§ 121.20. Exclusion of certain indebtedness of school districts other
than school districts in a city in ascertaining their power to contract
indebtedness. a. As used in this section:

1. The term "indebtedness" shall mean indebtedness evidenced by bonds
and bond anticipation notes.

2. The term "school district" shall mean a school district other than
a school district in a city.

b. In ascertaining the power of a school district to contract
indebtedness, there may be excluded outstanding indebtedness contracted,
or indebtedness to be contracted, for objects or purposes having periods
of probable usefulness provided in paragraph a. of section 11.00 of this
chapter, to the extent to which the commissioner of education, or such
person or persons as may be designated by him, shall estimate based upon
facts existing on the date of such estimate that moneys receivable by
the school district from the state as an apportionment for debt service
for school building purposes, under laws existing on the date of such
estimate, shall meet the interest on and the annual requirements for the
payment of such indebtedness. Any such estimate shall describe the
indebtedness to which it relates. An estimate shall be effective only
until the June thirtieth next succeeding the date thereof.

c. The commissioner of education by rule or regulation may prescribe
the manner and form in which a school district shall make application
for any such estimate. The department of education shall furnish to the
school district, without charge, three certified copies of any such
estimate.