(a) In order to acquire equipment and to do the work, the board may issue the negotiable notes of the improvement district signed by the members of the board and bearing a rate of interest not exceeding six percent (6%) per annum and may pledge and mortgage a portion of future annual benefit assessments as collected for the payment thereof.
(b) Any petitions for the creation of a district and the court order creating a district, shall limit the total amount of notes that may be outstanding at any one (1) time to twenty thousand dollars ($20,000).
(c) The improvement district shall have no authority to issue bonds.
Section: Previous 14-282-104 14-282-105 14-282-106 14-282-107 14-282-108 14-282-109 14-282-110 14-282-111 14-282-112 14-282-113 14-282-114 14-282-115 14-282-116 14-282-117 NextLast modified: November 15, 2016