Legislation

§ 121.20 Exclusion of certain indebtedness of school districts other
than school districts in a city with one hundred twenty-five thousand
inhabitants or more according to the latest federal census in
ascertaining their power to contract indebtedness. a. As used in this
section:

1. The term "indebtedness" shall mean indebtedness evidenced by bonds
and bond anticipation notes.

2. The term "school district" shall mean a school district other than
a school district in a city with one hundred twenty-five thousand
inhabitants or more according to the latest federal census.

b. In ascertaining the power of a school district to contract
indebtedness, there may be excluded outstanding indebtedness contracted,
or indebtedness to be contracted, for objects or purposes having periods
of probable usefulness provided in paragraph a of section 11.00 of this
chapter, to the extent to which the commissioner of education, or such
person or persons as may be designated by the commissioner, shall
estimate based upon facts existing on the date of such estimate that
moneys receivable by the school district from the state as an
apportionment for debt service for school building purposes, under laws
existing on the date of such estimate, shall meet the interest on and
the annual requirements for the payment of such indebtedness. Any such
estimate shall describe the indebtedness to which it relates. An
estimate shall be effective only until the June thirtieth next
succeeding the date thereof.

c. The commissioner of education by rule or regulation may prescribe
the manner and form in which a school district shall make application
for any such estimate. The department of education shall furnish to the
school district, without charge, three certified copies of any such
estimate.