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Thread: Borrowing 16th section principal funds to pay old notes and use of the balance.

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    Janet Wilson Guest

    Default Borrowing 16th section principal funds to pay old notes and use of the balance.

    Q May the district borrow $150,000 from its 16th section principal fund to pay off the two old notes and use the remainder of the $150,000 to build new school buildings?

    A No. A permitted use of proceeds may not be combined with an impermissible use to authorize a district to borrow monies from the sixteenth section land principal fund. (Attorney General’s Opinion to Dearman dated February 20, 2009)
    Last edited by Janet Wilson; 10-12-2009 at 04:58 PM.

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