The principal of and interest upon all notes or bonds issued under the authority of Section 37‑41‑89 shall be paid out of such transportation funds of the school district as may be available for such purpose.  It shall be the duty of the Board of Trustees to set aside each year out of such transportation funds a sufficient amount to pay the principal of and interest upon said notes or bonds as and when the same shall respectively mature and accrue.  It shall be the duty of the superintendent of schools to include in the school budget each year separate items showing the amount required for the payment of the principal of and interest upon all notes or bonds issued under the authority of said section.  § 37‑41‑99 

The levying authority, as defined in Section 37-57-1(1)(b), acting for and on behalf of the Durant Public School District, shall annually levy a special tax upon all of the taxable property within such school district, which shall be sufficient to provide for the payment of the principal and interest on school bonds issued under the provision of this article according to the terms thereof. 

§ 37‑59-23

REDUCED OR INTEREST-FREE DEBT PURSUANT TO FEDERAL LAW

Notwithstanding any law or any provision of any law to the contrary, the following additional and supplemental powers and authorizations are hereby granted to each public school district in connection with the issuance of any debt, as defined herein.

(a)        For purposes of this act, debt means any note, bond, lease or other evidence of indebtedness, that a district is authorized to issue under any provision of law and shall include debt issued by or on behalf of an agricultural high school.

(b)        Any school district issuing debt may, by resolution of its board of trustees or board of education, do all things regarding the form, payment structure, purchase price and terms of such debt which may be helpful in qualifying the debt for reduced or interest-free treatment under federal law or the regulations promulgated thereunder and to assure that such debt will be readily acceptable in the municipal bond market, provided the same is not inconsistent with the Constitution of the state.  Provided, however, that nothing in this act shall be construed as allowing a school district to exceed the final maturity term or exceed any debt limitation provided in the applicable state law authorizing the debt.