Article III Section X

Prohibition Against Borrowing Funds or Incurring Debts

No Officer, member or committee of the County Committee shall incur debt on behalf of the County Committee without prior approval of the Leadership Team at a duly convened meeting. Once approved, it shall be the responsibility of the Finance Committee to lead the County Committee in raising the necessary funds to repay the debt. For purposes of this section, debt is defined as funds that are borrowed from another person or entity under a written agreement that creates a financial liability and obligation of the County Committee to repay said funds (with or without interest) at some point in time in the future. For illustrative purposes, typical forms of debt include mortgages, loans, lines of credit (other than credit cards with maximum limit of $5,000 or less), promissory notes, certificates and bonds.