(1) Any local college district organized or authorized to be organized under the provisions of this article may apply to the board to become a part of the state system as provided in this part 2; but this subsection (1) shall not apply to any local college district organized on or after December 31, 1967, pursuant to title 22, C.R.S. 1973, or to this title unless the board has approved the district prior to its organization. The application shall include a plan of dissolution and report of finances as required by section 23-71-203 and shall be considered by the board and the Colorado commission on higher education as provided in section 23-71-204. (2) In advance of entering the state system, local college districts shall receive annually such state support for the education of Colorado resident students as is appropriated for operating purposes. (3) Any local college district organized or authorized to be organized after July 1, 1967, which is not a part of the state system shall not be eligible to receive any state funds for capital construction purposes unless the board has approved the district prior to its organization. (4) After the entry of any local college district into the state system, no general property taxes shall be levied for the operational expenses of the local college district; except that a tax levy shall be continued for the purposes of payment of any general obligation of the district, whether bonded indebtedness or otherwise, owed by the district and not assumed by the state.
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