In accordance with law, the Board by resolution may determine that the district should issue negotiable bonds. These bonds may only be used for the purposes of:

  1. Refunding any bonded indebtedness which is or is about to become due and payable or whenever such indebtedness can be refunded at a lower rate of interest to fund any judgment or outstanding warrants;

  2. Raising money for any purpose for which the Board is authorized to spend school district funds.

The proposition to issue bonds, except bonds to fund registered warrants or to refund bonded indebtedness, will first be submitted to the electors of the district at a general or special election.

The amount of money borrowed will not exceed the sum of 10 percent of the previous year’s assessed valuation.

Election will be set by the Board.