(a) The board of directors of the union district shall at each annual meeting present an estimate of the expenses for the ensuing year and the district shall appropriate that sum that it deems necessary for the expenses, together with the amount required to pay any balance left unpaid from the preceding year, expressing the sum in dollars in its vote. If a budget for the operation of the district is not approved, a subsequent meeting or meetings shall be called pursuant to section 706p of this title. At its first annual meeting the district shall similarly vote a sum sufficient to pay any unpaid balance of expenses, as defined in section 706j of this title, that was incurred by or on behalf of the district since the date on which the vote was taken to form the union district.

(b) If a budget has not been approved on or before June 30 of any year, the school board may borrow funds pursuant to the authority granted under section 566 of this title.

(c) [Repealed.]  (Added 1967, No. 277 (Adj. Sess.), § 31; amended 1977, No. 4; 1995, No. 32, § 2; 2003, No. 68, § 83, eff. June 18, 2003; 2003, No. 130 (Adj. Sess.), §§ 3, 16(d).)