Section 7-784.1 - Financing for school building property(a) Any school district shall have the power and authority, with the approval of the Department of Education, to enter into loan agreements or other financing contracts with the State Public School Building Authority for the financing of the construction, operation, maintenance and improvements of school buildings and the furnishing and equipment of school buildings for a term not exceeding forty (40) years, at such debt service payments as may be determined by the Authority. There shall be included in the annual budget of the school districts an appropriation to meet the amount of such loan payment.(b) Any school district shall have the power and authority to pay for operation and maintenance of any school building, or any improvement or furnishings or equipment of a school building, purchased by the school district through financing provided by the Authority under the provisions of the first paragraph of this section.1949, March 10, P.L. 30, No. 14, § 784.1, added 1994, March 28, P.L. 117, No. 12, § 2, effective in 60 days.