53A-18-101 - School district tax anticipation notes.
53A-18-101. School district tax anticipation notes.
(1) A local school board may borrow money in anticipation of the collection of taxes orother revenue of the school district so long as it complies with Title 11, Chapter 14, LocalGovernment Bonding Act.
(2) The board may incur indebtedness under this section for any purpose for whichdistrict funds may be expended, but not in excess of the estimated district revenues for thecurrent 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 orreceiving the revenues. The indebtedness bears interest at the lowest obtainable rate or rates.
Amended by Chapter 105, 2005 General Session