53A-18-101. School district tax anticipation notes.
(1) A local school board may borrow money in anticipation of the collection of taxes or
other revenue of the school district so long as it complies with Title 11, Chapter 14, Local
Government Bonding Act.
(2) The board may incur indebtedness under this section for any purpose for which
district funds may be expended, but not in excess of the estimated district revenues for the
current school year.
(3) Revenues include all revenues of the district from the state or any other source.
(4) The district may incur the indebtedness prior to imposing or collecting the taxes or
receiving the revenues. The indebtedness bears interest at the lowest obtainable rate or rates.
Amended by Chapter 105, 2005 General Session
Download Code Section Zipped WordPerfect 53A18_010100.ZIP 1,929 Bytes
Sections in this Chapter|Chapters in this Title|All Titles|Legislative Home Page
Last revised: Thursday, May 28, 2009