§ 16-3-17 - Capital outlay debt limitation.
SECTION 16-3-17
§ 16-3-17 Capital outlay debt limitation.– The regional school district financial meeting or regional representativesunder the provisions of § 16-3-14 shall be subject to the statutory debtlimit for incurring debt for capital outlay purposes in those regional schooldistricts embracing all the educational functions of the area to ten percent(10%) of the full valuation of the taxable real property within the district asdetermined by the department of administration. If this results in increasingthe debt requirements over the debt limits of any town or city which representsless than half (1/2) of the true valuation of the regional school district,this shall not be considered as a violation of the debt limit in the town orcity.