440. Where a school board requires an amount exceeding either of the limits contemplated in subparagraph 1 of the first paragraph of section 439, the school board shall collect the excess itself by way of a surtax.
Before collecting the surtax, the school board shall obtain the approval of its electors. Sections 345 to 353, adapted as required, apply to the levy of the surtax.
Where the surtax is approved, it shall apply to the school year for which it is levied, and the school board may collect the amount by which the rate or the amount per student exceeds that contemplated in section 308 for the following three school years without exceeding the lesser of the new limits.
1988, c. 84, s. 440; 1990, c. 8, s. 50; 1990, c. 28, s. 15.