CCC(LEGAL) - LOCAL REVENUE SOURCES: CERTIFICATES OF INDEBTEDNESS

Authority

Minimum Assessed Valuation

The assessed valuation of the District must be greater than $1 million.

Payment of Certificates

The Board shall pay for these certificates by appropriating and pledging funds derived under authority of Education Code 45.002 or other similar law that limits the amount of tax that may be levied for maintenance purposes, as distinguished from bond requirements.

Outstanding Certificates

The District shall not at any one time have certificates out-standing and unpaid in principal amount in excess of $250,000, unless the excess is authorized under Education Code 45.111.

Principal and Principal Maturity Amount

The principal amount of certificates and the scheduling of their principal maturity shall be restricted as provided in Education Code 45.111(d).

Maturity

Certificates shall mature over a period not exceeding 25 years from date of issuance.

Education Code 45.111(a)–(f)

Interest

Procedures

Frenship ISD

CCC(LEGAL)-P

UPDATE 70

DATE ISSUED: 5/15/2003