Sec. 44-13. Board of education not to incur deficits.

The county board of education shall not expend for school purposes, or for any other purpose, a greater sum of money in any one (1) year than the aggregate amount of its receipts for such school year, including the amount annually levied for school purposes by the council and the amount annually received by such board from the treasurer of the state; and such county board of education shall not borrow any sum of money in any one (1) year in excess of its actual receipts and income for such school year. It shall not be lawful for the county board of education to contract or pay any debt in excess of the receipts of such board during any such school year.