28A.525.310 - Proceeds from voter-approved bonds, voter-approved levies, and other funding -- Use for installment purchase contracts and leases with options to purchase.

Proceeds from voter-approved bonds, voter-approved levies, and other funding — Use for installment purchase contracts and leases with options to purchase.

The board of directors of any school district may use the proceeds of voter-approved bonds, voter-approved levies, state allocations for financial assistance, or other funds available to the district for: (1) Payment of an installment purchase contract for school plant facilities; or (2) payments under any financing lease the term of which is ten years or longer and that contains an option by the school district to purchase the leased property for nominal consideration. The authority granted by this section for the use of moneys from such sources is in addition to, and not in limitation of, any other authority provided by law, and the proceeds of voter-approved bonds or tax levies may be used for such payments to the full extent allowed by Article VII, section 2 of the state Constitution.

[1999 c 386 § 2.]