{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-7-103","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-7-103","heading":"Annexation or disorganization - Assumption of bonded","body":"indebtedness.\n\nA. The component parts (or part) of the district annexed,\n\nwhether the annexation is or was voluntary or mandatory under the\n\nprovisions of this or any prior act, shall assume their full\n\nproportion of all legal bonded indebtedness of the district or\n\ndistricts to which they are or were annexed, and the district or\n\ndistricts to which they are or were annexed shall likewise assume a\n\nfull proportion of all legal bonded indebtedness of the district\n\nannexed, or ratable proportion in ratio to the assessed valuation to\n\nthe part annexed.\n\nB. Provided, that if the area affected is or has been annexed\n\nunder the provisions of this article to a school district\n\n(hereinafter referred to as the \"first\" district) having a bonded\n\nindebtedness at the time of said annexation, and if at the time of\n\nsaid annexation said area affected is or was not liable for any\n\nbonded indebtedness, and if within four (4) calendar months or less\n\nafter said annexation all or any portion of the territory of the\n\narea affected is or has been detached from the first district to\n\nbecome a part of some other school district (hereinafter referred to\n\nas the \"second\" district) then:\n\n1. If the detachment of said territory occurs in any fiscal\n\nyear after the effective date of this subsection, and before the\n\ncertification of the budgets and levies of the first district for\n\nsaid fiscal year to the State Auditor and Inspector, neither the\n\nsaid detached territory nor the second district shall have any\n\nliability for the payment of any part of the bonded indebtedness of\n\nthe first district which existed when the area affected was annexed\n\nto the first district; or\n\n2. If the detachment of said territory occurs in any fiscal\n\nyear after the effective date of this subsection, and after the\n\ncertification of the budgets and levies for said fiscal year of the\n\nfirst district to the State Auditor and Inspector, the said detached\n\nterritory shall continue to bear its share of the bonded\n\nindebtedness of the first district as prescribed by subsection A of\n\nthis section for the remainder of said fiscal year, but the second\n\ndistrict shall not be liable for any part of the bonded indebtedness\n\nof the first district which existed at the time of the annexation of\n\nthe area affected to the first district; and after the beginning of\n\nthe next succeeding fiscal year neither the said detached territory\n\nnor the second district shall have any liability for any of the\n\nbonded indebtedness of the first district which existed at the time\n\nthe area affected was annexed to the first district.","path":["OK Code","Title 70"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os70.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"dc4aa8adff96a603b1b57f915b7f2b48c3ff3d82d17401a6730eef686fa5a108","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-7-101.1","next":"us-ok/okla.-stat.-tit.-70-70-7-104"},"notice":"GroundRules: Original legal text. Not legal advice."}