Powers of board of trustees: Borrowing of money and incurrence or assumption of indebtedness; limitations and conditions.
1. The board of trustees may borrow money and incur or assume indebtedness on behalf of the county hospital district if the total amount of the indebtedness, excluding revenue bonds and other securities constituting special obligations which are not debts, does not exceed an amount equal to 10 percent of the total of the last assessed valuation of taxable property, excluding motor vehicles, located within the district.
2. The board of trustees shall not borrow money or issue securities to evidence such borrowing until the board has obtained the approval of the:
(a) Debt management commission; and
(b) Board of county commissioners,
Ê of each county in which the hospital district is located.
Last modified: February 26, 2006