County and city boards of education shall have authority to pay interest at a rate not exceeding eight percent per annum on current loans secured in accordance with the provisions of Section 16-13-145. County and city boards of education shall have the right to call upon the State Superintendent of Education for assistance in securing loans at as low an interest rate as possible.
Structure Code of Alabama
Chapter 13 - School Finances Generally.
Section 16-13-141 - Comptroller and State Superintendent to Estimate Funds.
Section 16-13-142 - County and City Treasurer to Certify Estimated Funds Available.
Section 16-13-144 - Prohibition and Penalty for Exceeding Budget; Waiver of Penalty.