§ 20-A §8465 — Bonding authority

A region may issue bonds and notes for school construction purposes. For purposes of this section, school construction purposes include minor capital costs relating to maintenance of plant. The cooperative board shall decide whether the issuance of bonds or notes by the region for school construction purposes is necessary. The cooperative board shall administer the process of determining whether the issuance of bonds or notes is authorized, and, if so, it shall issue the bonds or notes and administer the proceeds of, and the payment of principal of and interest on, those bonds or notes after issuance. A region may issue bonds and notes for school construction purposes only under the following provisions.
1.
Regional referendum.
If the cooperative board decides that issuance of bonds or notes by the region for school construction purposes is necessary:
2.
Bond resolutions.
If the cooperative board determines from the regional referendum vote that bonds or notes are authorized to be issued for school construction purposes, then the following applies.
3.
Prior bonds and notes.
All actions taken in connection with bonds and notes for school construction purposes by career and technical education regions and their officers prior to October 1, 1975 continue to be valid.

Legislative History

PL 1981, c. 693, §§5,8 (NEW). PL 1987, c. 98, §4 (AMD). PL 1991, c. 518, §30 (AMD). PL 1991, c. 716, §6 (AMD). PL 1993, c. 742, §1 (AMD). PL 2003, c. 545, §5 (REV).