4-5-41 School district eligibility--Determination and certification.
School district eligibility--Determination and certification.
A school district is an
eligible school district for the purposes of §§ 4-5-40 to 4-5-44, inclusive, if the Health and
Educational Facilities Authority determines and certifies to the State Investment Council and the
Governor that the school district is:
Expected to have sufficient tax and other revenues in the applicable fiscal year sufficient
to pay principal and interest when due on all promissory notes issued or to be issued by
the school district in connection with any program established by the Health and
Educational Facilities Authority pursuant to § 1-16A-75; and
That the principal amount of any promissory notes issued by the school district in
connection with such program does not exceed the principal amount of general obligation
funding bonds that the district is, as of the date of certification, authorized to issue under
§ 13-19-7 and Article XIII, § 4 of the Constitution.
SL 1998, ch 24, § 2.