SEC. 37-41-89. Authority to borrow money.
The school board of any school district, with the approval of the State Board of Education, may borrow money for the purchase of school transportation equipment or to establish, erect and equip school bus shops or garages, and purchase land therefor, and issue the negotiable notes or bonds of the school district as evidence of the indebtedness so incurred.
SOURCES: Codes, 1942, Sec. 6367-05; Laws, 1953, Ex Sess, ch. 18, Sec. 5; 1982, ch. 354, Sec. 24; 1986, ch. 492, Sec. 151, eff from and after July 1, 1987.