Notwithstanding the provisions of subdivision 562(9) of this title, if a budget for the support of schools for the ensuing year has not been approved on or before June 30 of any year, the school board may borrow funds necessary to enable it to operate the schools on a budget of up to 87 percent of the most recently approved school budget. If the school board borrows money under this section, it shall determine how all funds shall be expended. (Added 1995, No. 32, § 1; amended 2001, No. 8, § 7.)