Report to state board [department]; state board approval

A. Prior to issuing bonds to finance a housing project, a local school board shall furnish to the state board [department] the following information: (1) a detailed description of the housing project; (2) an explanation of the necessity for the housing project; (3) an estimate of the total cost of the housing project; (4) an estimate of the net income from the housing project and other revenues that will be pledged to pay for the housing project; and (5) an estimate of the yearly operating cost of the housing project. B. A local school board shall obtain written approval of the state board [department] before it issues bonds to finance a housing project pursuant to the Teacher Housing Revenue Bond Act. C. Prior to giving written approval to a housing project, the state board [department] shall determine that the housing project is necessary and that estimated pledgeable revenue pledged to the bonds is sufficient to repay the bonds. History: Laws 2002, ch. 22, § 5.