§ 37-59-41. Borrowing of money in anticipation of taxes for benefit of agricultural high schools
The board of trustees of any agricultural high school shall have the power and authority to borrow money for the current expenses of such agricultural high school in anticipation of the collection of ad valorem taxes for the current fiscal year. The money so borrowed shall bear interest at a rate not greater than that […]
§ 37-59-43. Investment of surplus funds
Whenever any school district or levying authority, as defined in Section 37-57-1(1)(b), acting on behalf of a school district, shall have on hand any bond and interest funds, any funds derived from the sale of bonds, or any other funds in excess of the sums which will be required for payment of current obligations and […]
§ 37-59-45. Article as sole authority for incurring of indebtedness
No interest-bearing indebtedness shall hereafter be incurred by any such school district except in the manner provided in this article or as may otherwise be provided by law.
§ 37-59-25. Form of bonds; supplemental powers conferred in issuance of bonds
All bonds issued under the provisions of this article shall be lithographed or engraved, and printed in two (2) or more colors, to prevent counterfeiting. Provided, however, where the bonds are sold to less than ten (10) purchasers at closing and the purchasers consent, a temporary bond or bonds may be issued in typewritten form […]
§ 37-59-27. Maturities of bonds; interest rates; execution of bonds; maintenance of register of bond issues
All bonds issued by a school district shall mature annually, with all maturities not longer than twenty (20) years. Not less than one-fiftieth (1/50) total issue shall mature each year during the first five (5) years of the life of such bonds, and not less than one-twenty-fifth (1/25) of the total issue shall mature each […]
§ 37-59-29. Disposition of proceeds of bonds; liability for diversion of funds
The proceeds of any bonds issued by a school district shall be placed in the county or municipal treasury or depository, as the case may be, if there be one, as a special fund, and shall be used for no other purpose than that for which such bonds were authorized to be issued. If the […]
§ 37-59-31. Election on withdrawing or revoking authority to issue bonds or on amending purpose for which bonds may be issued
In any case where the issuance of the bonds of a school district has been authorized pursuant to referendum of the qualified electors of the school district under the provisions of this article, and at any time prior to the actual issuance and sale of said bonds, there should be a resolution adopted by the […]
§ 37-59-33. Transfer of balance of proceeds of bond issue
Whenever a balance shall remain of the proceeds of any bond issue after the purpose for which such bonds were issued shall have been accomplished, such balance shall forthwith be transferred to the bond and interest fund applicable to such bond issue.
§ 37-59-35. Use of bond and interest funds to buy outstanding bonds
Whenever there shall be on hand in any bond and interest fund an amount in excess of the amount which will be required for expenditure therefrom within the then next succeeding twelve (12) months, the school board may use such excess amount to purchase the outstanding bonds of such school district which are payable from […]
§ 37-59-37. Borrowing of money for current expenses in anticipation of school district taxes
The school board of any school district shall have the power and authority to borrow money for the anticipated current year’s expenses of such school district in anticipation of the collection of ad valorem taxes and other revenues of such school district for the then current fiscal year.The money so borrowed shall bear interest at […]