or parts of school districts, that existed as school corporations before the taking effect of this act, and that are now included in one school district, shall effect an equalization of property, funds on hand and debts. To effect this each school board of such corporation as shall constitute a school district under the operation of this act shall select one arbitrator, and the several arbitrators so selected, together with the county superintendent, shall constitute a board of arbitration to effect such equalization. If in any case the number of arbitrators, including the county superintendent, should be an even number, the county treasurer shall be included and be a member of said board. The county superintendent shall fix the time and place of said meeting.
§ 112. TAX TO EQUALIZE AND PAY PREVIOUS DEBTS.] Said board shall take account of the assets, funds on hand, the debts properly of corporation, as it or they existed heretofore, and levy such a tax against eaclh such corporation or part of corporation as will in their judgment, justly and fairly equalize their several interests.
§ 113. MAXIMUM ANNUAL TAX LEVY FOR SUCH PURPOSES.] When the amounts to be levied upon the several corporations or parts of corporations mentioned in the preceding section shall be fixed, a list thereof shall be made wherein the amount shall be set down opposite each such corporation. The whole shall be stated substantially in the form herein required for certifying school taxes, and addressed to the county auditor, and shall be signed by a majority of said board of arbitration; said levy shall be deemed legal and valid upon the taxable property of each such corporation; Provided, however, That not more than fifteen (15) mills thereof shall be extended against said taxable property in any one year, and such a levy, not exceeding fifteen (15) mills on the dollar, shall be extended as in this section provided, from year to year, until the whole amount shall be so levied. The county auditor shall preserve such levies, and shall extend the several rates from year to year, as above required by law for district taxes, and the taxes shall be collected at the same time and in the same manner as other taxes are collected.
§ 114. PROCEEDS TO BE TURNED OVER TO THE RESPECTIVE DISTRICTS.] Opposite the several descriptions of property on the tax list shall be entered the school district within which it lies, and all the proceeds of these equalizing taxes shall be collected and paid over to the treasurer of the proper school district within which the property is situated. The proceeds of taxes upon parts of districts lying outside of districts as at present constituted, with which they were equalized, shall be paid to the treasurer of the school district within which the property is situated, the same as hereinbefore provided for regular taxes.
§ 115. MAXIMUM TAX LEVY FOR ALL SCHOOL PURPOSES.] The taxes levied for purposes of equalization shall be, in addition to all other taxes for school purposes; Provided, however, That all
