9-5-18. Bonded indebtedness of annexing school district--Tax levy--Property in annexed district exempt. Except as otherwise provided in the plan for consolidation, all existing bonded indebtedness of the school district to which annexation is made shall be paid by such school district by a tax to be levied exclusively upon the property subject to taxation within the limits of the same as it existed prior to such annexation or as such original limits are changed, and none of the real estate or property embraced within the limits of the annexed school district shall ever be subjected in any way to the payment of any part of said bonded indebtedness.
Source: SL 1951, ch 249, § 12; SDC Supp 1960, § 45.29A12.
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