DISTRICTS ‑- SCHOOLS ‑- BOARDS OF DIRECTORS ‑- PURCHASE OF TAX SHELTERED ANNUITIES FOR CERTIFIED EMPLOYEES The board of directors of a school district does not have the statutory authority to purchase for certificated employees tax sheltered annuities in lieu of salaries as defined in 26 U.S.C.A. (I.R.C. 1954) § 403 (b) as amended by Public Law 87-370, 75 Stat. 796.