection (3) of this section occur, all of the assets of the old school district, including all personal and real properties except moneys then on hand or to be received from previously made tax levies for the satisfaction of bonded indebtedness, shall be apportioned between the old school district and the new school district or school districts or between the two or more new school districts, if applicable, as follows: (a) All real property shall remain or become the property of the old school district or new school district in which located. (b) All personal property, except cash assets, but including moneys then on hand or to be received from previously made tax levies for the satisfaction of bonded indebtedness, shall remain or become the property of the old school district or new school district in which located. (c) All cash assets, except moneys then on hand or to be received from previously made tax levies for the satisfaction of bonded indebtedness, shall be apportioned between the old school district and the new school district or between the two or more new school districts, if applicable, on the basis of the most recent annual report of school enrollment of each such old school district. The apportionment of moneys under this paragraph (c) shall be made by the county treasurer, under the direction of the commissioner and in accordance with the provisions of the plan of organization, monthly as the moneys become available. If there are any unpaid school district taxes on the date upon which the new school district becomes a body corporate other than taxes levied for the satisfaction of bonded indebtedness, the county treasurer, under the direction of the commissioner and in accordance with the provisions of the plan of organization, shall apportion the revenues from such unpaid taxes monthly, when such revenues accrue after the new school district has become a body corporate, between the old school district and the new school district or school districts, or between the two or more new school districts, if applicable, in accordance with the location of the property from which such tax revenues shall accrue. (5) (a) In the event only one new school district embraces all of the territory of an old school district, the new school district shall assume all of the outstanding obligations and liabilities of the dissolved school district, except those for previously incurred bonded indebtedness; but bonded indebtedness incurred by the former school district may be assumed by the new school district as provided in section 22-30-125. (b) When the old school district remains in existence, even though a portion of the territory has been incorporated within a new school district, previously incurred bonded indebtedness of such old school district shall be paid as provided in sections 22-30-124 and 22- 42-122; and, except when the plan of organization provides otherwise, the school district from which the territory was removed shall remain liable for all other previously incurred liabilities and obligations. (c) Unless otherwise provided in the plan of organization, when two or more new school districts organized simultaneously shall include all of the territory of an old school district, each new school district shall be jointly and severally liable for all of the outstanding liabilities and obligations of the dissolved school district, except those outstanding obligations and liabilities previously incurred for bonded indebtedness; but a proportionate share of the previously incurred bonded indebtedness may be assumed as provided in section 22-30-125. (6) If, upon the effective date of the organization of a new school district, as specified in section 22-30-120, a school district included in a plan of organization has a warrant indebtedness or outstanding liability, other than bonded indebtedness, in excess of the equivalent of one-half mill on its valuation for assessment, then the board of education of any successor school district is authorized to levy a special tax, not to exceed one mill, against the taxable property of the old school district, the revenue from which shall be applied to the retirement of the warrant indebtedness or outstanding liabilities of such school district. When they are retired, the levy shall be discontinued. The procedures to be followed under the provisions of this subsection (6) shall be the same as provided in this title for the retirement of bonded indebtedness.
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