The district, at any time, may obtain loans in such amount and on such terms and conditions
as the board may approve, for the purpose of paying any of the expenses of the district
or any costs incurred or that may be incurred in connection with any of the projects
of the district, which loans shall have a term not exceeding two (2) years from the
date of issuance thereof, and may be renewable for a like term or terms, shall bear
such interest as the board may determine, not to exceed ten (10) per cent per annum,
and may be payable from and secured by a pledge of such funds, revenues, taxes and
assessments as the board may determine, subject, however, to the provisions contained
in any proceeding under which bonds were theretofore issued and are then outstanding.
For the purpose of defraying such costs and expenses, the district may issue negotiable
notes, warrants or other evidences of debt payable at such times, to bear such interest
as the board may determine, not to exceed ten (10) per cent per annum, and to be sold
or discounted at such price or prices not less than ninety-five (95) per cent of par
value and on such terms as the board may deem advisable. The board shall have the
right to provide for the payment thereof by pledging the whole or any part of the
funds, revenues, taxes and assessments of the district. The approval of the qualified
electors residing in the district shall not be necessary except where required by
the state constitution.
(Sp. Acts, Ch. 75-353, § 13)
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