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The various counties of the state, through their respective county legislative bodies, are authorized and empowered to issue and sell bonds for the purchase of school buses and appurtenances necessary to operate them.
The bonds may be known as school bonds and shall be issued in accordance with the provisions for the issuance of other school bonds as set out in this part; provided, that bonds issued under this section shall mature within a time or times not to exceed eight (8) years from the date of issuance.
The provisions of § 49-3-1003(b) providing for the proration of the proceeds of the bonds between county and city school systems shall not apply to bonds issued under authority of this section.
The county legislative bodies are authorized and empowered to set aside into a sinking fund the necessary amounts each year from the regular school transportation allotment to retire the bonds upon their date of maturity.
The full faith and credit of a county issuing bonds under this section shall be pledged to the retirement of the bonds.