Tax Proceeds May Be Pledged

The tax proceeds to be distributed to any board of education pursuant to subdivision (1) of Section 45–58–244.29 may be used by the board for any public school or education purpose, including the payment of the principal of, premium, if any, and interest on any warrants, notes, securities, or other obligations issued by the board and the tax proceeds may be pledged for the payment. The tax proceeds to be distributed to the county pursuant to subdivision (2) of Section 45–58–244.29 may be used by the county for any lawful purpose, including to the payment of the principal of, premium, if any, and interest on any bonds, warrants, notes, securities, or other obligations issued by the county and the tax proceeds may be pledged for the payment to the extent otherwise permitted by law. (Act 81–461, p. 804, § 11.)