13-19-1. School board power to borrow on notes--Authorization, issuance and sale--Maximum term.
76 words·~1 min read·
/sd/title-13/chapter-13-19/13-19-1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any school board may borrow money, from any source willing to lend the money, by issuing a promissory note subject to the limitations and regulations set forth in §§ 13-19-2 to 13-19-6 , inclusive. All notes shall be authorized, issued, and sold in accordance with the provisions of chapter 6-8B , except that no election shall be held and the notes may not be issued for a term in excess of twenty - four consecutive months.