18A:22-44.1 - Borrowing by Type II district for current expenses and repairs;Ā payment
18A:22-44.1.Ā Borrowing by Type II district for current expenses and repairs;Ā payment
The board of education of any Type II district may, after July 1 and beforeĀ January 1, borrow a sum not exceeding 1/2 of the amount appropriated forĀ the current expenses of the schools and for the repair of schoolhouses underĀ its control, and execute and deliver promissory notes therefor, and pay theĀ amount so borrowed together with interest thereon, at a rate not exceeding 6%Ā per annum.
L.1968, c. 384, s. 1, supplementing art. 3B, c. 22, Title 18A, eff. Dec. 27,Ā 1968.
Ā
The board of education of any Type II district may, after July 1 and beforeĀ January 1, borrow a sum not exceeding 1/2 of the amount appropriated forĀ the current expenses of the schools and for the repair of schoolhouses underĀ its control, and execute and deliver promissory notes therefor, and pay theĀ amount so borrowed together with interest thereon, at a rate not exceeding 6%Ā per annum.
L.1968, c. 384, s. 1, supplementing art. 3B, c. 22, Title 18A, eff. Dec. 27,Ā 1968.
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