(a) In each instance in which a loan from the Revolving Loan Fund is to be secured in whole by funds derived from sources other than from a specifically voted continuing ad valorem tax levy on the taxable real and personal property within the bounds of the school district, the board of directors of the school district, acting through its chair or president, and secretary, shall cause to be published by one (1) insertion in a newspaper having a general circulation within the school district a notice of its intention to borrow funds, setting forth therein the amount of funds that it proposes to borrow, the purposes for which the funds are to be used, and the particular funds of the school district that it proposes to pledge to secure the payment of the loan.
(b) In no such instance may a loan be made from the Revolving Loan Fund without the approval of a majority of the qualified electors voting on the proposition at a legally held school election whenever, on or before the fourteenth day next following the publication of any such notice as aforesaid, petitions objecting to such proposed loan containing the signatures of not less than twenty percent (20%) of the qualified electors residing within the school district shall be filed with, and certified as sufficient by, the clerk of the county court of the county in which the school district is located.
(c) In the event, however, that no such petitions shall be filed within the fourteen-day period, or in the event any such petitions that may be filed within the period shall fail to contain the requisite number of valid signatures as certified by the county court clerk, the school district board of directors shall proceed with the making of the loan.
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