When any property assessable for school purposes in one school district is annexed by or transferred to another school district, the recipient district shall assume a part of the indebtedness, if any, of the other school district incurred for school buildings and grounds in the proportion the assessed valuation of property taxable for school purposes transferred bears to the total assessed valuation of property taxable for school purposes in the district losing the territory.
Effective: July 13, 1990
History: Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 421, effective July
13, 1990. — Created 1942 Ky. Acts ch. 197, sec. 1.