A. Any district applying to utilize the provisions of this act for its bonded indebtedness shall:
- 1. Be certified to be in good standing and be accredited without probation by the State Board of Education;
- 2. Verify to the Commissioners that the bond issue involved is within any limitation provided by law;
- 3. Comply with such criteria or other requirements deemed necessary by the Commissioners; and
- 4. Fully comply with all provisions of the rules promulgated by the Commissioners pursuant to this act.
- B. No guarantee of bonds shall be effective unless approved by a majority of the Commissioners.
Laws 1994, HB 1577, c. 346, § 6, eff. November 8, 1994.