15-2102

15-2102. Authorization of school district
impact aid revenue bonds

A. On voter approval pursuant to section 15-491, a school district governing board
may issue negotiable impact aid revenue bonds pursuant to this article. Bonds may be
issued under this article in a total aggregate amount not to exceed three times the
average of the school district's annual impact aid revenues for the five years
immediately preceding the issuance of the bonds. The bond proceeds may be used to:

1. Provide monies to pay the cost of:

(a) Capital projects authorized under chapter 4, article 5 of this title.

(b) Bond related expenses including any expenses incurred by the school district to
issue and administer its bonds including underwriting fees and costs, trustee fees,
financial consultant fees, printing and advertising costs, paying agent fees, transfer
agent fees, legal, accounting, feasibility consultant and other professional fees and
expenses, bond insurance or other credit enhancements or liquidity facilities, attorney
and accounting fees and expenses related to credit enhancement, bond insurance or
liquidity enhancement, remarketing fees, rating agency fees and costs, travel and
telephone expenses and all other fees considered necessary by the governing board in
order to market and administer the bonds.

2. Fully or partially fund any reserves or sinking accounts established by the bond
resolution.

B. The governing board shall authorize the bonds by resolution. The resolution
shall prescribe:

1. The fixed or variable rate or rates of interest, payable semiannually, and the
denominations of the bonds.

2. The date or dates of the bonds and maturity, within twenty years after the date
of issuance.

3. The form of the bonds.

4. The manner of executing the bonds.

5. The medium and place of payment.

6. The terms of redemption, which may provide for a premium for early redemption.

C. The bonds issued pursuant to this article shall be known as impact aid revenue
bonds.

D. An accommodation school may issue impact aid revenue bonds only if the
accommodation school is located on a military base.