79-489. New districts; formation from old districts; general indebtedness; duty to consider in dividing property.

Subject to the provisions of section 79-485, whenever a new district is organized from the territory of a former district and there is any indebtedness of such former district which is not bonded, such unbonded indebtedness shall be taken into account in estimating the sum due from the old district to the new district on account of schoolhouse or other property and the new district shall be entitled to only the value of its proportionate share of such property after deducting its like share of the indebtedness.

Source:Laws 1881, c. 78, subdivision I, § 16, p. 336; R.S.1913, § 6715; C.S.1922, § 6253; C.S.1929, § 79-116; R.S.1943, § 79-129; Laws 1949, c. 256, § 57, p. 711; R.S.1943, (1994), § 79-418; Laws 1996, LB 900, § 238.