18A:22-25 - Borrowing against appropriation on notes
18A:22-25.Ā Borrowing against appropriation on notes
The board of education may, after July 1 and before January 1, borrow a sumĀ not exceeding one half of the amount appropriated for the current expenses ofĀ the schools and for the repair of schoolhouses under its control, and executeĀ and deliver promissory notes therefor, and pay the amount so borrowed togetherĀ with interest thereon, at a rate not exceeding 6% per annum.
Ā
L.1967, c.271.
Ā
The board of education may, after July 1 and before January 1, borrow a sumĀ not exceeding one half of the amount appropriated for the current expenses ofĀ the schools and for the repair of schoolhouses under its control, and executeĀ and deliver promissory notes therefor, and pay the amount so borrowed togetherĀ with interest thereon, at a rate not exceeding 6% per annum.
Ā
L.1967, c.271.
Ā
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