Private Acts of 1931 Chapter 261

SECTION 1.  That the County Board of Education in all counties of the State having a population of not less than 26,122 and not more than 26,142, by the Federal Census of 1930, or any subsequent Federal Census, be and the same is hereby authorized and empowered to borrow money and to issue the note or notes of the County Board of Education for a period of time not greater than one year, and at a rate of interest not greater than six per cent per annum, for the purpose of obtaining money with which to pay the salaries of teachers and the necessary operating expenses of the Elementary and High Schools until county taxes for the previous year are collected, and until the State Apportionments and Equalization Funds for schools for the current year are received.  The note or notes for said loan or loans shall be repaid out of funds collected by the County Trustee for school purposes; provided, that no money can be borrowed for elementary school purposes and repaid out of high school funds and that no money can be borrowed for high school purposes and repaid out of elementary school funds, and provided further that the money borrowed for the operation of high school [sic] or elementary schools during any school year must be repaid out of funds collected for the operation of schools for that year, and it shall be unlawful for the County Board of Education to borrow any money in excess of the funds to be collected for the operation of said schools for any one year.  The loan or loans obtained for the benefit of the elementary schools shall not exceed $60,000.00 for any one year, and the loan or loans obtained for the benefit of high schools shall not exceed $30,000.00 for any one year.

SECTION 2.  That loans heretofore obtained by said County Board of Education in counties, aforesaid, and notes or warrants executed by said County Board of Education, in counties, aforesaid, are hereby validated to the extent of not exceeding $10,000.00 for the benefit of elementary schools, and $10,000.00 for the benefit of high schools.

SECTION 3.  That all laws and parts of laws in conflict with this Act be and the same are hereby repealed.

SECTION 4.  That this Act take effect from and after its passage, the public welfare requiring it.

Passed:  March 21, 1931.