State Board of Education v. Aycock

The General Assembly of 1939 enacted Act 345, which “empowered and directed” the State Board of Education “to lend the sum of Four Hundred Thousand Dollars ($400,000) from the Permanent School Fund to the State School Equalizing Fund,” and to issue a sufficient number of Certificates of Indebtedness for the purposes of.the Act which “shall be correctly and numerically registered by the State Treasurer and shall be in such amounts as to cover the loan made at the time the Certificate or Certificates are executed.” They shall bear interest at 4 per cent, per annum, payable on January 1, each…