Sec. 3. Before a security agreement is executed, an appropriation for the amount of the purchase price must be made. The appropriation is made in the same manner as any other appropriation, except that the amount of the appropriation is not limited by the amount of funds available at the time of the execution or the amount of funds to be raised by a tax levy effective at the time of the execution. A petition to borrow, a notice to taxpayers, or other formality is not necessary, except: (1) as specifically provided in this chapter; and (2) as may be required by law for the issuance of general obligation bonds. [Pre-2005 Elementary and Secondary Education Recodification Citation: 20-9.1-6-3.]
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