§70-15-206. Requirements for districts applying for guarantee.
111 words·~1 min read·
/ok/title-70-schools/70-15-206A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Any district applying to utilize the provisions of this act for its bonded indebtedness shall:
1. Be certified to be in good standing and be accredited without probation by the State Board of Education;
2. Verify to the Commissioners that the bond issue involved is within any limitation provided by law;
3. Comply with such criteria or other requirements deemed necessary by the Commissioners; and
4. Fully comply with all provisions of the rules promulgated by the Commissioners pursuant to this act.
B. No guarantee of bonds shall be effective unless approved by a majority of the Commissioners. Added by Laws 1994, c. 346, § 6, eff. Nov. 8, 1994.