Startup costs -- Transfer of title. (1) As used in this section: (a) "Associated property" means furniture, equipment, or supplies located in or specifically associated with a physical asset. (b) (i) "Discretionary asset or liability" means an asset or liability that is not tied to a specific project, school, student, or employee by law or school district accounting practice. (ii) "Discretionary asset or liability" does not include a physical asset, associated property, a vehicle, an employee, or bonded indebtedness. (c) (i) "Nondiscretionary asset or liability" means an asset or liability that is tied to a specific project, school, student, or employee by law or school district accounting practice. (ii) "Nondiscretionary asset or liability" does not include a physical asset, associated property, a vehicle, or bonded indebtedness. (d) "Physical asset" means a building, land, or water right together with revenue derived from the lease or use of the building, land, or water right. (e) (i) "Physical liability" means a liability associated with a physical asset, including: (A) a seismic safety evaluation or mitigation; or (B) deferred maintenance. (ii) "Physical liability" does not include a liability associated with any debt, including a general obligation or lease revenue bond. (2) (a) If voters approve a proposal to create a new school district under this part: (i) the legislative body of each county where all or a part of the new school district and the reorganized new school district are located shall hold elections, during the year immediately following the year in which the voters approve the proposal or municipal legislative bodies or interlocal agreement participants create a new school district, to elect members to the local school board of the new school district and to the local school board of the reorganized new school district, as follows: (A) the filing period for a declaration of candidacy is the same as the filing period for the next regular or municipal general election for the given year; (B) the primary election is held on the same day as the primary election for the next regular or municipal general election for the given year; and (C) the general election is held on the same day as the next regular or municipal general election for the given year; (ii) any new school district and reorganized new school district shall divide the assets and liabilities of the divided school district between the school districts in accordance with Subsection (4) and Section 53G-3-307; (iii) any new school district and reorganized new school district shall treat the employment of transferred employees from the divided school district in accordance with Sections
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