79-486. New districts; proceeds of sale and funds of old district; how apportioned.All money on hand and arising from the sale of schoolhouse and site and all other funds of the divided districts described in section 79-485 shall be divided among the several districts created in whole or part from the divided districts as nearly as practicable in proportion to the taxable valuation of the taxable property attached to the districts formed in whole or in part by such division.Source Laws 1881, c. 78, subdivision I, § 14, p. 335; R.S.1913, § 6713; C.S.1922, § 6251; C.S.1929, § 79-114; R.S.1943, § 79-127; Laws 1949, c. 256, § 54, p. 711; Laws 1979, LB 187, § 223; Laws 1992, LB 719A, § 180; R.S.1943, (1994), § 79-415; Laws 1996, LB 900, § 235. Annotations Apportionment of assets of school districts upon partial or complete merger, division, or annexation decided. School Dist. No. 74 of Hall County v. School Dist. of Grand Island, 186 Neb. 728, 186 N.W.2d 485 (1971).
Nebraska Legal Code