§ 16-3-17. Capital outlay debt limitation.
The regional school district financial meeting or regional representatives under the provisions of § 16-3-14 shall be subject to the statutory debt limit for incurring debt for capital outlay purposes in those regional school districts embracing all the educational functions of the area to ten percent (10%) of the full valuation of the taxable real property within the district as determined by the department of administration. If this results in increasing the debt requirements over the debt limits of any town or city which represents less than half ( 1 / 2 ) of the true valuation of the regional school district, this shall not be considered as a violation of the debt limit in the town or city.
(P.L. 1958, ch. 197, § 1; P.L. 1988, ch. 336, § 5.)