The county treasurer and the county supervisor or other managing officer of the several counties in this State shall, upon the application of the county boards of education of the respective counties, borrow from time to time during any fiscal year such sums of money as may be necessary to pay the school claims of such counties, not to exceed seventy-five per cent of the amount reported by the county auditors for schools for such fiscal year. In addition thereto they may borrow not exceeding fifty per cent of the estimated receipts from the State for school aid or any other school fund that may be estimated to be paid to such county, at a rate of interest not exceeding the rate of six per cent per annum. They may pledge the taxes to be collected for that purpose or the funds to be paid therefor as security for the payment of the money so borrowed and the interest thereon. All money borrowed shall be held and paid out by the county treasurer as school funds and without extra commission.
HISTORY: 1962 Code Section 21-962; 1952 Code Section 21-962; 1942 Code Section 5371; 1932 Code Section 5427; Civ. C. '22 Section 2692; Civ. C. '12 Section 1806; 1902 (23) 1019; 1914 (28) 9; 1929 (36) 224; 1942 (42) 1454.