10-704. Issuance; amount; exceptions.

Except as otherwise provided in this section, the aggregate amount of school bonds issued for all purposes in Class I or Class II school districts shall in no event exceed fourteen percent of the taxable valuation of all property in such school district. This section does not apply (1) to the issuance of refunding or compromise of indebtedness bonds by any such school district for the purpose of retiring outstanding bonds, warrants, or other indebtedness or (2) to any Class II school district which currently receives or has received in either of the two previous school fiscal years federal funds in excess of twenty-five percent of its general fund budget of expenditures as defined in section 79-1003.

Source:Laws 1921, c. 66, § 2, p. 254; C.S.1922, § 368; C.S.1929, § 11-904; Laws 1933, c. 22, § 1, p. 193; C.S.Supp.,1941, § 11-904; R.S.1943, § 10-704; Laws 1949, c. 13, § 4, p. 76; Laws 1979, LB 187, § 23; Laws 1992, LB 719A, § 21; Laws 2003, LB 67, § 1.