Section 22-19-8 - Records; restriction on use of income

A. A local school board shall retain complete and accurate records of: (1) the net income from the income project; and (2) the operating costs of the income project. B. All income from the income project shall be used solely for the following purposes: (1) to pay the principal, interest and service charges on any bonds or other special obligations issued pursuant to the School Revenue Bond Act; and (2) to pay the operating costs of the income project. History: 1953 Comp., § 77-16-8, enacted by Laws 1967, ch. 16, § 247.