BORROWING POWERS OF A REGIONAL SCHOOL DISTRICT
A regional school district may incur temporary debt in anticipation of revenue to be received from any source (General Laws, Ch. 71, Sec. 16 (g), except with regards to temporary debt in anticipation of revenue to be received from member communities within seven days. Within seven days after the date on which the Committee authorizes the incurring of debt, the said Committee shall cause written notice of the date of said authorization, the sum authorized and the general purposes for authorizing such debt to be given to the mayor and the board of selectmen of each member town.
A regional school district may incur debt for the purpose of acquiring land and constructing, reconstructing, adding to, and equipping a school building or buildings for a term not exceeding twenty years or for the purpose of remodeling and making extraordinary repairs to a school building or buildings and for the construction of sewerage systems and sewerage treatment and disposal facilities or for the purchase or use of such systems with municipalities, for a term not exceeding ten years. (General Laws, Ch.71, Sec 16(d). This debt must be authorized by the Regional School Committee and approved by a majority of the registered voters in the member communities and by the Fall River City Council, each of the member cities and member communities in an election held according to the provisions of the law (General Laws, Ch. 71, Sec. 14 [d] and 16[n]).
The Regional School Committee may issue bonds and notes in the name and upon the full faith and credit of said district; said bonds or notes shall be signed by the chairperson and treasurer of the district Committee except that said chairperson by a writing bearing his/her signature and filed in the office of said treasurer which writing will be open to public inspection, may authorize said treasurer to be caused to be engraved or printed on said bonds or notes a facsimile of said chairman's signature and such facsimile so engraved or printed shall have the same validity and effect as said chairman's written signature and each issue of bonds or notes shall be a separate loan (General Law, Ch. 71, Sec. 16[e]).