(1) When the dissolution and annexation of any city or town under the provisions of this part 3 will result in the detachment of an area from any school district and the attachment of such area to another school district, no petition under section 31-12-302 is valid unless accompanied by a resolution of the board of directors of the school district to which such area will be attached approving such annexation. If there are any school facilities located within the detached area, the school district owning such facilities shall receive just compensation from the school district that acquires them. Such compensation shall be determined by mutual agreement of the school boards involved or in accordance with the applicable provisions of articles 1 to 7 of title 38, C.R.S. As used in this section, the term "facilities" is limited to school buildings and the real property on which they are situate. Any moneys received by a school district as compensation for such school facilities shall be treated as proceeds from sales of assets pursuant to section 22-45-112, C.R.S. (2) The provisions of this section shall apply to any annexation or dissolution and annexation proceedings which have not been completed prior to May 22, 1971.
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