A county organized under this chapter shall assume and pay a just proportion of the indebtedness of the county from which it is segregated, based upon the last assessed valuation of the original county and in the proportion that the valuation within the segregated portion bears to the aggregate of the valuation within the whole of the original county. The boards of county commissioners of the county organized under this chapter and of the county from which the latter segregates shall meet at the county seat of the original county on the third Monday in the sixth month following the appointment of the county commissioners of the new county by the governor. They shall ascertain, as near as may be, the total outstanding indebtedness of the original county on the first of January or July, as the case may require, next preceding the date of the joint session and from such total, they shall make the following deductions: 1. The amount of rents due and payable to the original county. 2. The present value of all public property owned by and remaining within the limits of the original county. Such present value in all events shall be deemed equal at least to the amount of any outstanding bonds issued for the payment of such property. 3. The amount of public funds on hand and belonging to the original county on the day for which its outstanding indebtedness is ascertained which do not belong to the special funds hereinafter mentioned. The amount remaining after such deductions, for the purpose of the settlement herein provided for, shall be the amount of which the county organized under this chapter shall pay a portion in the proportion hereinbefore specified. The new county shall be charged with the value of county real property within the boundaries thereof. The boards of county commissioners shall ascertain and fix the amount the new county shall assume and pay to the county from which it segregates. The provisions of this section shall be followed even though the new county is organized from parts of two or more organized counties except that the boards of county commissioners of all counties involved shall participate in the proceedings herein described.
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