ARM 10.30.405. K-12 DISTRICT ISSUANCE OF BONDS

(1) A K-12 district may become indebted by the issuance of bonds, including all outstanding bonds and registered warrants assumed at the time of formation of the K-12 district, up to 90% of the taxable value of the property subject to taxation, pursuant to 20-9-406 , MCA. The bonded indebtedness may not exceed 45% of the taxable value for elementary program purposes and 45% for high school purposes. The exception to this limit is an elementary or high school that qualifies for guaranteed tax base aid under provisions of 20-9-367 , MCA. For these K-12 districts, the maximum indebtedness is 45% of the sum of the statewide mill value per elementary ANB times 1000 times the elementary ANB of the district and the statewide mill value per high school ANB times 1000 times the high school ANB of the district. (a) In addition to the requirements in 20-9-422 , MCA, a K-12 district resolution for election to authorize the issuance of bonds must indicate the portion of the bond obligation which will be considered an obligation for the elementary program and the portion which will be considered an obligation for the high school program. (b) In order to determine the total percent of bonded indebtedness attributed to either the elementary (prekindergarten through grade 8) program or the high school (grades 9 through 12) program, the board of trustees shall do the following calculation: bonded indebtedness elementary program high school program total (i) amount remaining from individual district indebted- ness incurred prior to formation of K-12 district __________ __________ __________ (ii) amount remaining from indebtedness incurred as a K-12 district, times the percent of obligation for each program as indicated on adopted bond resolution in (a) __________ __________ ________ (iii) total (i) + (ii) __________ __________ ________ (iv) taxable value of district or 45% of the statewide mill value per ANB times 1000 times the ANB of the district ________ (v) percent of indebtedness (iii) divided by (iv) _________% _________% _______% (c) The total amount of a building reserve proposition for a K-12 district, for the purposes authorized in 20-9-502 , MCA, when added to the existing indebtedness of the district, may not exceed the limitations set forth in 20-9-506 , MCA.