40-1609. EFFECT OF DETACHMENT OF TERRITORY — APPORTIONMENT OF INDEBTEDNESS. The detachment of territory from the district shall be deemed to relate only to the operations of the district subsequent to the order of detachment. Territory detached and all taxable property in that territory shall be and remain liable for the proportionate share of all bonded, warrant, and other indebtedness incurred by the district prior to the time of detachment. The proportionate share of the indebtedness of the district incurred prior to the order of detachment to be borne by the detached territory is hereby established and shall be determined and computed as follows:
(1) The highway district commissioners shall, at the meeting at which an order of detachment is made, compute the total aggregate market value for assessment purposes of the property within the district for the preceding year, and shall separately compute the total aggregate market value for assessment purposes for the preceding year of all the property within the territory detached from the district.
(2) The highway district commissioners shall compute and determine as of the date of the order of detachment the cash and solvent credits owing to the district and the value of the highway equipment and other personal property owned by it at the time of the detachment of territory, all of which property shall be retained by the district.
(3) The proportion of the outstanding indebtedness of the district incurred prior to the withdrawal of territory for which the withdrawn territory shall be and remain liable is the proportion that the aggregate market value for assessment purposes of the property within the withdrawn territory bears to the market value for assessment purposes of the property within the entire highway district as shown by the assessment rolls of the preceding year, less credit for the proportionate share or interest of the withdrawn territory in the cash, solvent credits, and personal property of the district, that share being based upon the proportion that the market value for assessment purposes of the property within the detached territory for the preceding year bears to the market value for assessment purposes of the total property within the entire district for the year.
History:
[40-1609, added 1985, ch. 253, sec. 2, p. 670.]
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