15-457 - Arizona Statutes

15-457. Formation of new joint common school district by subdivision of existing school district; effect on bonded indebtedness; transfer of property A. Any territory incorporated into a joint common school district which is at the time of the creation of such joint common school district part of an existing school district shall thereafter be considered detached from the existing school district. B. If any such existing school district has outstanding bonded indebtedness, liability for the payment of principal of and interest on such bonded indebtedness shall be prorated between the existing school district and the new joint common school district in the same proportion as the assessed valuation of taxable property in the existing school district bears to the assessed valuation of taxable property in the detached territory, such valuations to be determined according to the assessment rolls of the county in which the existing school district is located, as such rolls exist at the time of the creation of the new joint common school district. Taxes for the payment of such portion of the principal and interest shall be levied on all taxable property in the new joint common school district, but nothing in this subsection shall be construed to relieve from liability to taxation for the payment thereof all taxable property in the theretofore existing school district if necessary to prevent a default in such payment. Voter approval of the creation of the joint common school district shall constitute an approval of such assumption of indebtedness. C. All school buildings located in the detached territory, as provided in this subsection, together with all equipment and furnishings, shall become the property of the new joint common school district, and the intangible property of the existing school district shall be prorated between the two districts on the same basis used to determine the amount of bonded indebtedness to be assumed. D. Any assumed indebtedness shall be regarded as an indebtedness of the new joint common school district for the purpose of determining the debt incurring authority of the new joint common school district and the existing school district.