The Laws of Texas, 1927 [Volume 25] Page: 142 of 1,111
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126 GENERAL AND SPECIAL LAWS.
embraced in such new district, before such action is taken. All
interested persons shall be given full opportunity to be heard.
SEC. 3. When the boundaries of any school district having an
outstanding bonded indebtedness have been changed or its territory
divided or two or more such districts consolidated, it shall
be the duty of the County Board of Trustees to make such an adjustment
of such indebtedness and district properties between
the districts affected and between the territory divided, detached
or added, as may be just and equitable, taking into consideration
the value of the school properties and the taxable wealth of the
districts affected and the territory so divided, detached or added,
as the case may be. And when said Board has arrived at a satisfactory
basis of such an adjustment, it shall have the power to
make such orders in relation thereto as shall be conclusive and
binding upon the districts and the territory thereby affected.
SEC. 4. To carry into effect orders adjusting bonded indebtedness
when changes are made in school districts, the county
Board of Trustees shall have the power to order the trustees of
the districts affected, to order an election for the issuing of'
such refunding bonds as may be necessary to carry out the purpose
of such order; and, in such case, it shall be the duty of the
district trustees to order such election, cause the same to be held,
and if the proposition is carried, to issue the bonds voted. Such
bonds shall be of the same denomination and carry the same interest
rate and mature at the same time as the outstanding bonds
owing by the district issuing them; and when so issued, shall,
if possible, be exchanged for the outstanding bonds for which
the district issuing them shall still be liable, according to the
order adjusting such indebtedness; and in cases where such an
exchange can not be made, the new bonds of the district, to the
amount of the old bonds for which it is still liable, and for which
no exchange can be made, shall be deposited in the County Treasury
to the account of such district. Thereafter taxes shall be
levied and assessed only for the payment of the interest, sinking
fund and principal of the new bonds so issued; and the funds
arising from such taxation shall be used to discharge the principal
and interest of such new bonds as have been issued and exchanged,
and such old bonds as have not been exchanged. When
taxes are collected applicable to new bonds not exchanged and
the proceeds applied to payment on old bonds not exchanged,
the corresponding new bonds in the County Treasury shall be
credited with such payment and retired as the old unexchanged
bonds are retired.
SEC. 5. In cases where changes are made in districts having
outstanding bonded indebtedness and where the necessary refunding
bonds are voted down or where the County Board of
Trustees are otherwise unable to arrange an adjustment or settlement
of such bonded indebtedness, it shall be the duty of the
trustees to certify the fact and the territories affected by such
changes, to the Commissioners' Court and thereupon it shall become
tho duty of the Commissioners' Court to thereafter annually
levy and cause to be assessed and collected from the tax payers
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1927 [Volume 25], book, 1927; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth16125/m1/142/: accessed April 24, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .