Section 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.