As Amended
SEC. 57-39-203. Approval of loans; terms; repayment.
The Executive Director of the Department of Economic and Community Development may enter into agreements with school boards for the purposes of this statute. Any loan shall be made at no interest. School districts may borrow funds from the Department of Economic and Community Development for a term not to exceed five (5) years and shall establish a bond sinking fund to which installment payments shall be made on a monthly basis in equal amounts from the local operation and maintenance fund. From this bond sinking fund, repayment shall be made to the Department of Economic and Community Development annually in equal amounts. In borrowing money under the provisions of this section it shall not be necessary to publish notice of intention to do so or to secure the consent of the qualified electorate of such school district, either by election or otherwise. Such borrowing shall be authorized by order or resolution of such school board.
SOURCES: Laws, 1984, ch. 463, Sec. 2; 1992, ch. 496, Sec. 46, eff from and after July 1, 1992.