School board power to borrow on notes--Authorization, issuance and sale--Maximum term

Any school board may borrow money, from any source willing to lend the money, by issuing a promissory note subject to the limitations and regulations set forth in §§ 13-19-2 to 13-19-6 , inclusive. All notes shall be authorized, issued, and sold in accordance with the provisions of chapter 6-8B , except that no election shall be held and the notes may not be issued for a term in excess of twenty - four consecutive months. Source: SL 1955, ch 41 , ch 10, § 16; SDC Supp 1960, § 15.2216; SL 1965, ch 48 ; SL 1975, ch 128 , § 117; SL 1984, ch 43 , § 102C; SL 1985, ch 127 , § 1. 13-19-1.1. Repealed by SL 1980, ch 128 , § 2