Sec. 17. (a) The governing board may borrow money and may secure the borrowing by a pledge of the following: (1) Amounts from the cumulative building fund. (2) Accounts receivable. (3) A security interest in capital equipment for which the proceeds of the loan is used. (4) Other security, including the excess of unobligated revenues over operating expenses. (b) The term of a loan may not exceed thirty-five (35) years. [Pre-1993 Recodification Citation: 16-12.1-4-7.]
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