Section 53G-3-307 - Tax to pay for indebtedness of divided school district(1) As used in Subsections (2) and (3), "outstanding bonded indebtedness" means debt owed for a general obligation bond or lease revenue bond issued by the divided school district: (a) before the creation of the new school district; or(b) in accordance with a mutual agreement of the local school boards of the reorganized new school district and the new school district under Subsection (4).(2) If a new school district is created on or after May 10, 2011, property within the new school district and the reorganized new school district is subject to the levy of a tax to pay the divided school district's outstanding bonded indebtedness as provided in Subsection (3).(3)(a) Except as provided in Subsection (3)(b), the local school board of the new school district and the local school board of the reorganized new school district shall impose a tax levy at a rate that: (i) generates from the combined districts the amount of revenue required each year to meet the outstanding bonded indebtedness of the divided school district; and(ii) is based on the adjusted assessed value of the new school district and reorganized new school district.(b) A local school board of a new school district may abate a property tax required to be imposed under Subsection (3)(a) to the extent the new school district has money available to pay to the reorganized new school district the amount of revenue that would be generated within the new school district from the tax rate specified in Subsection (3)(a).(4)(a) The local school boards of the new school district and the reorganized new school district shall determine by mutual agreement the disposition of bonds approved but not issued by the divided school district before the creation of the new school district and reorganized new school district based primarily on the representation made to the voters at the time of the bond election.(b) Before a determination is made under Subsection (4)(a), a reorganized new school district may not issue bonds approved but not issued before the creation of the new school district and reorganized new school district if property in the new school district would be subject to the levy of a tax to pay the bonds.Amended by Chapter 526, 2024 General Session ,§ 16, eff. 5/1/2024.Amended by Chapter 293, 2019 General Session ,§ 6, eff. 5/14/2019.Renumbered from § 53A-2-121 by Chapter 3, 2018 General Session ,§ 22, eff. 1/24/2018.Amended by Chapter 295, 2011 General Session.