Okla. Stat. tit. 70, § 70-7-103: Annexation or disorganization - Assumption of bonded

indebtedness.

A. The component parts (or part) of the district annexed,

whether the annexation is or was voluntary or mandatory under the

provisions of this or any prior act, shall assume their full

proportion of all legal bonded indebtedness of the district or

districts to which they are or were annexed, and the district or

districts to which they are or were annexed shall likewise assume a

full proportion of all legal bonded indebtedness of the district

annexed, or ratable proportion in ratio to the assessed valuation to

the part annexed.

B. Provided, that if the area affected is or has been annexed

under the provisions of this article to a school district

(hereinafter referred to as the "first" district) having a bonded

indebtedness at the time of said annexation, and if at the time of

said annexation said area affected is or was not liable for any

bonded indebtedness, and if within four (4) calendar months or less

after said annexation all or any portion of the territory of the

area affected is or has been detached from the first district to

become a part of some other school district (hereinafter referred to

as the "second" district) then:

1. If the detachment of said territory occurs in any fiscal

year after the effective date of this subsection, and before the

certification of the budgets and levies of the first district for

said fiscal year to the State Auditor and Inspector, neither the

said detached territory nor the second district shall have any

liability for the payment of any part of the bonded indebtedness of

the first district which existed when the area affected was annexed

to the first district; or

2. If the detachment of said territory occurs in any fiscal

year after the effective date of this subsection, and after the

certification of the budgets and levies for said fiscal year of the

first district to the State Auditor and Inspector, the said detached

territory shall continue to bear its share of the bonded

indebtedness of the first district as prescribed by subsection A of

this section for the remainder of said fiscal year, but the second

district shall not be liable for any part of the bonded indebtedness

of the first district which existed at the time of the annexation of

the area affected to the first district; and after the beginning of

the next succeeding fiscal year neither the said detached territory

nor the second district shall have any liability for any of the

bonded indebtedness of the first district which existed at the time

the area affected was annexed to the first district.