Section 6-631 - Power to incur debt; limitationsThe board of school directors in any school district may, in any year, create and incur an indebtedness against such school district and issue bonds to secure the same, payable as provided by the act of July 12, 1972 (Act No. 185), known as the "Local Government Unit Debt Act," or any amendment or re-enactment thereof, for any or all of the following purposes:
(1) To purchase or acquire proper sites, buildings or grounds for school use, or any lands additional to any existing school sites or grounds;(2) To erect, enlarge, equip or furnish any building for school use;(3) To repair, remodel or rebuild any building of the school district;(3.1) To lease for an extended period building facilities or portions of buildings constructed for school use and/or existing building facilities or portions of existing building facilities altered for school use;(4) To purchase school buses;(5) To pay any indebtedness incurred by any municipality for or on account of the school district or for school purposes, and required by this act to be assumed by the school district;(6) To pay any refund of taxes decreed by an order of court;(7) To refund certain bonds, as hereinafter provided;(8) To fund floating indebtedness incurred for current expenses and debt service;(9) To fund temporary indebtedness incurred for permanent improvements, or in anticipation of proceeds from a bond issue;(10) To purchase or acquire buildings for school use. The indebtedness of any school district shall never exceed fifteen (15) per centum of the last assessed valuation of property taxable for school purposes therein.
1949, March 10, P.L. 30, art. VI, § 631. Amended 1961, Feb. 28, P.L. 57, § 1; 1965, Dec. 1, P.L. 1007, § 1; 1967, March 16, P.L. 9, § 1; 1972, June 1, P.L. 325, No. 89, § 1; 1972, Dec. 6, P.L. 1445, No. 323, § 1, imd. effective.