§ 23-71-407 — Short-term loans

The board of trustees of any district may
negotiate or contract with any person, corporation, association, or company for a
loan not to exceed the difference between the anticipated revenues for the current
fiscal year for the general fund and the amount credited to date to said general
fund in order to eliminate the necessity of issuing registered warrants upon said
general fund. Such loan shall be liquidated within six months thereafter from
moneys subsequently credited to said general fund. The total rate of interest,
including fees to be paid on such loan, shall not exceed seventy-five percent of the
discount rate set by the federal reserve board for the tenth federal reserve district
establishing the rate of interest which federal reserve banks shall charge member
banks when such member banks borrow money from a federal reserve bank.

Legislative History

Source: L. 75: Entire article added, p. 766, � 1, effective July 1. L. 80: Entire section amended, p. 556, � 2, effective April 13. L. 86: Entire section amended, p. 860, � 40, effective July 1.