SEC. 37-101-401. declaration of necessity for issuance of bonds; maximum amount of bonds outstanding; maturity date.
In addition to its other powers and duties, the Board of Trustees of the Institutions of Higher Learning shall have the power and is hereby authorized, at one time or from time to time, to declare by resolutions the necessity for the issuance of negotiable general obligation bonds, for the purpose of purchasing equipment necessary to the operation of the Institutions of Higher Learning, but in no event shall the total amount of bonds outstanding at any one time exceed Fifteen Million Dollars ($15,000,000.00). No bond or note shall be made or issued which has a maturity more than ten (10) years from the date of issue. As used in this section, the term "bonds" includes other certificates of indebtedness.
SOURCES: Laws, 1989, ch. 498, Sec. 1, eff from and after passage (approved April 4, 1989).