20-9-407. Industrial facility agreement for bond issue in excess of maximum. (1) Pursuant to an agreement between a new major industrial facility and a school district and as a precondition to qualifying as class five property under 15-6-135(1)(c) before the amendment of 15-6-135 in Chapter 644, Laws of 2023, the new major industrial facility and its owners shall pay, in addition to the taxes imposed by the school district on property owners generally, as much of the principal and interest on the bonds provided for under former subsection (1) of this section before the amendment in Chapter 644, Laws of 2023 as represents payment on an indebtedness in excess of the limitation prescribed in 20-9-406. After the completion of the new major industrial facility and when the indebtedness of the school district no longer exceeds the limitation prescribed in former subsection (1) of this section before the amendment in Chapter 644, Laws of 2023, the new major industrial facility is entitled, after all the current indebtedness of the school district has been paid, to a tax credit over a period of no more than 20 years. The credit must as a total amount be equal to the amount that the facility paid the principal and interest of the school district's bonds in excess of its general liability as a taxpayer within the district.

(2) A major industrial facility is a facility subject to the taxing power of the school district, whose construction or operation will increase the population of the district, imposing a significant burden upon the resources of the district and requiring construction of new school facilities. A significant burden is an increase in ANB of at least 20% in a single year.