Common use of Incurring Debt Clause in Contracts

Incurring Debt. The Director shall provide earlynotice to the Board of Control of the Association's need to borrow money. The Director or designee shall prepare all documents and notices necessaryfor the Board, at its discretion, to: (1) issue State Aid Anticipation Certificates, 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 Director shall notify the State Board of Education before the Association issues 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.

Incurring Debt. The Director shall provide earlynotice early notice to the Board of Control of the Association's need to borrow money. The Director or designee shall prepare all documents and notices necessaryfor necessary for the Board, at its discretion, to: (1) issue State Aid Anticipation Certificates, 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 Director shall notify the State Board of Education before the Association issues anyform 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.