Before any State school bonds are issued, the State Board of Education shall transmit to the Governor and to the State Treasurer a request for the issuance thereof and shall embody in such request:
(a) A schedule showing the aggregate of bonds issued pursuant to previous requests, the purposes for which they were issued, the annual payments required to retire such bonds, the interest thereon and the amount of sinking fund applicable to the retirement of such outstanding bonds, apportioned in accordance with the requirement of Section 59-71-570;
(b) the amount of bonds sought to be issued;
(c) a schedule showing future annual principal requirements and estimated annual interest requirements on the bonds requested to be issued;
(d) a schedule showing
(i) the estimated total funds required to cover applications for capital improvements and other purposes to be approved by the Board in that fiscal year;
(ii) the amount of funds then available to apply on such applications and;
(iii) the remaining amount required to cover such applications, being the amount for which it is proposed that State school bonds be issued.
HISTORY: 1962 Code Section 21-997; 1952 Code Section 21-997; 1951 (47) 546; 1967 (55) 719.