A. A local school board shall retain complete and accurate records of:
(1) the net income from the income project; and
(2) the operating costs of the income project.
B. All income from the income project shall be used solely for the following purposes:
(1) to pay the principal, interest and service charges on any bonds or other special obligations issued pursuant to the School Revenue Bond Act; and
(2) to pay the operating costs of the income project.
History: 1953 Comp., § 77-16-8, enacted by Laws 1967, ch. 16, § 247.