If the boards cannot agree on how to divide and distribute the matter, disinterested arbitrators decide it; their written decision is filed with the secretary of the new corporation, and a party may appeal to district court within 20 days after filing.
1. If the boards cannot agree on such division and distribution, the matters on which they differ shall be decided by disinterested arbitrators, one selected by the initial board of directors of the newly formed district, one selected jointly by the boards of directors of contiguous districts receiving territory of the school districts affected, and one selected by the area education agency administrator. 2. The decision of the arbitrators shall be made in writing and filed with the secretary of the new corporation, and a party to the proceedings may appeal the decision to the district court by serving notice on the secretary of the new corporation within twenty days after the decision is filed. The appeal shall be tried in equity and a decree entered determining the entire matter, including the levy, collection, and distribution of any necessary taxes. 3. a. If a school district affected by the reorganization has outstanding bonds issued under section 423E.5* or 423F.4, the arbitrators’ decision and any decision of the court on appeal shall assure that the estimated revenue under section 423F.2 for each district to which liability for payment of such bonds is assigned is sufficient for the payment of principal and interest on the outstanding bonds required to be paid in the budget year following reorganization. b. The issuance of the arbitrators’ decision or court decision on appeal creates a lien on the revenues from the secure an advanced vision for education fund received by the district to which the liability for payment of the bonds were assigned, subject to the same priority as provided by the affected school district that issued the bonds. [C73, §1715; C97, §2802; S13, §2802, 2820-g; C24, 27, 31, 35, 39, §4138; C46, 50, §274.20; C54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §275.30] 93 Acts, ch 160, §10; 2015 Acts, ch 93, §4, 8 Referred to in §256.11, 275.1, 275.12, 275.28 *Chapter 423E repealed effective June 30, 2023, pursuant to terms of former §423E.7; corrective legislation is pending