Common use of Incurring Debt Clause in Contracts

Incurring Debt. The Business Manager shall provide early notice to the Board of Education of the District's need to borrow money. The Business Manager shall prepare all documents and notices necessary for the Board of Education, at its discretion, to: (1) issue State Aid Anticipation Certificates, tax anticipation warrants, working cash fund bonds, bonds, notes, and other evidence of indebtedness, or (2) establish a line of credit with a bank or other financial institution. The Business Manager shall notify the State Board of Education before the District issues any form of long-term or short-term debt that will result in outstanding debt that exceeds 75% of the debt limit specified in State law.

Incurring Debt. The Business Manager shall provide early notice earlynotice to the Board of Education of the District's need to borrow money. The Business Manager shall prepare all documents and notices necessary for necessaryfor the Board of Education, at its discretion, to: (1) issue State Aid Anticipation Certificates, tax anticipation taxanticipation warrants, working cash fund bonds, bonds, notes, and other evidence of indebtedness, or (2) establish a line of credit with a bank or other financial institution. The Business Manager shall notify the State Board of Education before the District issues any form anyform of long-term or short-term debt that will result in outstanding debt that exceeds 75% of the debt limit specified in State law.