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?
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?
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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