Section 6-20-1201 - Authority to borrow money and issue negotiable bondsA school district may borrow money and issue negotiable bonds to repay borrowed moneys from school funds for:
(1) Building and equipping school buildings;(2) Making additions and repairs to school buildings;(3) Purchasing sites for school buildings;(4) Purchasing new or used school buses;(5) Refurbishing school buses;(6) Providing professional development and training of teachers or other programs authorized under the federally recognized qualified zone academy bond program, 26 U.S.C. § 1397E [repealed];(7) Paying off outstanding postdated warrants, installment contracts, revolving loans, and lease-purchase agreements, as provided by law; and(8) In the case of a new school district created under § 6-13-1505: (A) Purchasing school buildings and other structures;(B) Purchasing new or used furniture, fixtures, and equipment;(C) Paying the costs of the allocation of assets to the new school district; and(D) Paying or retiring the outstanding indebtedness of the original school district that the new school district has become responsible for under § 6-13-1505.Amended by Act 2015, No. 947,§ 2, eff. 4/2/2015.Acts 1931, No. 169, § 59; Pope's Dig., § 11492; A.S.A. 1947, § 80-1101; Acts 1991, No. 405, § 1; 1994 (2nd Ex. Sess.), No. 43, § 1; 2001, No. 1220, § 15; 2003, No. 1738, § 4; 2009, No. 1469, § 10.