Section 13-19-1 - School board power to borrow on notes--Authorization, issuance and sale--Maximum term

13-19-1. School board power to borrow on notes--Authorization, issuance and sale--Maximum term.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. Source: SL 1955, ch 41, ch 10, §16; SDC Supp 1960, §15.2216; SL 1965, ch 48; SL 1975, ch 128, §117; SL 1984, ch 43, §102C; SL 1985, ch 127, §1.