§ 59-31-60. Issuing notes for books or borrowing to pay for same.
219 words·~1 min read·
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§ 59-31-60. Issuing notes for books or borrowing to pay for same.
The State Board of Education may issue its negotiable notes with interest not exceeding three and one-half per cent per annum and may pledge all books purchased and all rentals collected under Article 3 of this chapter, after the payment of all administrative expenses, for the discharge of rental or purchase contracts. The full faith, credit and taxing power of the State are pledged for the payment of such notes. The State Board of Education, in its discretion, may borrow upon the same terms as above authorized, from any available source, the money with which to purchase such schoolbooks, at a rate of interest not to exceed three and one-half per cent per annum.
But no notes shall be issued hereunder without the written approval of the State Fiscal Accountability Authority. For the purpose of carrying out the provisions of Articles 1 to 5 of this chapter and enabling the State to avail itself to the fullest extent of Federal aid, in the form of grants or otherwise, that is available for use in the State for this and other purposes, the Governor shall procure from all sources available such amounts of funds as may be needed to carry out the terms and purposes of said articles.