1.    A school district technology consortium formed under chapter 54-40.3 may borrow money for instructional technology acquisition provided:

a.    The outstanding principal borrowed by a consortium under this section does not exceed one hundred seventy-five thousand dollars;

b.    The loan repayment period does not exceed ten years;

c.    The loan is approved in writing by the board of each school district participating in the consortium;

d.    The loan is:

(1) Approved by a majority of the eligible electors residing in each school district participating in the consortium, as evidenced by their signatures on a petition clearly stating the purpose of the loan, the amount of the loan, and its terms of repayment, and filed with the superintendent of public instruction; or

(2) Approved by a majority of each participating school district’s electors voting on the question at a regular school district election or at a special election called by the board; and

e.    The loan is approved by the superintendent of public instruction.

2.    The superintendent of public instruction shall adopt rules setting forth the criteria for loan approval. The superintendent of public instruction may not approve a loan under this section if the superintendent determines that the instructional technology acquisition is not compatible with the statewide information technology plan.