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Thread: Can a School District Issue Promissory Notes

  1. #1
    Patrick Dendy Guest

    Default Can a School District Issue Promissory Notes

    Can a school district issue promissory notes pursuant to Section 37-57-108 for a revenue shortfall that will result from a reduction in the School Ad Valorem Tax Reduction Fund?

  2. #2
    Patrick Dendy Guest

    Default A School District May Not Issue a Promissory Note

    No. A school district is not authorized to issue promissory notes under Section 37-57-108, due to a reduction in funding from the School Ad Valorem Tax Reduction Fund. (Attorney General´s Opinion to Bounds dated December 19, 2008)

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