Page:United States Statutes at Large Volume 106 Part 4.djvu/428

 106 STAT. 3164 PUBLIC LAW 102-494—OCT. 24, 1992 involved for the preceding fiscal year where no students were enrolled in the interstate district schools for such preceding fiscal year. "D. SHARE OF NEW HAMPSHIRE MEMBER DISTRICT.— The interstate board shall certify the share of a New Hampshire member district of the total appropriation to the school board of each member district which shall add such sum to the amount appropriated by the member district itself for the ensuing year and raise such sum in the same manner as though the appropriation had been voted at a school district meeting of the member district. The interstate district shall not set up its own capital reserve funds; but a New Hampshire member district may set up a capital reserve fund in accordance with RSA 35, to be turned over to the interstate district in payment of the New Hampshire member district's share of any anticipated obligations. ''E. SHARE OF MAINE MEMBER DISTRICT. —The interstate board shall certify the share of a Maine member district of the total appropriation to the school board of each member district which shall add such sum to the amount appropriated by the member district itself for the ensuing year and raise such sum in the same manner as though the appropriation had been voted at a school district meeting of the member district. "ARTICLE VII "BORROWING "A. INTERSTATE DISTRICT INDEBTEDNESS. —Indebtedness of an interstate district shall be a general obligation of the district and shall be a joint and several general obligation of each member district, except that such obligations of the district and its member districts shall not be deemed indebtedness of any member district for the purposes of determining its borrowing capacity under Maine or New Hampshire law. A member district which withdraws from an interstate district shall remain liable for indebtedness of the interstate district which is outstanding at the time of withdrawal and shall be responsible for paying its share of such indebtedness to the same extent as though it had not withdrawn. "B. TEMPORARY BORROWING. — The interstate board may authorize the borrowing of money by the interstate district (1) in anticipation of pa3nments of operating and capital expenses by the member districts to the interstate £strict and (2) m anticipation of the issue of bonds or notes of the interstate district which have been authorized for Uie purpose offineuicingcapital projects. Such temporary borrowing shall be evidenced by interest bearing or discounted notes of the interstete district. The amount of notes issued in any fiscal year in anticipation of expense paymente shall not exceed the amount of such payments received by the interstate district in the preceding fiscal year. Notes issued under this paragraph shall be payable within one year in the case of notes under clause (1) and 3 years in the case of notes under clause (2) from their respective dates, but the principal of and interest on notes issued for a shorter period may be renewed or paid from time to time by the issue of other notes, provided that the period from the date of an original note to the maturity of any note issued to renew or pay me same debt shall not exceed the maximum period permitted for the original loan. *, ^^

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