§ 22-19-6. Report to state department

Prior to borrowing any money to finance an income project, a local school board shall furnish to the state board [department] the following information: A. a detailed description of the income project; B. an explanation of the necessity for the income project; C. an estimate of the total cost of the income project; D. an estimate of the amount of income anticipated from the income project; E. an estimate of the amount of income from existing buildings, improvements or facilities that will be pledged to pay for the income project; F. an estimate of the yearly operating cost of the income project; and G. an estimate of the anticipated yearly net income from the income project.