(1) For an elementary or high school district that is ineligible to receive guaranteed tax base aid under the provisions of 20-9-367 , MCA, the maximum amount for which the district may become indebted by the issuance of bonds is 45% of the taxable valuation of the property within the district.

(2) For an elementary or high school district that is eligible to receive guaranteed tax base aid under the provisions of 20-9-367 , MCA, the maximum amount for which the district may become indebted by the issuance of bonds is calculated as follows:

(a) For an elementary district,

Statewide mill value per elementary ANB x Elementary ANB x 1000 x 45%,

(b) For a high school district,

Statewide mill value per high school ANB x High School ANB x 1000 x 45%.

(3) The statewide mill value per ANB applicable to the calculation in (2) is the statewide mill value per ANB for the school fiscal year in which the bonds are sold.

(4) The district average number belonging (ANB) applicable to the calculation in (2) is the district ANB for the school year in which the bonds are sold. Enrollment increases approved under 20-9-166 , MCA after October 1 do not constitute an increase in ANB for the purpose of calculating the district's maximum bonded indebtedness.

(5) For a K-12 district, formed pursuant to 20-6-701 , MCA, the maximum amount for which the district may become indebted is the sum of the amounts computed separately for the elementary and high school programs.

(a) The maximum amount for which a K-12 district may become indebted for elementary school program purposes is limited to the amount calculated for the elementary program under (1) and (2) .

(b) The maximum amount for which a K-12 district may become indebted for high school program purposes is limited to the amount calculated for the high school program under (1) and (2) .