§ 22-26A-8. Authorization for local school board to submit question of lease purchase tax

A local school board may adopt a resolution to submit to the qualified electors of the school district the question of whether a property tax at a rate not to exceed the rate specified in the resolution should be imposed upon the net taxable value of property allocated to the school district under the Property Tax Code for the purpose of making payments under lease purchase arrangements. The resolution shall: A. specify the maximum rate of the proposed tax, which shall not exceed ten dollars ($10.00) on each one thousand dollars ($1,000) of net taxable value of property allocated to the school district under the Property Tax Code; B. specify the date an election will be held to submit the question of imposition of the tax to the qualified electors of the district; and C. limit the imposition of the proposed tax to no more than thirty property tax years.