(a)
(1) The public school districts of this state are authorized to accept interest-free loans from agencies of the federal government if incurring the indebtedness is approved by the State Board of Education.
(2) The state board shall not grant its approval unless it is satisfied that the projected revenues and expenses of the school district during the duration of the loan indicate that the school district will be able to retire the debt.
(b) Furthermore, all such loans accepted by public school districts prior to June 12, 1987, are ratified and declared valid.
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