§ 45-55-243-11

The county board of educationand each city board of education which receives proceeds of the taxes leviedby this subpartmay (1) apply and use the proceedsdistributed to such board for any public school or public education purposeincluding, without limitation, the administration, operation, maintenance,repair, restoration, renovation, acquisition, and construction of real andpersonal property of every kind, nature, and description, or any intereststherein (including, without limitation, public school buildings and facilitiesand public school transportation facilities and busses) and (2) pledge all or asufficient amount of the proceeds distributed to the board for the benefit ofany bonds, warrants, notes, funding agreements, lease agreements, or otherobligations delivered or issued by, or for the benefit of, such board ofeducation. The proceeds to bedistributed to the county pursuant to paragraph b. of subdivision (1) andparagraph c. of subdivision (2) of Section 45–55–243.10 may be used by thecounty for any lawful purpose including, without limitation, the payment of theprincipal of, premium, if any, and interest on any bonds,

. of subdivision (2) of Section 45–55–243.10 may be used by thecounty for any lawful purpose including, without limitation, the payment of theprincipal of, premium, if any, and interest on any bonds, warrants, notes,securities, funding agreements, or other obligations delivered or issued by the countyand such tax proceeds may bepledged for such payment to the extentotherwise permitted by law.(Act 2007–371, p. 727, § 13.)