20-9-437. School district liable on bonds. (1) The full faith, credit, and taxable resources of a school district issuing bonds under the provisions of this title are pledged for the repayment of the bonds with interest according to the terms of the bonds. For the purpose of making the provisions of this part enforceable, each school district is a body corporate that may sue and be sued by or in the name of the trustees of the school district.
     (2) A school district may use up to 25% of its federal impact aid funds received pursuant to 20-9-514 for repayment of bonds.

     History: En. 75-7126 by Sec. 327, Ch. 5, L. 1971; R.C.M. 1947, 75-7126; amd. Sec. 1, Ch. 549, L. 2001.