1. (a) The governing board may borrow money and may secure the borrowing by a pledge of the following:

   1. (1) Amounts from the cumulative building fund.
   2. (2) Accounts receivable.
   3. (3) A security interest in capital equipment for which the proceeds of the loan is used.
   4. (4) Other security, including the excess of unobligated revenues over operating expenses.

2. (b) The term of a loan may not exceed thirty-five (35) years.

   [Pre-1993 Recodification Citation: 16-12.1-4-7.]

As added by P.L.2-1993, SEC.5.