15-2103. Issuance and sale of impact aid
revenue bonds
A. The governing board shall issue the bonds in the number and amount provided in
the resolution.
B. The bonds shall be sold at public or private sale at the price and on the terms
prescribed in the resolution for at, above or below par.
C. The proceeds of the sale of the bonds shall be deposited in the county treasury
to the credit of the school district' s impact aid revenue bond building fund. These
deposits may be drawn out for the purposes authorized by this article as other school
monies are drawn.
D. Revenue bond proceeds shall not be expended for items whose useful life is less
than the average life of the bonds issued, except that bond proceeds shall not be
expended for items whose useful life is less than five years.
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