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.]
As added by P.L.2-1993, SEC.5.
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