§ 2-996. Loans for operating expenses of board of education.

The mayor and chief financial officer shall negotiate loans when requested to do so by the board of education to supply deficiencies in current operating expenses of the board, during any year, in such amounts as may be determined by the board, not to exceed the amount authorized by law. Such loans are to be approved by resolution by the council. The chief financial officer may advance to the board of education from available funds such amounts as may be required in lieu of borrowing. A sum sufficient to repay the loans and advances, together with the interest thereon, shall be deducted by the chief financial officer from ad valorem taxes levied and collected for the board of education during the year in which the loan shall have been consummated.

(Code 1977, § 7-4082)