Section 16-13-146 Interest rate on current loans. - Alabama Statutes

Section 16-13-146

Interest rate on current loans.

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.

(Code 1940, T. 52, §244; Acts 1981, No. 81-822, p. 1465, §9.)