§ 21-13-501 — Board of trustees of any school district authorized to hold election; building or repayment fund generally

(a) The board of trustees of any school district may,
whenever a majority thereof so decide, submit to the electors of
the district the question whether the board shall be authorized
to start a building fund of a certain amount, to be raised
within a certain number of years, for the purpose of acquiring
land, erection, enlargement, and equipping of school buildings,
teacherages, garages or other such buildings as may be needed
for school purposes therein, or submit the question of whether
the board is authorized to direct the county treasurer to
annually levy against the property of the district to pay off
existing school district or school facility authority refunding
bonds of a certain amount, not to exceed four percent (4%) on
the assessed value of the taxable property therein as shown by
the last preceding general assessment. The fund and any
interest accruing thereto shall be held by the county treasurer
for the purposes herein specified and shall be used for no other
purpose. The fund may be voted and raised in addition to the
existing bonded indebtedness of the district.
(b) The authority for levies to pay off existing refunding
bonds as specifically authorized by this section is only
effective for school districts receiving voter approval on or
before September 15, 1982.