15-2102. Authorization of school district impact aid revenue bonds
A. On voter approval pursuant to section 15-491, a school district governing board may issue negotiable impact aid revenue bonds pursuant to this article. Bonds may be issued under this article in a total aggregate amount not to exceed three times the average of the school district s annual impact aid revenues for the five years immediately preceding the issuance of the bonds. The bond proceeds may be used to:
1. Provide monies to pay the cost of:
(a) Capital projects authorized under chapter 4, article 5 of this title.
(b) Bond related expenses including any expenses incurred by the school district to issue and administer its bonds including underwriting fees and costs, trustee fees, financial consultant fees, printing and advertising costs, paying agent fees, transfer agent fees, legal, accounting, feasibility consultant and other professional fees and expenses, bond insurance or other credit enhancements or liquidity facilities, attorney and accounting fees and expenses related to credit enhancement, bond insurance or liquidity enhancement, remarketing fees, rating agency fees and costs, travel and telephone expenses and all other fees considered necessary by the governing board in order to market and administer the bonds.
2. Fully or partially fund any reserves or sinking accounts established by the bond resolution.
B. The governing board shall authorize the bonds by resolution. The resolution shall prescribe:
1. The fixed or variable rate or rates of interest, payable semiannually, and the denominations of the bonds.
2. The date or dates of the bonds and maturity, within twenty years after the date of issuance.
3. The form of the bonds.
4. The manner of executing the bonds.
5. The medium and place of payment.
6. The terms of redemption, which may provide for a premium for early redemption.
C. The bonds issued pursuant to this article shall be known as impact aid revenue bonds.
D. An accommodation school may issue impact aid revenue bonds only if the accommodation school is located on a military base.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.