§ 70-15-206. Requirements for districts applying for guarantee.

A.  Any district applying to utilize the provisions of this act for its bonded indebtedness shall:

1.  Be certified to be in good standing and be accredited without probation by the State Board of Education;

2.  Verify to the Commissioners that the bond issue involved is within any limitation provided by law;

3.  Comply with such criteria or other requirements deemed necessary by the Commissioners; and

4.  Fully comply with all provisions of the rules promulgated by the Commissioners pursuant to this act.

B.  No guarantee of bonds shall be effective unless approved by a majority of the Commissioners.

Added by Laws 1994, c. 346, § 6, eff. Nov. 8, 1994.