The authorities of any operating school unit may issue general obligation bonds of such operating school unit for the purpose of defraying the cost of capital improvements to any amount not exceeding the constitutional debt limitation applicable to such operating school unit, if:

1. (1) The election required by this article as a condition precedent to the issuance of bonds results favorably thereto;
2. (2) The bonds are issued within three years following the holding of the election; and
3. (3) The county board wherein such operating school unit is located, if there is such, shall give its approval to the issuance of such bonds.

HISTORY: 1962 Code Section 21-973; 1952 Code Section 21-973; 1951 (47) 759.