Common use of Borrowing Money Clause in Contracts

Borrowing Money. The School Governing Authority may borrow money to pay necessary and actual expenses of the School in anticipation of receipt of any portion of the payments to be received by the School. The School Governing Authority may issue notes to evidence such a borrowing. A copy of all notes must be provided to the Sponsor within seven (7) business days of signing. The proceeds from the notes shall be used only for the purpose for which the anticipated receipts may be lawfully expended by the School. The School may borrow money for a term not to exceed fifteen (15) years for the purpose of acquiring facilities.

Borrowing Money. The School Governing Authority may borrow money to pay necessary and actual expenses of the School in anticipation of receipt of any portion of the payments to be received by the School. The School Governing Authority may issue notes to evidence such a borrowing. A copy of all notes must be provided to the Sponsor within seven five (75) business days of signing. The proceeds from the notes shall be used only for the purpose for which the anticipated receipts may be lawfully expended by the School. The School may borrow money for a term not to exceed fifteen (15) years for the purpose of acquiring facilities.