(a) In order to acquire equipment and to do the work, the board of commissioners may issue the negotiable notes of the 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 the district shall limit the total amount of notes that may be outstanding at any one (1) time in excess of ten thousand dollars ($10,000).
(c) The district shall have no authority to issue bonds.
Section: Previous 20-17-1105 20-17-1106 20-17-1107 20-17-1108 20-17-1109 20-17-1110 20-17-1111 20-17-1112 20-17-1113 20-17-1114 20-17-1115 20-17-1116 20-17-1117 20-17-1118 NextLast modified: November 15, 2016