7230

BONDS

            No serial bonds may be issued or sold by the School District without prior approval from school district voters to levy the annual taxes necessary to retire the bonds and pay the interest thereon.

            The Board of Education shall select a bonding attorney for the district before taking any steps which might affect the issuance of its bonds.  The bonding attorney should be hired on a fee basis and should be expected to give a professional opinion with respect to the legality of a bond issue.  He/She should also prepare papers and review procedures affecting the salability of the bonds, expedite borrowing, advise on meeting technicalities and furnish appropriate forms.  It shall be the policy of the Board to employ a competent bonding attorney and to follow his/her advice to the letter.

            Revenue from the sale of bonds shall be deposited in an account labeled "Construction Fund" in the designated depository bank.  Revenue from separate bond sales may not be commingled, but must be deposited in separate construction fund accounts.

Adoption Date:    January 1, 1993

Reviewed on:    September 29, 2003