SEC. 37-59-5. General limitation of indebtedness.
No school district shall, except as provided in section 37-59-7, hereafter issue bonds for the purposes authorized by law in an amount which, added to all of its then outstanding bonded indebtedness, shall result in the imposition on any of the property in such district of an indebtedness for school purposes of more than fifteen per cent of the assessed value of the taxable property within such district, according to the then last completed assessment for taxation, regardless of whether any of such indebtedness shall have been incurred by such district or by another school district or districts.
SOURCES: Codes, 1942, Sec. 6532-02; Laws, 1950, ch. 231, Sec. 2; 1955, Ex Sess, chs. 52, 60; 1962, ch. 361; 1968, ch. 403, Sec. 1, eff from and after passage (approved July 26, 1968).